The market for big data and AI is surging. One recent study found that the global market for these technologies will be worth $229 billion within the next five years.
There are many benefits to industries that implement AI; healthcare, finance, communications, retailers, and even art companies are making use of the technology. And in the marketing industry, AI is revolutionizing the way corporations use data, interact with customers, and grow their firm’s reach.
James Paine, the founder of West Realty Advisors, compiled a list of case studies on companies using big data and AI to get more value for their marketing campaigns. Some of these companies use AI to improve the targeting of their advertising, curate higher quality content and use machine powered marketing analytics.
Let’s explore some of the use cases and companies that are using AI to boost their digital marketing efforts.
Analyzing consumer behavior
Companies who use big data to analyze consumer behavior face a tough challenge due to the sheer number of data points and multiple platforms available.
These data platforms accumulate and compile all different types of analytical data. By using this information, marketing companies hope to create useful buyer personas and build customized sales funnels with fresh content that resonates with the user, as well as compelling copy that engages them.
Using AI effectively in a data-driven approach allows companies to customize their user’s experience and generate more revenue.
By using AI, marketing and retail companies have evolved from selling a list of pre-determined items to creating a customized-shopping experience for every online visitor.
Amazon proudly shows off their use of AI, to curate a selection of products for each shopper which is relevant specifically to them.
Amazon hopes that by creating a tailored shopping experience, it will aid new customers to make their initial purchase, or help repeat customers find what they’re searching for and increase the size of their online shopping baskets.
Brand design with AI
One of the more surprising AI developments seen in the digital marketing world was the rise of AI design. Companies such as Tailor Brands are using AI to create branding and logo design assets for small businesses. These AI algorithms understand users’ inputs to create visually stunning designs based on those preferences and needs.
This innovative AI technology is shaking up the design world as digital marketers can now access hundreds of unique designs and develop all of the required branding assets within minutes, removing the need for branding agencies and graphic designers.
It’s estimated that by 2023 there will be as many as 8 billion digital voice assistance devices. To put that in perspective, at the end of 2018, there were 2.5 billion.
Many of the world’s leading marketing and communication companies are fully-embracing voice recognition, such as Amazon’s Alexa speaker, Google’s voice assistant, Microsoft’s Cortana, and Apple’s Siri.
One of the most significant disadvantages with voice recognition in its current state is that each company’s AI is limited to its ecosystem. That is until Aiqudo, developed an app that’s able to integrate with Alexa and other voice assistants, effectively breaking down the ecosystem barrier.
Currently, the marketing world is heavily focused on text-based marketing, such as emails, ads, and content marketing. With the increase in voice recognition devices and the number of users, will there be a pivot as companies switch to marketing via voice instead of today’s traditional methods?
One of the most notable breakthroughs in AI technology occurred when AI’s learned to process language, as well as understand the meaning behind the words – semantic recognition.
This leap in AI language skills allowed companies to implement smart AI customer service bots to help deliver a better experience for customers.
The one to one experience provided by human customer service is both it’s biggest advantage, and disadvantage, as customers who need assistance want instant help.
But, with the increased volume of online traffic, companies struggled to maintain a consistent level of service, especially during peak times, such as holidays and the challenge to maintain a 24/7 service.
Initially, chatbots were used to screen customers who requested help, by providing a pre-determined list of questions to help troubleshoot customer issues, and escalating them to a human representative if their problem remained unresolved.
But with the latest technology, AI chatbots can semantically understand customers’ needs and assist them.
Many companies have embraced this service, which can be provided not only through their website portal but also via popular message apps, such as WhatsApp and Facebook Messenger.
AI can run digital advertising
The estimated digital advertising spend increases every year as more and more marketers push their products and services, and social media platforms such as Facebook, Instagram, and Twitter allow marketers to target specific audiences.
Most advertising platforms commonly analyze all of their users’ demographic information, such as age, gender, location, and like topics. Sometimes even their political affiliation. They do this to show their users the most relevant ads possible.
Traditionally, marketers would manually organize, target, and run ads based on their individual needs, but with the rise of AI marketing platforms like albert, they’re now able to automate the tasks. These new AI algorithms can learn and adapt in real-time to increase digital marketing ROI.
AI is Having a Powerful Impact on the Marketing Field
It’s clear that AI is a benefit to many businesses in many diverse industries. The technology is continuously evolving, and the number of companies investing in AI is increasing at a rapid pace.
It’s also becoming more accessible, which means more and more companies will use AI to transform and improve their digital marketing strategies.
Business leaders who haven’t considered using AI should look at the number of ways it could benefit their business and grow their brand.