How Artificial Intelligence Is Changing Marketing
Artificial intelligence is here to stay.
With the advent of technology, AI received a huge boost, and it has become advanced to levels that it can influence humans, that too very effectively.
With the rapidly changing methods of how businesses are conducted today, the modes of marketing are also changing. And the biggest change-maker is going to be artificial intelligence.
If you look at what impact only a chatbot could bring about, a staggering 61% of consumers feel that having Chatbots in customer service is the way of the future and 70% of millennials report positive experieknces with Chatbots. 69% of online customers already interact with an intelligent chatbot at least once a month.
Soon, AI will change the art of marketing as we know it.
Here are some of the ways that AI will change marketing in the near future:
1. Lead generation in real-time
Artificial intelligence, within a few years of inception, has already overtaken traditional lead generation methods, and become the most successful method.
Traditionally, businesses are required to create customer profiles from past purchasing data and customer relationship software (CRM). These profiles are then used as a template for targeting new customers in order to obtain better leads. However, a fatal flaw in this method is that it does take into account current market trends.
The motorcycle company Harley-Davidson was one of the first companies worldwide to implement AI and put it to use in real-time sales.
In the first weekend, the branch sold 15 motorbikes, which was more than twice the best sales weekend the store ever had. The system was able to generate relevant customer information in real-time. It provided insight that the store’s potential customer base was a lot bigger, helped it do marketing properly and in a targeted manner, and reach an audience larger than originally expected.
It was also able to selectively isolate and effectively target customers who were more likely to purchase a product than those just enquiring about them.
It is safe to say that artificial intelligence propelled their sales.
2. Efficient tackling of the customer query
When you log onto some websites, sometimes a chatbox peeps up, asking you what you want. Some chats manage to solve your queries or direct you to the proper channel, and you exit from the site, quite satisfied.
Well, a majority of these chat boxes are run by intelligent chatbots, designed to answer your queries, and improve user experience. For example, Policybazaar.com, India’s largest online platform for insurance policies, started online chatbots as early as 2017 and it became a resounding success.
Not only does the chatbot satisfy the customer through the voice and speech recognition function and ability to discern human emotions, but they have also greatly contributed towards improved customer experience. It is also able to generate an accurate customer profile from your needs and wants, and once it is generated, it is passed on to a client for follow-up.
Happy customers will always market your brand out of their own accord. Through improved customer experience, the business can achieve better customer loyalty. This is a great marketing strategy and does not involve any cost from your end. You can save a lot of money that you would otherwise have had to spend on your marketing campaign, simply by taking care of your customers.
Customers only remember the experience while navigating through your site, and AI provides just that through the provisions of fast and efficient solutions.
In this case, chatbots do a far better job at marketing because it not only leaves you satisfied, it also ensures that you go back with a positive view of the site.
3. How good is the data?
There is currently a boom in the generation of data. Quintillion bytes of data are being produced every day. It is thus necessary to separate the data that you can put to use, from the data that are simply fillers. Without actionable insights from data, a marketer cannot put his skills to use, simply based on chance.
Here is where A/B testing comes into the picture. It allows you to run tests on your customers and focus on the ones that you need to target, weeding out the rest. With the continuous running of A/B tests, the clarity about the data increases. And with artificial intelligence, you can buttress A/B testing further and mould it to your specific needs.
In March 2017, reports circulated that Dior had launched an AI-powered beauty assistant through the Facebook Messenger platform called Dior Insider. The company did not go for an official statement. They reached out to their email subscribers directly. The chatbot communicates with users, greets them by name and through a series of questions proceeds to gauge the type of products they are interested in within the portfolio of the company’s offerings.
These AI platforms provide invaluable information for use in A/B testing, that provides a high degree of accuracy in customer segregation and segmentation, and helps in speedy validation of results.
4. AI for marketing engagement
Put quite simply, the power of artificial intelligence to influence a prospective customer in the early stages of buying, and tip the balance in your favour, is huge.
There is a huge competition in every aspect of the business, and brand loyalty is not on the rise. If you do not take care of your customers, they will turn to your competitors.
A good example of how artificial intelligence can be used to engage clients is targeted advertising and engagement. Artificial intelligence can help a business to effectively target the customers and maximize their engagement efforts. When customers are searching for products online which are there in your portfolio, and you engage them, you are conveying the message that you have one of the best product ranges in the category. Continuous and regular execution of such activities ultimately helps your business is able to establish itself as an authority in a particular line. This is an effective method that allows businesses to achieve brand management online, and artificial intelligence can help in improving search engine optimization (SEO).
Artificial intelligence will be all-pervasive in every business scenario in the near future. It will reduce human effort, save costs and provide much better results. Marketing in your business is an area that can properly leverage the power of artificial intelligence and help you build a brand based on efficiency, effectiveness and value.