The emergence of artificial intelligence (AI) has been the talk of the marketing world over the past few years.
SwissCognitive Guest Blogger: Thomas Helfrich, Expert in intelligent automation and Artificial Intelligence Innovation systems – “7 Unexpected Benefits from the Role of AI in Marketing”
The AI hype train has been chugging along at full speed, and marketers are beginning to ask themselves whether they can afford to get left behind on the platform. AI marketing is the new hip thing everywhere. In fact, the AI software market is expected to jump 21.3% to $62.5 billion in 2022, forecasts market research firm Gartner.
There are several unexpected benefits from artificial intelligence in your marketing strategy.
Marketing without AI is like flirting with disaster
Marketing without AI is like flirting with disaster — It’s only a matter of time before a competitor moves past you to claim that top spot. Today’s marketing requires a combination of AI, data, and human ingenuity to maximize your company’s ROI.
The optimization, personalization, and innovation required to compete in a world dominated by artificial intelligence (AI) are only possible when AI is at the center of your work. With that said, the benefits of AI are not just about competing—they’re about taking your business results to the next level and learning how to get there faster.
All in all, it means we’ll be able to serve our customers better than ever before. With AI on your side, now would be an excellent time to explore where you could use it in your business strategy or marketing efforts today.
7 Unexpected Benefits of AI in Marketing
Building Better Customer Retention Strategies
By identifying who is most likely to churn at any given time, AI will help companies retain customers by identifying who is most likely to churn at any given time. It can predict a customer’s likelihood of leaving before they’ve indicated that they’re unhappy, allowing you to take action before it’s too late.
You can create personalized offers, promotions, and experiences at scale through AI and machine learning. When Netflix uses data to analyze your preferences and deliver highly-customized content recommendations, that’s personalization. As more companies use AI to personalize the customer experience, it will become the new standard.
Personalization at Scale
98% of marketers believe that personalization is an important part of their strategy, and 56% say it impacts their success.
One-to-one personalization is great, but it isn’t scalable. Ai helps you personalize at scale. It lets you reach your entire customer base with targeted content without needing to learn anything about each customer’s interests or preferences. You can create different segments based on data that could be combined across your company and then use those segments to create relevant messaging for each group. This allows you to take advantage of the benefits of personalization even if you don’t have the resources needed for one-to-one personalization.
Access to real-time analytics and insights
One of the most valuable aspects of AI for marketing is access to real-time analytics and insights. AI enables marketers to mine customer data in real-time and spot trends that would otherwise not be apparent. These allow you to see how your audience is interacting with your content daily. By crunching an abundance of customer data from various sources, AI can deliver valuable insights into how customers are engaging with your brand, how they move through your sales funnel, and what triggers their purchasing decisions. This allows you to make informed decisions about campaigns, content, and products that are likely to resonate with customers.
Multi-channel campaign optimization
We can now use predictive analytics and machine learning to optimize our multi-channel campaigns. AI can simultaneously analyze millions of data points to determine what content and messages are most likely to drive conversions across different channels like social media and email. This means that you can optimize your ad spend across different channels (e.g., Facebook, Google Ads, YouTube) by ensuring that each channel sends you the right leads. The result is more efficient spending, a better ROI, and happier customers who get what they need when they need it.
Micro-segmentation divides a large, diverse group into smaller segments with similar needs, wants, and preferences. This allows you to target them with personalized messaging and offers.
With AI micro-segmentation technology, you can send highly relevant messages to your audience based on their specific interests and needs. This increases response rates significantly and helps you build stronger relationships with customers over time.
Better Ability to Predict the Future
Predicting the future has always been a crapshoot for companies. That’s why marketing budgets are often so large: Companies are hedging their bets and throwing a lot of resources at the problem of figuring out what consumers want next. If a company can accurately predict people’s wants and needs, it can create products that will be highly successful, and that means more money for everyone involved.
Artificial intelligence is taking over this role of predicting the future and doing a better job than humans. When companies use artificial intelligence, they can analyze massive amounts of data much faster than anyone. Predictive algorithms give marketers insights into what’s coming next based on trends they see in the market. They can make informed decisions about their marketing campaigns now that they’ve been given a crystal ball into the future.
Targeting customers with specific ads based on their location, gender, and age is nothing new. But what about if you could target them based on what they were searching for at that moment? That’s where real-time marketing comes in. Real-time marketing can help you reach your audience when they’re most likely to be receptive to your message. This is a big advantage for marketers because they can reach their audience based on their needs and interests, rather than just guessing what might interest them based on demographic information like age and gender.
According to Econsultancy, 80% of marketers believe that artificial intelligence improves marketing performance and are set to use it. The role of AI in marketing will continue to grow over time because the freedom of technology allows creativity to flourish. And soon enough, with the help of AI, marketers will no longer be able to track or treat their customers as just data throughout their entire buying journey. Instead, they will be inspired by everything they’re doing right and create a dialogue with them to enhance the experience.