What is Artificial Intelligence?
As the very word Artificial Intelligence pops up, people in common conjure up with the façade of robots or some superhuman computers that can perform human tasks. But AI is a computer, a robot, or software/hardware that is controlled by a computer to do tasks that require human intelligence and discernment. With the fourth industrial revolution of Machine Learning and Artificial Intelligence, every industry entered into a new era of automation. The term Artificial Intelligence was coined in 1956, by Dartmouth Assistant Professor John McCarthy has come of age in the 20th century, as it has the ability to replicate basic human intelligence in software like learning, decision-making, reasoning, problem-solving, visual perception, and translation between languages.
Early AI manifests a rudimentary display of intelligence and is rule-based as there was a strong aversion to technology in a workspace. Artificial Intelligence even posed as a threat to replace workers, rather companies embraced AI’s impact are effective, cost-efficient and created new opportunities in business sectors and consumer applications. It has experienced the fastest paradigm shift in technology history as they improve the quality, safety and pace of the work. Artificial Intelligence plays an inevitable role in national security, electronic commerce, diagnostic systems, gaming and information processing. AI is not limited to a particular domain and is an innovation for the foreseeable future.
AI Revolution in Marketing Industry
Expectations are the fuelling adaptation and have fundamentally changed the marketing industry. With AI, there is an augmented pace of productivity and output between the companies that proactively deployed AI in a competitive advantage over the laggards. It replaces additional hiring, empowers the workers by focusing on big gauge tasks and capabilities. AI automates the quantitative and mechanical tasks based on data analysis, data collections and also observes the economic trend of the time. It lessens and enhances the work by bridging the gap between the vast data collection of the companies and gives out one-to-one optimized and personalized information.
Being the keystone, Artificial Intelligence has powered and accelerated the automated repetitive work faster and accurate with formal decisions. It caters to differentiated customer experiences by creating a new product, market and service. This fusion of human ingenuity with technology adapts to the dynamic evolving of customer landscape.
- 84% – automation save time and enable the marketers to work more on value-generating task
- 64% – efficacy is enabled by marketers to target campaign
- 82% – enhances data and makes marketers enable insightful and informed strategic decisions
Uses of Artificial Intelligence in Marketing
AI’s overarching benefit enhances Digital Marketing Measurements, better customer relationships, fast decisions, targeted strategies, added capabilities and many more. They are helpful to understand the world through face recognition, remote sensing, optical character recognition (OCR), listening and computer vision.
Sales forecasting
The most profound way, Artificial Intelligence used is to forecast sales for marketing stakeholders. AI’s integration with the data collections and reports of the past and present time empowers future sellers, lead scanning, forecast demands and personalized In-store experience. With real-time analysis, AI-powered technology can create, design and accelerate tailor sales by creating stellar customer relationships. It creates up-selling opportunities with advanced individual insights for cross-selling. Lead generations help the marketers to learn about the most liked or commented sale, product in demand and to progress the work accordingly. AI helps to estimate the future trend, overstocked/out-of-stock products and potential disaster.
Understanding customers
AI is playing a potential role in understanding customers and catering to their needs accordingly. It has pivoted the customer relationship management (CRM), customer data platform (CDP), and enhanced both the B2B and B2C relationship. By learning the customer actions, the recommendation of a product or service, its availability and use can be suggested. With predictive behaviour analysis and real-time decisions, zero-latency customer interactions and more personalized content are made possible. Even Netflix comes up with recommendations that are based on the likes because it uses predictive analytics that amalgamates several datasets and improves customer experience. Data unification of complex data space is made possible, thereby uncovers more business opportunities. AI helps in learning similar customer needs.
Speech Recognition
Artificial Intelligence is not a cooked-up buzzword as it concerns speech recognition. Here, the voice message is converted to texts and object recognition, automated speech recognition (ASR), natural language processing (NLP), speech to text (STT), speech synthesis, gesture recognition, linguistic and machine translations are made possible. Some popularly used voice assistants are Google assistance, Cortana, Alexa, Oculus, Siri and Echo. Speech recognition is widely used in smart speakers, smart homes and appliances and digital assistances. It has achieved 95% accuracy in inputs footing as normal communication. Speech recognition comes in two ways as ‘speaker independent’ where the systems need not use training (enrollment) and ‘speaker dependent’ where the system uses training to identify the speaker and then respond. Speech recognition of AI has a mammoth impact in the present and future in all aspects of life.
Chatbots
Chatbots, the “conversational agents” are applications which mimic spoken or written human speeches and prods interaction or conversation with a human being. Customer service and queries are made effective with chatbots. They also analyze the customer history and create a proactive personalized service to customers by sending product links or pictures, displaying offers and also predict the customer’s service need. Chatbots are offered to customers either via standalone apps or web-based applications. Chatbots though used as a supplement to the human workforce they handle invoice management, account management and order tracking information that eliminates the delay of response and errors. It is that the chatbots can tackle accelerated queries regarding invoice management by 2-3X. With bots, messages can be easily retrieved.
Find the trend
With AI adoption, there are two types of users: early adopters and laggards. Early adopters made use of AI to bring down the proximity much closer with the customer making it easy and transparent for both the marketers and buyers. This makes use of omnichannel connections, more effective and updated to the current trend. It also helps the customer to find the marketing trend, preferences, location data and transactions faster and simpler. Based on all the customer search histories, the demand at a particular period of time or reason, the hype according to the cost and also personalized search history of a customer is used to identify the trend. The laggards find it difficult to go up with the trend and demand as they tend to adopt AI slow or at a minimal rate.
Programmatic Ad targeting
The customers’ ad experience can be customized when the real-time needs of the consumer are known and for this AI is the forerunner. With the likes and dislikes, search histories and views the audience need is analysed by the system and related advertisements and contents pops us to the customers without workers involvement. It is based on the data collection and machine learning algorithm technique. Artificial Intelligence also analyse various behavioural and demographic data points and interlinks the dot, regarding particular need. These ads are also used to test the variations and identify intelligently to segment the audiences and thereby to create the commercial ad automatically in real-time. Entrepreneurs and unpopular marketers make wise use of programmatic ads of AI. It builds high revenue, creates massive competence and automatically works faster and alters according to the need.
Content Generation
AI fuels content creation and content automation and they don’t replace the original content writer instead they direct to content research or a content-related blog post. It aids the content marketers to distinguish the buyer history, avenues and target audience interest. It lessens the manual work by using AI-powered Search Engine Optimization (SEO) tools like twin word, keyword country, keyword tool and LSI Graph (Latent Semantic Indexing). AI content generation is a revolution in the digital marketing game. Atomic AI tool helps with grammar and spelling along with its proofreading abilities. It comes up with phrases and words that can be effectively used to reach the target audience. This AI also predicts the user’s interest and knows their type of engaging content.
Dynamic Pricing
Dynamic Pricing is what makes a company more competitive and outreaching. Strategies are changed accordingly, like when the overstocked product is in less demand, the prices are reduced and offers are introduced to sell it. Whereas, the products in demand can be hyped or limited within minutes. It tailors the prices according to the place. Price discrimination is one of the most criticized means of AI. Still, Automated Dynamic pricing is in its infancy stage.
Conclusion
With these techniques, AI can quickly access the customer for highly complex data and optimize the performance. Here, the marketers set parameters that allow AI to learn and achieve precision. Though the development and AI’s use are in the amateur stage, their impact has a tornado effect in the digital marketing industrial era. They cannot be automated to know the actions to take to achieve the goals, about privacy, buy-in and adaptations to the fluxing marketing landscape now, still, AI can be improvised wisely with time and it is imperative that AI is the future in any domain of industry.