Mon, 19 Aug 2019
Top Ten uses for AI in marketing…
If you watch Netflix, listen to music via Spotify, or have bought a product via Amazon, you will have interacted with machine learning or AI at some level.
Much of what you watch, listen to or buy comes from recommendations made by AI algorithms. More and more, algorithms are helping us to make both subtle and important life altering decisions. So, what does this mean for marketers?
Take Google for example. They are an AI-first company. If you run a search on Google, use Google Maps; or use the predictive prompts when typing a text with G-board (that’s the swiping one) - artificial intelligence (AI) is baked into all of that.
MIT global surveyed 600 executives, and found that 9 out of 10 companies already use AI to improve their customer journeys. Studies also show that 75% of businesses improve revenue with AI-driven marketing.
Netflix uses AI-powered personalised recommendations to engage customers with relevant content, and project that it saves them $1 billion in revenue annually by avoiding cancelled subscriptions.
Early adopters who have incorporated AI and machine learning into their marketing toolkit have found it makes them more efficient and effective by simplifying and scaling marketing initiatives while removing inherent complexities - especially with regard to ‘grind’ tasks. The grind is repetitive tasks where you have to crunch a lot of data for little reward.
The Marketing Artificial Intelligence Institute surveyed more than 200 marketers, asking them the question, “Assuming AI technology could be applied, how valuable would it be for your team to intelligently automate each use case?” Here are their top 10 reasons to adopt AI and machine learning:
1. Analyse online content for SEO.
2. Choose keywords and topic clusters for content optimisation.
3. Construct buyer personas.
4. Create data-driven content.
5. Identify which content and campaigns perform better.
6. Measure return on investment (ROI).
7. Adapt audience targeting.
8. Optimise website content to convert sales.
9. Recommend targeted content to users in real-time.
10. Assess and evolve creative with A/B testing.
AI reinvents the 5 P’s of marketing…
Paul Roetzer, CEO of PR 20/20, created the Marketing Artificial Intelligence Institute after watching IBM’s Watson beat two record-winning “Jeopardy!” contestants.
Most marketers are familiar with the 5 Ps: product, price, place, people, and promotion. Roetzer has developed the 5 Ps of AI: planning, production, personalisation, promotion, and performance. Here’s how the sequence works:
Planning: Defining strategies, prioritising activities, and allocating marketing resources.
Production: Creating, curating, and optimising content.
Personalisation: Personalising consumer experiences through automated content, product recommendations, and web experiences.
Promotion: Managing cross-channel and cross-device promotions to drive engagement and actions.
Performance: Turning data into intelligence through automated narratives and insights.
Beyond simply giving marketing ‘grind’ tasks to AI, marketers can reimagine their customer engagement strategies. How might you benefit from incorporating AI into your digital strategy?
Talk to us about how you might get new campaign ideas live in no time and optimise and pivot in real time.