Artificial Intelligence in Marketing

By Prerna Advani, 3rd Eye Advisory®
Artificial Intelligence in Marketing

The ability to communicate the right message, on the right channel at the right time is very important for any marketing initiative. With the advancement in technology and increasing customer expectations the need to personalize content and respond quickly has only increased. In fact, a Forbes article suggests that 65% of B2B buyers are likely to switch brands if a company doesn't make an effort to personalize its communications to them. Artificial Intelligence is used in the marketing process to aid these needs and improve the overall efficiency of marketing.

Based on a study conducted by Salesforce Research that interviewed 3500 Marketers worldwide, Artificial Intelligence (AI), Internet of Things (IoT) and Marketing Automation Platforms are the 3 technology platforms that Marketers plan to use over the next 2 years. 53% of Marketers interviewed plan to adopt Artificial Intelligence in the next 2 years. They predict that their use of Artificial Intelligence platforms will grow faster than all other technologies. With such a rapid pace of adoption it is important to use AI in the right manner and generate the most out of it.

Our Marketing experts at 3rd Eye Advisory® have identified 5 areas where AI can be used to maximize the marketing efforts of a brand. We have assisted clients in deploying customized facial recognition softwares in stores. Using this information, they can send real-time welcome messages, discount coupons and other offers to individual customers.

  • Content Generation
    The biggest role that AI can play is that of personalization of content. It can enable reaching each user in a personalized and meaningful way which was considered impossible otherwise. This can generate very high impact and result in higher ROI. Predictive analytics used by Netflix shows recommendations based on your previous views, notifies when latest episode of your watched show is out
  • Customer Insights
    Understanding consumers and their behavior is very important to be able to reach them. The more detailed the analysis the more it can be useful and the longer time it would take humans to analyze. Algorithms can be created for different product categories to understand usage patterns, purchase behaviors, psychological factors affecting purchase, geo-specific events, in-store interactions.Use of AI can identify more clearly which customers should be included/excluded for which campaigns, match products to customers, help in stocking products in the right amounts
  • InteractiveTechnology
    Use of Interactive Technology or chat-bots is thought to be the future of technology. These are programmed to understand business terms as well as the language of communication of the website. These are used to address any customer queries instantly and create personalized content based on previous conversations. The make-up brand Sephora uses a chat-bot which takes a mini-quiz to understand the customer's makeup preferences. It then uses this information to give advice thus making content more personalized.
  • Churn Prediction and Customer Engagement
    Machine learning algorithms are used to track activity of customers and can easily predict when the customer is likely to leave based on reduced activity. Using customer data an algorithm can be created to track what stage of churn a customer may be in. While it may not be possible to retain all churn customers, the ones who have had a long lasting relationship with your brand can be incentivized to keep using your product.
  • Image Recognition
    Use Automated Image Recognition to add convenience to the customer's journey and also help provide them with the right thing they are looking for. Customers can just share an image of what they are looking for and the marketer can provide them exactly that! This can also help facilitate an omnichannel strategy.In case the required product was not available in a physical store, with the help of an image one can just look for it on the online store.

#ReadyBusinessPlan #ask3rdEyeAdvisory #LearnAt3rdEyeAdvisory #3rdEyeAdvisory

Article by: Prerna Advani, 3rd Eye Advisory®