As the world continues to progress around us, so does our technology. Along with our technology comes artificial intelligence or AI. It has become more and more a part of our technology such as our phones. And as more businesses boom, the more competition there is in the corporate landscape. It has become a battle for innovators to create the next great invention that dazzles the masses, which then leads to AI marketing.
Businesses need AI for future engagement with the public, clients, and competitors. It has become the norm for many industries, allowing these groups to gain insight into the needs and wants of their customer base. Using AI is what helps drive business growth, opportunity, and profitability. It also has a hand in customer retention due to its knowledge of knowing what the customer desires in their shopping experience. By keeping customers happy by formalizing what the customer wants, the customer can have a positive experience. Because of this, it is more likely to share about it with friends and family, potentially growing the customer database.
So it sounds important, but what exactly is it?
What is AI?
Frequently, marketing uses AI. Because it can calculate the data it collects and behavioral targeting. The data gathering and processing is done by computers using algorithms. The information is then gathered when customers browse online shopping, how they respond to online offers, and even how they react to content on social media. Then, the AI will automatically reach out to a potential customer who has specific behavior that the AI notices. The AI has a multitude of tools that can be used to generate a message on its own and send it to the prospect. AI can also be used for automated decision-making, data analysis, media buying, and much more.
The Science of AI
And now a science lesson! So, the AI follows the perception-reasoning-action cycle. When they translate that into their own understanding, the AI has a collect-reason-act cycle. A collect refers to activities that relate to understanding customer data and putting it into a database. Next, the AI transforms the data into intelligence. The AI will then act based on the intelligence with the directive to prompt the customer to perform a certain action. In most cases, it would be to make a purchase.
AI also has machine learning or ML. That is a study that looks at computer algorithms and creates models based on the data. The models can then allow the applications to make decisions, often called predictive analysis. Some models operate with neural networks, similar to how a brain works. There are still many studies that relate to AI and ML that are ongoing to better understand the relationship between the two.
These kinds of approaches allow AI to have more efficient behavior. They take these approaches, removing human bias from them. They refer to it as Algorithmic Marketing.
The Core of AI
There are key factors in ensuring that AI is as effective as it can be. One is that marketers have to obtain all the data and figure it out for their marketing. Using the AI for analytics assists the marketer in understanding the perspective of the customer. With AI, it allows marketing campaigns to have higher customer retention.
AI can be used for analyzing computer algorithms and that can lead to a decision that has the best results. Having the info already, AI can then make an informed decision that will allow higher success rates with customers.
Finally, the AI should usually run on a platform that is across the entire franchise. These platforms can provide info, decisions, and solutions with lightning speed.
Why Need AI?
AI is a great tool that helps out the business. It can perform data analysis, process natural language, voice and image recognition, content creation, and personalization. The AI mimics the human brain to assist in understanding what the customer wants. As it continues to advance, even now, new AI models help us all out. Here are some of the newest ideas on the market:
- Large Language Models (LLM) used with AI help with customer engagement.
- AI now implemented into cybersecurity to stop hackers.
- Multimodal AI is also around the corner. Google’s Multitask Unified Model (MUM) is a good example of this. The MUM is able to go through text framework for search results and can gather the info from multiple languages.
- Platforms like Google and Amazon use AI employed to enhance customer interaction. The bots can drive conversation, amongst other incredible feats.
- High increased demand for AI used responsibly. Many are taking notice of how advanced AI has come and want to ensure that it does not fall into the wrong hands. Or a robot uprising, cause that would be bad.
In all, AI is rapidly changing and rapidly spreading across the planet. It is being used in all sorts of platforms for data collecting to get a better understanding of customers. While we have made many gains on the subject, there is still a wild frontier regarding how we operate it in the future, especially in AI marketing.