Artificial Intelligence is quickly taking its rightful place in the world as various industries look for ways to harness the technology. According to Adweek, the strong showing means marketers and other professionals have only two options left, adopting the AI technology or standing on the sideline and allowing the status quo to prevail. About 2 years ago, very little was written about AI, today the number of headlines discussing AI has increased exponentially. With this proliferation, you can now read about VPA identifiers that can make a hotel reservation on your behalf or refrigerators designed to automatically order groceries.
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Marketers can take advantage of the undercurrents by adopting strategies that promise greatest returns when it comes to communicating with clients and coordinating common activities like purchasing. It is now evidently clear that brands that come out on top will be those that offer:
Media entities also have a lot to learn from AI, especially when it comes to predicting election results and trends shaping public opinion. Topping the list of wrong predictions in the recent past is the Brexit vote and the 2008 US presidential elections. According to the UK, Digital Marketing Magazine, there are many Artificial intelligence tools crawling the web and social media platforms gathering truths. AI can also be trained to pay close attention to local and international conversations, public opinion and hints about peoples’ attitudes and behaviour.
The media industry, pollsters and policymakers can use these facts to make more accurate predictions and dispel truths from conjecture. The development is crucial because commonly held qualitative consumer research strategies targeting small-scale social listening and commissioned groups have underlying flaws that need to assess to avoid costly misreading.
Marketing in the age of AI
Competition has forced marketers to find compelling, yet cost-effective ways to sell their products and services. Artificial Intelligence (AI) is a term that broadly covers technologies that rely on the computer. The technology is increasingly being seen as the next frontier in marketing. Digital Content Manager, Robert Allen sees many open market opportunities for AI in areas like image recognition, data leak deterrence, speech identification and drone initiatives designed to reach remote communities. Although some of these strategies may look ambiguous to the marketer, they have major implications for marketers.
According to the author, AI technology infers to AI applications, machine learning technologies and applied propensity models. The applied propensity models involve placement of predilection models to predict events like scoring leads, which is guided by conversions. Machine learning on its part uses algorithms trained to study historical data sets to create propensity models. The AI applications are designed to perform common tasks like creating or writing content, answering customer queries and performing other operations that would ordinarily be done by a human. The AI strategy is collectively referred to as the RACE framework:
Reach – This entails attracting prospects using various inbound techniques such as AI generated content, voice search, smart content curation and programmatic media buying. Marketers can take advantage of REACH to attract visitors. The whole process incorporates key aspects like SEO, content marketing and earned media.
Act – The process entails pulling in prospects and creating awareness about the product using strategies like propensity modelling, ad targeting, lead scoring and predictive analytics.
Convert – Process of transforming prospects into customers using dynamic pricing, re-targeting, chatbots and personalized websites and apps. The chatbots can be designed at relatively low cost. The bots can mimic human intelligence, making them resolute in interpreting customer queries and completing orders.
Engage – Encouraging customer returns through market automation and the use of dynamic emails. The latter can be used to divulge subscriber proclivity to certain product based on attributes like category, colour and size.
Sneak Peek into the AI-driven Brands
Before all this, the idea of AI had become commonplace as demonstrated with the release of Apple “Siri”, Google “Now” and Windows 10 “Cortana”. Home assisting digital devices such as Google Home and Amazon’s Alexa has also taken a cue from the tech pioneers.
Speaking of brand marketing in the motor industry, its often been seen that they are at the forefront of cutting-edge technology, with eyes firmly fixed on growing sales, improving performance and ensuring driver and passenger safety. Ford, Kia and Hyundai have joined the long list of vehicle manufacturers keen to exploit AI. According to Ford, all the latest models feature smart technologies. Ford SYNC3 which is integrated in-vehicle communications and entertainment system is paired with Amazon Alexa to control Alexa-enabled home devices. The AI becomes a part of marketing strategy as the customers are opting to future proof with emerging technologies.
Hyundai and Kia have publicly stated that new cars that will be rolled out in 2019 will feature an AI assistant with standard features like voice assistants. The one crucial addition will be the Multiple Command Recognition (MCR). The MCR feature will help overcome the problem of AI jamming that usually arises when performing multi-tasking operations. The device will sync across multiple devices and smartphones.
The industry giants are trying to explore the uncharted territory by integrating their products and services with AI and making the best use of emerging technologies in their marketing strategy.
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What are the expected returns from applying Artificial Intelligence (AI) technology in your business?
The new modern technologies such as Artificial Intelligence (AI) need huge investments and cost taking. It means a company that integrates AI and ML models should have a good investment base and cost- bearing capability. So, in reality, before investing in it you have to check what the parameters of its returns are. Here, the required performance indicator is KPI that should be established. Then after applying any model how much it will bring returns to the company, should be calculated.
How will the Artificial Intelligence (AI) model affect the workers of the company?
Till now, most of the workers have experience of facing workers' tracking and performance monitoring systems. In this achieving business profit was one of the motives and that dominates all kinds of employment relationships. Today the employment relationship is changing over time. Today the whole or most of the manual work gets replaced by automation via the integration of artificial intelligence (AI) tools and applications. Today, some machines have autonomy. They also work as human intelligence and also make decisions about workers. Now, in the age of AI workers need more new skills so that they can manage these AI- bound machines effectively. And at some places, it leads to fewer numbers of workers as well.
What are the negative consequences of Artificial Intelligence (AI) failing?
Artificial Intelligence (AI) is doing good and it may have numerous benefits to the modern world. But although it's a technology and in this world, everything has some positive sides and some negative sides. Similarly, Artificial Intelligence (AI) have negative consequences, that are:
The first and foremost is the loss of certain jobs that lead to unemployment. Then another impact is the shift in human experience. It means now humans need to learn new skills and gain more new experiences. Another important consequence is increasing hacking cases. All these problems are accompanied by AI itself.