AI or Artificial Intelligence despite being a relatively new addition to the arsenal of tools at the disposal of the marketer is already promising to become one of the major weapons that marketers have in order to connect with customers at a deep level and gain insights.
AI has become one of those subtle additions to our daily virtual lives which influence and drive our lives to a great extent. Think Cortana or Siri or Google’s Search Assistant or even the “Mix”es dished out by Youtube, AI is already there in our lives. The business world especially marketers have been quick to realize and tap the potential of AI.
Experts hold that the emergence of cloud computing, datasets, R&D, neural networks all facilitated the breakthroughs made in the field of AI or machine learning in the recent past. AI is booming business as well and the market is expected to touch $5.1 billion across the world by 2020 and has witnessed strong growth in the last couple of years. It is also estimated that the lion’s share of the AI market will be taken by media and advertising. The spending on digital media is all set to overcome TV ads and by 2020 digital marketing will take the lead. It is impossible for marketers to ignore AI under such conditions. AI is likely to change the shape of the marketing by at least the three following ways:
AI has already proved to be a close competitor to the capacity of the human brain in certain circumstances involving the creation of creative. Though never the substitute for the fancies that the human mind is capable of but nevertheless AI can be great aid to human creative helping them determine what works on the basis of data.
The AI tech behind bots and recognition of natural language is not only manifested through virtual assistants like Siri, Cortana, Alexa and their ilk. The sphere of customer service is all set to undergo a major upheaval with machine level awareness of routing common issues faced by clients, manage HR through the use of recognition of language and voice in order to respond appropriately. With the increase in interaction between man and machine as exemplified by AI marketers will realize which algorithms work better.
The collection of digital data has made measurement of the relative success of campaigns a breeze. But the greater question in front of the industry is why the things that work, do so. AI has the potential to decode the very essence of marketing success. The targeting and pricing of ads can be further optimized through the contribution of AI. This will negate ad-networks leading to dead ends along with the set and forget attitude.