AI stands for Artificial Intelligence. AI and Machine Learning are already bringing a paradigm shift in technological advancement. AI is defined as the “Intelligent Agents” by virtue of which any device can perceive its environment as well as has the ability to take actions to maximize the success of an event thus mimicking the cognitive abilities of a human intelligence.
Machine Learning is a larger chunk of research domain within AI which is complementary in nature. In machine learning, big data is fed into the system, by which it learns how to carry out any specific task. The key to this process is the neural network. This ultimately results in Deep Learning.
AI is getting omnipresent and there is a strong positive growth trend. You have had your share of experience with Artificial Intelligence too! From digital assistants like Google’s Assistants, Amazon’s Alex or Apple’s Siri to image recognition software like the one in Amazon app, where you can click a picture to search the product (available on IOS) all are examples of AI which touched our lives.
So what are the implications of AI and Machine Learning in Marketing? One word- RELEVANCE.
Artificial Intelligence and Machine Learning are redefining existing products like maps, online shopping, and online view browsing and even in space stations. In marketing, thrust lies on streamlining customer interactions and campaigns, this will allow deducing pragmatic inferences from the big data with data visualization and empowering companies to strategically approach their target market/ audience.
Thus we can broadly break down the implications of AI and Machine Learning in 7 categories:
Irrespective of the fact that many marketing automation tools are available which are used by content marketers, but they are still manual to a larger extent. With the emerging complexities and tangled big data, AI comes to rescue content marketers empowering them with relevant content- blog, personalized emails, videos, etc.
Speech/ Text/ Image Recognition
As discussed earlier Google’s Assistant, Apple’s Siri, etc. You may also note Amazon’s Echo in this context which has been a huge hit. People are experimenting with how they interact with gadgets.
Due to the change in consumer behavior, there is a significant change in online search behavior. Majority of the people aren’t typing anymore to search on search engines they tap the mic and say what they want to search.
It has to play a key role from the digital marketing perspective too. Here, in this case, keywords searched should mostly be the long tail keyword with relevance as the challenge for respective search engines. There are emerging technologies like Elasticsearch too.
You have definitely faced this situation. You searched for a blue top in Amazon, and they keep on sending related recommendations thereafter with lucrative offers. It is different from remarketing and or retargeting because the recommendation isn’t following you up with offers only related to the product blue top. Another classic example is that of Netflix. They track more than which movies a person watched rather which particular movie is watched how many times by one particular person. The granularity is intriguing.
Any automated bidding for ads in the advertising inventory in real time unlike other methods such as AdWords, for displaying your product/ services to a specific customer in a specific context is called Programmatic Marketing. Thus RTB is the differentiating factor here. There are different tools for doing so like:- Google Double Click, Adobe Marketing Cloud, Choozle, PulsePoint, Outbrain, etc.
Facebook messenger chatbots, ManyChat, Chatfuel, etc. are classic examples of tools for chatbot marketing. AI remains the backbone for the same. They are the next big thing in marketing domain reducing response time and promoting your content.
Market Research and Forecasting
It is conducive to say AI and machine learning will help in market research and forecasting by its ability to process large chunks of big data, data visualization, predictive analysis, heat map creation, data regression and much more.
Digital space gives out a lot of data on analytics console already like- clicks, page views, impressions, bounce rate, exit rate, engagement time, sessions, sessions per user, new visitors to your site, returning visitors, etc. Thus, it will help facilitating segmenting, targeting and positioning process.
AI and Machine Learning as you see have already impacted our lives and maybe it will come up with many more opportunities to help marketing solutions we haven’t yet thought of yet!
Hope you enjoyed reading! Do leave a comment to let us know what you think.