The application of AI is now innovating new strategies in digital marketing. If you’re still working on the traditional approaches, it's time to shift the paradigm to modern approaches.
AI will customize marketing strategies by accessing business data. Like we need oxygen to sustain our life, AI needs data to survive. If AI doesn’t get enough data to analyze, AI will die! It’s up to you, feed the system with enough data to find useful insights and make predictive analytics.
1. AI recognizes business patterns
How does a robot recognize an object? How can these robots differentiate objects? It is done through pattern recognition through machine learning. Machines are fed with many images of the same object with different combinations. Machines recognize these objects as pixels.
An AI system learns business patterns only from the data. It must include real-time and historical data that captures the business trends or patterns, then predicts future events. This is predictive analysis, and marketing strategy can be developed based on these data-driven insights.
In an e-commerce business, the consumer’s persona can be predicted based on the product search & product purchase. Personalized emails can be sent to these customers for recent products searched with special offers or a price-drop notification or sent them new products launched by the brand they recently purchased, etc. Basically, any such creative ideas can be used for marketing.
The most popular Amazon recommendation engine contributes about 35% of the company’s revenue, isn’t this wonderful? That’s the power of AI and a perfect marketing strategy! There are many promising e-commerce platforms who are likely to implement such strategies soon.
2. The voice and chatbots
Companies are introducing voice bots for seamless user experiences for customers. Voice interaction lets customers command for new purchases, suggestions, etc. Customers can easily use these intelligent tools, so companies can become more discoverable. Brand building can be made using this tool.
Similarly, investing in chatbots keeps customer handling easier. Let’s see how chatbots, another application of AI helps to transform our marketing strategies.
Chatbot follows a one-to-many concept i.e. it can chat with multiple customers at a time and that too in multiple languages. Customers can even choose their native language to get personalized support. Hence languages are no more barriers to get new prospects. Unlike human beings, who need some time to take a nap, chatbot never needed those times. It can work 24 * 7 * 365!
3. AI opens a new door for business collaborations
Consider a scenario where you are a regular online customer of US Polo Assn. One day, the online shopping website tie-up with scullers and recommends scullers to you with an interesting suggestion like - “Do you know 85% of online shoppers find scullers as the best match for US Polo Assn, and that too comes 20% off now for you.
Check out scullers product showcase page, hurry up! Offer valid for 24 hours.”
Even if you’re not even looking for a brand change, eagerness or curiosity let you check the page. Also, the offer is open for a limited time, it will tend you not to lose the opportunity before it expires! Personalized content and smart offer made the right combo!
Here, business collaboration is an effective marketing method. It can generate mutual sales benefits, a personalized email can do it!
Both companies here analyzed the benefits of collaborating and finally, made a decision using predictive analysis i.e. smart decision making. AI thus leverages data analysis and increases the operating efficiency of a business through multiple opportunities.
4. What to expect in future days?
The future of digital marketing looks promising, and experts are constantly in research to find new applications of AI. The spectrum will widen in forecasting, reduce inflation rates, predicting the future of the economy, smart investment decision making, and much more.
The next big thing to witness will be the application of hybrid intelligence. Hybrid intelligence is the combination of the human brain and artificial intelligence. The combined efforts can create wonder. Machine learning follows an algorithm and so is our human brain. Machines can solve complex tasks whereas they cannot think like a human (cognitive thinking).
So, by complementing each other, hybrid models can make creative marketing. New strategies can be built and executed easily with hybrid intelligence. The predictive nature of AI with the thinking abilities of intelligent people together leverages the digital marketing world! Also, it is the best practice to avoid the misconception of machines taking over human jobs.
With this understanding, the chances of losing the job because of AI is then an old tale and it will not happen!
At present, there are certain restrictions and instructions for collecting data. GDPR, CCPA, etc. are some of the data guidelines to follow strictly. The data collected from the users has to be deleted if they requested to remove it. Never fail to ignore these laws connected with data, it’s very important to follow!
The system must be thus flexible for future compliances. We already know that forecasting is easier with AI, so why don’t we use AI to predict the future of AI itself?
Dhanesh Haridas, CTO of Epixel MLM Software, has 12+ years of experience in Software Development. He is an enthusiastic business person, a perfect leader and above all a passionate writer. He is very keen on experimenting with the latest technological advancements. His areas of interest include artificial intelligence, software development, data science, blockchain technology, cryptocurrency, IoT and so on.