Marketing in the AI Era: 4 Transformations
What do you think AI can be used to create more efficient and effective marketing? For more information on how AI can impact the world of advertising and marketing, I spoke to Ryan Coyne, the CEO of Starboard, which is a digital marketing and advertising company.
How AI is Changing Marketing
Coyne says that there are many ways in which AI has changed the way that marketers market. One is that it enhances understanding among consumers through the integration and aggregation of large amounts of consumer data. For instance, imagine the sales rep or customer support representative who is not just aware of every aspect of the item but understands every single question that has ever been asked about it and what is the best answer. Imagine many of these support or sales representatives. The effect on customer service and sales will not just result in the millions of jobs that will be replaced but also will result in an immediate and personalised experience for customers.
Coyne recommends that “AI is not just helping sellers to better understand the needs and preferences of their customers; however, it is also able to make use of this data to target consumers with targeted advertisements. For most people typically, they receive messages, emails, and pop-ups that offer product recommendations but AI can take it to a whole new step by making ads that are targeted to specific groups or individuals, which increases the chances that people will be interested in purchasing products or services.” For instance, suppose you own an adorable Labradoodle, and you’re an online customer at PetSmart. In the future, PetSmart will be able to connect with you via text message and hold a personal conversation with your dog’s name. They will then turn you into a customer on the internet by reminding you that your dog is in need of the product you recommend and telling stories about how other Labradoodles are enjoying success with the same items.
Predict Future Trends.
Beyond the ability to generate consumer insights, Coyne suggests that AI will be able to detect as well as predict the trends of the future. Through studying and analysing the content on social media, AI “can have a more precise prediction of consumer preferences, tastes and requirements, and the ways in which these indexes could alter in the near future. This means that AI marketing could aid human marketing professionals in predicting the future demand and supply as well as generate strategies for improving product offerings or future promotions.”
Improve Customer Experience.
According to Coyne, “AI-powered chatbots can provide customised and efficient, 24/7 instant customer service through natural language processing, which allows them to comprehend and respond to customer questions and demands. As the models of natural language processing improve, the program will be able to discern every customer’s need and make it nearly impossible to distinguish an AI-powered chatbot from humans.”