Big data, machine learning, and artificial intelligence are all technologies that are changing how businesses are established, operated, and expanded. AI is advancing in a variety of fields, including marketing. Marketers must stay on top of trends and use AI in marketing, even if it is unlikely that the entire marketing process will be automated. AI strives to support the marketing initiatives of several enterprises.
Application of Artificial Intelligence in Marketing
Have you ever wished to look up a product, but were unable to recall what it was called for the life of you? You enter the terms you believe are required, but the search engine returns a confusing assortment of unsatisfactory results. Using picture data to link you with what you are looking for, visual searching. As opposed to word searching, may search the internet for more precise matches.
Since our brains process visual information at a rate of 90%. Programmers are naturally curious whether robots can equally detect forms, lines, patterns, and colors in images. The two leading innovators in this field are Google and Pinterest. There are 600 million monthly visual searches on Pinterest, and the platform’s image-based advertising has an 8.5% conversion rate. An illustration of how AI might significantly assist customers is visual searching.
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Marketers would like to see more effective targeted advertising. According to the marketers Forrester polled, predictive marketing can be summed up as using AI to improve marketing decisions by foretelling which strategies would be most likely to succeed.
AI is necessary for dissecting the elements of a pleasant customer experience and forecasting consumer behaviors that will allow marketers to act appropriately in a customer’s time of need. Because there is so much information to extract and no way to make sense of it manually.
Consumers increasingly frequently want personalization; therefore, marketers must focus their efforts more than ever. According to research by Accenture, 43 % of American customers are more willing to conduct business with firms that cater to their individual needs—as long as they do not jeopardize their sense of trust. Another Accenture poll found that 91% of consumers said they are more inclined to buy a product from a firm that recalls their preferences.
Any business undoubtedly has too many clients to cater to each one personally. However, AI may provide targeted adverts with better relevancy, offer various buyers items based on past purchases, and even suggest content.
If you do not know your audience, you cannot promote your products effectively or use some AI applications. AI can also help with this: what preferences do your consumers have, even if they have not declared them explicitly? When are they online, and what channels do they use? What characteristics do they have?
Many marketing analytics tools currently provide such data, but AI-based solutions can assist you in making the most use of this data to send the correct message at the right moment. The necessity for marketing surveys is not necessary when you are intimately familiar with your clients. You can run more successful campaigns and increase customer retention (if the information they offer is voluntary, of course).
Customer Service Via Chatbots:
Because they are human, the customer service personnel at your company can only handle so many messages and interactions at once. If their inquiries are straightforward, many consumers feel that they would prefer not to contact human service agents at all.
Chatbots are quick, simple to use, and appear excellent, enabling clients to contact your company without picking up the phone. Representatives may focus on more critical concerns using chatbots. It will help them save time and not worry about answering customer questions after hours.
Every day a marketer misses out on opportunities to achieve significant momentum because they do not use AI methods. AI algorithms are continuously operating in the background of well-known platforms like Netflix, Amazon, and Google. The AI technologies that were formerly thought to be expensive and valuable primarily to big businesses will become ever more accessible and beneficial to the smaller players as AI gains popularity.
If you want to take full advantage of AI in marketing and improve your market intelligence solutions, contact us at SG Analytics. Our market research consulting service can help you gain valuable insights into your market, target audience, and competition.