Marketing is changing. As the digital era evolves, so does marketing. The recent boom in artificial intelligence (AI), machine learning (ML) and big data analytics have led to a new wave of opportunities for those looking to refine their customer engagement strategies.
AI is taking over much of the decision-making process for marketers, which has helped eliminate many of the traditional challenges that come with marketing.
While AI has been used successfully by marketers for years now, it’s only recently that these systems have become powerful enough to take on more complex tasks such as predictive analytics and machine learning.
For example, an email service provider can use AI to determine what time a person is most likely to read their emails and send out messages accordingly.
AI also provides insight into customer interactions and target audience profiles so companies know who they’re talking to and how best to talk with them in order to get results.
It’s time to take your marketing efforts up a notch and get serious about understanding who your customers are.
The old-school method of just guessing isn’t going to cut it in this day and age. With the help of AI and big data analytics, you can gain valuable insight into what people want from you and how they behave when they visit your website or interact with your company.
If you’re interested in improving your marketing efforts without having to devote an immense amount of time or resources, then read on!
What are AI, ML and Big Data?
Artificial intelligence (AI) is intelligence exhibited by machines, in contrast to the natural intelligence displayed by humans and other animals.
It encompasses various aspects of intelligence, such as reasoning, knowledge representation, learning and planning. AI has been motivated largely by some of the limitations of human intelligence.
Machine learning is a set of computer algorithms that offer vast opportunities to help marketers. Machine learning can identify accurate consumer patterns, therefore opening the door for potential improvements in decision making.
Machine Learning utilizes software that can learn from data, without being explicitly programmed for one task or another.
The software does not only provide insights when given data, but it also has the capacity to alter its process when new data is presented.
This function enables businesses to explore entirely uncharted territory when looking at customer patterns and behaviors – which aids in reaching their target consumers with better marketing strategies every time they interact with them.
Big data is the large volume of different kinds of information that is analyzed and processed. The characteristics of big data are that it must be accessible, affordable, abundant, and scalable to support the business intelligence needed for a company’s planning and decision-making processes.
Big data analytics is an umbrella term for a variety of tools that are used to aggregate large amounts of data. Big data analytics may be geared towards understanding user behavior, analyzing social networks, finding patterns in healthcare conditions, or predicting the global economy.
The real value is in big data’s predictive power – the ability to process terabytes or even petabytes of data and use algorithms to uncover connections that would have been impossible to spot with conventional techniques.
How AI and data analytics take marketing to the next level
Let’s explore the benefits that AI and data analytics have to offer to the marketing industry.
1. AI-powered personalization
In a world of information overload, the only way to cut through the noise is with personalized marketing.
Personalization is the process of making a product or service fit better with a customer’s needs.
By having access to big data on customer behavior, the company can get answers to some fundamental questions marketers face every day – what do our customers want and when do they want it?
After having access to data on customer behavior, AI-powered technologies learn user preferences and behaviors in the course of seamless service delivery and then apply this knowledge to fine-tune marketing campaigns.
For example, if a particular individual’s most common search on an online sports shop is football t-shirts, sending offers about skiing gear might not be relevant and potentially result in a lost opportunity.
The key component that makes AI so valuable for marketers is its ability to look at individual customer data and come up with personalized messages that speak directly to them about what they want or need.
2. Improved social media activities
The use of AI in the field of social media has been a big discovery for marketers looking to advertise their products and services.
It has been shown that using artificial intelligence in social media marketing can dramatically increase engagement rates and lead to more conversions.
Why? because AI can automate vital aspects such as:
- Customer feedback analysis – By using natural language processing (NLP), artificial intelligence solutions help marketers save time and analyze a large number of customer comments and feedback on different social media platforms. In this way, marketers will have an easily available analysis of customer feelings and opinions about the product/service that can delve into knowing the exact reason (lack of a feature, bad interface, etc.) for dissatisfaction.
- Ad automation – Another way that artificial intelligence solutions make life easier for marketers is by enhancing the performance of social media ads. AI can identify the best target audience for a specific campaign, as well as optimize the bidding strategy and creatives to get the best results and spend the least amount possible.
3. Faster decision making
With access to such a huge amount of data, it is difficult for marketers to act quickly and make decisions. One way companies can address the issue is by implementing an AI solution to analyze their datasets with minimal human intervention.
AI in a fraction of the time can analyze campaign-related data and extract meaningful information such as consumer preferences, most successful campaigns, and client sentiments. With this information, marketers make faster decisions that help improve business operations, marketing activities, and the customer experience.
4. Predictive analytics
Predictive analytics is the process of extracting information from historical data about past events to create predictions about future outcomes.
AI can be used to make predictions about the future of marketing campaigns, such as how many new customers are expected for a product launch based on past buying patterns. This information helps marketers plan their business activities and allocate resources in order to achieve maximum profits.
5. Improved revenue
According to a recent study by Forbes, AI will be responsible for generating $15 trillion worth of economic value by 2030.
Artificial intelligence enables marketers to automate the process of creating an individual strategy for each customer or person based on their wishes, needs, and past behavior.
Automating this process saves companies millions of dollars and time, but more importantly, this helps build a more personalized experience that will result in better conversion rates, greater brand loyalty, and ultimately improved revenue.
As we have discovered, Artificial Intelligence is being used to make marketing more personalized, efficient, and cost-effective for businesses.
By implementing an AI solution in your social media campaign strategy, you can get faster insights into customer behavior that will help increase conversion rates across the board.
If this sounds like something you or your business would be interested in learning more about, reach out to our team of experts today and let us show you how our solutions can take your marketing activities to the next level!