The crisis, the pandemic, and ubiquitous digitalization have accelerated the introduction of AI in many business areas. And marketing, of course, was no exception.
Why does marketing need AI?
AI technologies make it possible to process and “comprehend” cosmic amounts of information from the point of view of an ordinary marketer. AI can be instructed to look for various dependencies and correlations between very different parameters.
How the consumption of, for example, protective creams of a particular brand varies in different countries depending on the season and month, population growth, the standard of living, the intensity of advertising, and any other available parameters. The most unexpected results are possible competitive analyses, which can be successfully applied when developing a marketing strategy or an advertising campaign.
Applications of AI in marketing
The main areas of AI application in marketing primarily involve the automation of routine tasks: tools for speech synthesis and analysis, the introduction of chatbots to help call centers, the personalization of commercial proposals, feedback analysis, etc.
AI is algorithms written by algorithms that perform some practical actions of the human brain, but much faster than the human does.
If we talk about current areas of application of AI in marketing, we can highlight the following:
- Communication tasks- automation of technical support using voice and text bots, search for insights based on social listening, analyze intercom conversations, formation of individual offers for customers based on their behavior on the website or in the store and purchase history, customer retention through unique offers, and so on.
- Analytical – segmentation of users based on behavioral patterns, analyzing app store, testing the effectiveness of communication materials, sales forecasting, and formation of assortment matrix.
- Creative – generation of creatives and wordings for ads, automated generation of descriptions for product cards, a fast adaptation of materials for different languages, and creation of virtual impressions.
- A separate block can be allocated to develop unique services for consumers, such as the development of a tool for a virtual dress fitting.
The benefits that AI introduced in marketing:
- Accuracy. Models trained on millions of examples have high accuracy in narrow application areas.
- Speed. With available computing power and advanced algorithms, AI produces results many times faster and can run 24/7.
- Reliability. Models are trained on big data that humans can’t hold in their heads and reveal patterns unavailable in traditional analysis.
- Cost-effectiveness. AI is easily scalable, so investing in a project over the next 1-2 years can save significantly.
Practical application of AI in marketing
It is already widely used in many areas of marketing:
- In customer service, these are recommendations, notifications, click tracking, and creating a portrait of the customer. Customer retention and increasing customer loyalty;
- Sales forecasting, taking into account external factors;
- voice search;
- AI integration into content;
- Advertising automation, etc.
Does your business need AI?
How do you know if your business needs it? Yes, if:
- Processing incoming customer calls takes a lot of time every day;
- Marketers are busy building analytics reports instead of working on strategy;
- You collect a vast amount of data but don’t have time to process it and therefore don’t see the value in it;
- You have much commercial information about users, but you build sales and business cost projections based on experience rather than a predictive model.
- Setting up advertising campaigns takes a lot of time.
If you answered Yes to at least three of these statements, implementing AI in your company is justified.