How many people here know that the global market value of artificial intelligence (AI) is estimated to reach USD$ 267 billion within the next few years? This is an inspiration anyone can derive out of digital technology that has caused a stir across major industries, markets and even the universe.
Yes indeed, no one is expected to carry out any major task without AI. Did NASA launch a space or Mars mission without AI? No they didn’t. Is Tesla running auto-pilot in its cars without AI? Nope, it isn’t.
Just imagine, can a business survive without involving artificial intelligence, leveraging its enormous capabilities across different functional areas? Nope, it isn’t possible. Applications of AI in modern marketing is something each firm is wondering about.
Why? Because marketing is crucial for brands, businesses and organizations alike to reach the right audiences at the right time via the right channel with the right message. That being said and done, let us now discuss in brief detail the applications of AI in modern marketing and how this technology is helping the field of marketing.
Why is Artificial Intelligence important for Marketing?
Professionals from various app development companies in the Calgary-Edmonton corridor explain that Artificial Intelligence (AI) is expanding its tentacles beyond human control and skills in marketing.
Digital technology is to be thanked for this. It is helping marketers create impact within the budget by means of cost-effective practices. Combining these tools enabled by AI along with top-class analytics and customer data; marketers can hence anticipate customer wants, upcoming preferences and of course, their next moves.
Here is how artificial intelligence can amplify marketing:
Companies can understand their market in a much better manner.
Content that is compelling and captivating, can be easily created.
Companies can execute personalized and effective campaigns for their marketing activities.
Accurate insights on customers and multiple segments of the target market/audience can be obtained.
A lot of firms can avail smart marketing solutions on the basis of given insights. This in turn leads to boosting returns and profits.
Applications of artificial intelligence in marketing
Compiled by experienced marketers and professionals in the software industry, here is how Artificial Intelligence can be applied in marketing:
Optimizing prices of products as well as their placements
AI can be leveraged to set competitive prices. Marketers and companies can leverage it to determine the pricing data of competitors and optimize their pricing accordingly. Moreover, setting competitive prices raises the potential to maximize revenues.
When it comes to optimizing physical placement of products, both machine learning and artificial intelligence with the help of big data can be used to optimize both physical and digital product placements for most brands and companies alike (businesses too).
Robots powered by artificial intelligence, product images, videos and the like help marketers in auditing shelves and analyze them along with how much space merchandising may need as well as the overall optimal use of shelf space.
Let us now take an example of Lowe’s robot which is powered by artificial intelligence (AI). AI-based solutions help marketers to analyze shelf space and manage it accordingly based on accurate images, videos and other relevant inputs.
AI helps in optimizing digital placements of products. This is done by AI tools helping businesses in managing, improving all sorts of product information, modifying, updating related descriptions (packaging, products) by automatic means.
This helps in improving the appeal and discoverability of products. AI-enabled machine vision enables customers to search their desired products visually. Image tagging leads to improving the chance of discovering relevant products. Moreover, AI is empowering marketing to become a new and improved form of itself in both the physical and digital universe.
Personalizing strategies
AI helps in personalizing marketing strategies to help firms reach their target audience as well as the right customers via the correct and needed channels. Customers will simply love to receive offers designed exclusively for them, made possible via personalized marketing strategies. This is instrumental in raising customer satisfaction by new margins (hire app developer).
Recommendation systems based on AI along with AI and ML powered chatbots making use of Natural language Processing (NLP) can help marketing efforts of any firm reach their objectives. This is done by leveraging customers’ data and reaching them back using specialized channels with recommendations that are personalized.
Over here, data means the complete analog and digital interactions of customers with the brand that took place across various channels through page offers, email offers, offline purchases, the web, digital payment records and the like.
