How Artificial Intelligence Is Shaping Modern Marketing

Are you aware of the prediction that the global market value of artificial intelligence (AI) would reach $267B by the year 2027? It’s an inspiration you can derive out of the digital technology that is bringing about a big spur in all the markets, across industries, throughout the galaxy. Of course, you cannot expect NASA to go to Mars without AI, can you? Imagine how your company can survive without using AI and leveraging its immense capabilities across functional areas. Applications of AI in modern marketing are what you should ponder over. As marketing is pivotal for any business to reach target customers at the right time, with the right message, through the right channel. Let’s explore use of AI in modern marketing and how the technology benefits the marketing department.?

Importance of AI in Marketing

In marketing, AI is expanding its tentacles beyond human competence. Digital technology is assisting marketers make impact within budget involving cost-effective methods. As a marketer, you can combine analytics, AI-enabled tools, and customer data to anticipate your customers’ wants and next moves.?

With AI:

• You can know your market better
• You can create impactful content
• You can execute personalized and effective marketing campaigns
• You can obtain accurate insights on customers and the target market segments
• You can avail of smart marketing solutions according to the insights given, and this would lead to increasing profitable returns.

AI Applications In Marketing

1. Optimizing Product Prices and Placements

Setting Competitive Prices:? You can use AI to know your competitors’ pricing data and based on that you can optimize your own pricing. Setting competitive prices boosts the potential to maximize revenues.?

Optimizing Physical Placement of Products: You can employ AI, machine learning, and big data to optimize online as well as offline product placements of your brand. AI-enabled robots, videos, images, etc. assist you in self-auditing and analysis, how much space your merchandising requires, and overall optimal use of the shelf space in an exact manner. For instance, consider Lowe’s AI-based robot. AI-based solutions assist you to analyze shelf space and manage it properly according to the images and other related inputs.?

Optimizing Digital Placement of Products: AI marketing tools can assist your business to manage and enhance all sorts of product information as well as modify and update related descriptions (about box, product, etc.) automatically. It assists in enhancing product appeal and discoverability. Moreover, AI-powered machine vision enables customers in the visual search of their desired products. Image tagging leads to increased likelihood of finding related products and this is a way AI empowers marketing in physical and digital eco-space.?

2. Personalization of Strategies

AI-based personalization of marketing strategies assists you to reach your target audience, the right customers through the right channels. Your customers would be delighted to get offers exclusively designed for them and you can do that with personalized marketing strategies. It further leads to higher customer satisfaction. AI-powered recommendation systems, ML-based natural language processing (NLP) chatbots etc. assist your marketing efforts reach goals. How? By using customers’ data to the maximum advantage and reaching them back with specialized channels with personalized recommendations. Data means all the analog, digital interactions with your brand that took place across the channels viz., page views, web, email offers, online purchases, offline purchases, digital payment records, etc.?

3. Optimizing Marketing Communication

AI-based marketing tools assist to create an optimized marketing communication that reaches your target customers at the perfect time with the appropriate message and right channels. AI tools assist you to track customers’ behavior over different devices, and ensure you reach them at the time on that device that they are currently available.??

AI-Enabled Neuro Marketing: You can optimize your marketing content with use of neuroscience and biometric sensors for your content’s testing and understanding of its impact on your target audience. To elaborate, you can find out how your content influence emotions and the memory of patients. You can try and test this capability of AI before launching your product in the market.?

Context-Based Advertising: Marketing comprises context to maximize the messages’ value it conveys. Context-based or context-aware advertising is the key to boost marketing efficiency as it ensures that the message that your brand conveys resonates with the context. As a context-based marketing company, you can employ the power of NLP and machine vision to your benefit to understand the context of where you are going to place your ads. You can consult an AI-marketing expert to develop better understanding of how this model can assist your brand expand its market reach.?

Leveraging Third-Party Data: If you aim to understand your target customers, current customers, then you have to identify all the possible leads from different external sources. Using third-party data is a huge thing to enhance your marketing activities.?

Omnichannel Optimization: It is possible to optimize your marketing communication across all the channels and different paid platforms. You can compare the impact of your strategies on various platforms.?

Marketing communication optimization includes channel-specific content generation which is another area you can explore using the following AI-powered tools:?

• NLP based content marketing
• Mobile Marketing
• Email Marketing
• Video Commerce
• Referral Campaigns for Loyalty Marketing

4. Marketing Analytics

AI-powered analytics assist in connecting all marketing data and KPIs automatically. AI analytics and tools allow you to identity customer segments with greater accuracy, manage different campaigns with more efficiency, and trigger alerts that leads to improved marketing strategies. AI-based marketing analytics, therefore, enables you to find your loyal customers, and retarget your customers according to their interests expressed on your products or services. A few types of marketing analytics are as follows:?

• Platform- Specific Analytics
• PR-Analytics
• Social analytics

5. Leverage Customers Feedback

AI and ML assist to optimize social media messages, channels, and social posts, timing to post and the target audience. You can reach your customers at the perfect time just by seeing and analyzing their online habits. And essentially, AI-based computer vision can assist in capturing customers’ micro gestures, mimics, and emotions that help you with the right message and feedback.?

6. Marketing Campaigns

AI facilitates create marketing campaigns and aids in enhancing effective strategies across platforms. How can you use AI for your marketing campaigns? The 3 ways are as follows:?

Predictive Analytics: AI analytics and tools in marketing aids analysis of demographic information. It assists in identifying and locating significant information about page views, time spent on a particular page, bounce rates, click-through rates, etc. AI aids you to devise a strategy that can work best for you.?

Targeting and Segmenting Audience: ML algorithms are employed to get the target audience to your website, apps, and drive traffic. Identifying particular content and specific users enables you to come up with marketing campaigns accordingly.?

Recommendation Chatbots: AI-powered chatbots assist in serving clients in different time zones to respond to their queries in real-time. Especially when a product is launched, there is a big sale, or just during any marketing campaign, the AI-powered chatbots make your life easy.

Final Thought

AI is the supreme digital technology that redefines marketing in terms of its core functionalities besides overall effectiveness. If you are looking forward to start your journey with AI, Inqline’s Data Science Autopilot is for you! Click here to find out more.?