In the case of AI, people usually imagine images of science fiction. And the majority of them are about intelligent robots that eventually end up taking over humans. While it’s too early to tell whether or not the Hollywood mythology will continue as fiction, actually the current version of AI is much less intrusive. Actually, AI is a very beneficial technology that bridges gaps between analysis and actual implementation of strategies. The future, according to experts, lies with the businesses that can harness the power of AI.
What exactly do you think about AI changing the world of digital marketing? All of it can be summarized in one word that is automation. When fed with enough information, AI is quickly able to comprehend, analyze and implement the right actions to every situation with no input from humans. While this in itself opens the door to exciting opportunities in various areas, AI has found direct applications in marketing through digital channels.
Here are three ways in which AI has changed our business practices online.
– Programmatic Advertising Targeting
Every marketer is aware of how time-consuming the process of buying ads is. When it is done correctly and with the right amount of diligence it requires lengthy, drawn-out meetings with sales teams, drafting out of terms, executing and lots of monitoring. AI makes it easier by comparing data from users to advertiser’s requirements, automatically placing bids on impressions and then displaying the winning ads in just a fraction of a second.
If this procedure seems familiar that’s likely because it’s the method Facebook employs for its auction of ads process. In order to win in programmatic ad targeting, both advertisers and marketers have access to easily organized data to build custom customer profiles. This lets them get closer to “winning” the auction, which requires no input from the user, other than setting up the basic configuration of the data.
– Chat Bots
Chatbots are essentially programmed to mimic a natural chat with clients. While initially slow in many applications, chatbots allow companies to improve customer service with specially trained AI to respond to the most frequently requested questions.
One of the simplest kinds of AI chatbots are programmed to make predetermined decisions in response to inputs from customers on the other end. Apart from the customer service apps however, chatbots are now also being developed to help customers navigate discovering the products or services they would prefer. Apart from providing consistency in the tone of voice and tone, it can also drastically reduce the requirement for actual human involvement in customer service and marketing procedures, which allows businesses to cut expenses.
– Dynamic Pricing
Although extremely useful for large-scale eCommerce platforms as well as ridesharing apps this type of AI application is actually easy to use. Like a storekeeper might lower the cost of their merchandise due to an abundance of inventory however, the same applies to the AI repricer. The only difference is that it can complete its job within a matter of minutes and for hundreds, if not thousands–of items at once using real-time data with almost no delay.
Conclusion
AI can disrupt marketing by swiftly analyzing data, and then making business-related decisions based on reliable data. Apart from making accurate predictions with a greater speed than humans and reducing cost. With the speed at which it has developed in just a few years we can safely assume that the businesses that are successful in utilizing AI in marketing through digital channels will be the top in their niches in terms of cost-efficiency as well as scalability.
ThirdEssential is a Indian-based digital marketing firm. We offer services for search engine optimization, web development as well as marketing strategies among others. Contact us today to arrange an appointment with us for a complimentary consultation.