No wonder, Artificial Intelligence has become the latest buzzword in the tech world today. The technology has now plunged into the Marketing field. Here are 5 benefits of using Artificial Intelligence in Marketing. Read these now!
Leveraging incredible advantages of Artificial intelligence is now a trend. Marketing Strategists and trendsetters are looking up to this advanced technology to their top-line revenues. The technology has is stunning the world with its latest innovations.
The global Artificial Intelligence market size was valued at USD 24.9 billion in 2018 and is anticipated to expand at a CAGR of 46.2% from 2019 to 2025.
Businesses worldwide are leveraging AI benefits to render improved customer experience and enhanced personalization to users. With its incredible potential to analyze data for extracting meaningful insights thus helping business organizations in making better business decisions, advanced AI techniques are being used in the marketing field too.
In fact, with the growing focus on customer data, roughly half of global marketing professionals have adopted AI to help with data analysis. Further applications include marketing personalization, audience identification, email campaign automation, customer service automation, just to name a few.
5 Uses of AI in Marketing!
Artificial Intelligence enables marketers to create highly personalized consumer experiences that cost significantly less than traditional high-dollar campaigns. Every interaction a prospect or consumer has with a product or solution is kept as a future reference.
With Artificial Intelligence Marketing strategies poised to overtake the marketing industry, it’s now important for marketers to understand the benefits of using this incredible technology. Here are 5 ways Artificial Intelligence is used in Marketing. Let’s read further to know more about the benefits of using Artificial Intelligence in Marketing.
1. Natural Language Generation:
The Commercial State of the Art in 2020
2. This Entire Article Was Written by Open AI’s GPT2
3. Learning To Classify Images Without Labels
4. Becoming a Data Scientist, Data Analyst, Financial Analyst and Research Analyst
Take Sales Forecasting to the Next Level!
“How is AI used in Marketing” has become a popular question now. Businesses are inquisitive to know about the uses of AI in marketing. Sales forecasting is one of the ways Artificial Intelligence is used in Marketing. AI takes sales forecasting to the next level.
Sales forecasting plays an important role in determining long-term business growth. Though employees of the sales team invest a large portion of their time and focus in this process, unfortunately, most of the businesses fail to derive desired profits through their sales forecasting techniques.
The majority (74%) of large (>$10B in annual sales) B2B companies engage in forecasting on a weekly basis. But, despite so much time being invested, research indicates that the majority (69%) of all B2B companies, consider their forecasting techniques to be ineffective.
According to research, companies boasting accurate sales forecasts are 10% more likely to grow their revenue year-over-year and 7% more likely to hit quota.
Using Artificial Intelligence helps in resolving many issues that are associated with the weighted pipelines and other traditional forecasting methods. This is how AI is used in Marketing.
AI helps to increase the accuracy of sales forecasting. By leveraging AI benefits, businesses can empower themselves, with improved lead scoring capabilities, that enables them to determine the fate of sales opportunities accurately thus allowing businesses to produce more accurate sales forecasts.
Predicts User Behaviour!
Here is more on the benefits of using Artificial Intelligence in Marketing. Let’s read further. With AI solutions, marketers can find about customer preferences and likings and what they feel about your brand. By analyzing customer shopping behavior, businesses can chalk out marketing strategies to ensure the effective branding of their products and services.
With new advancements in AI, predicting customer behavior has become much easier, which opened new opportunities to target goods to the right audience.
Tools and instruments driven by Artificial Intelligence use machine learning algorithms to analyze customer experience for designing effective marketing schemes and plans to increase customer engagement. All thanks to the uses of AI in marketing!
Optimize Digital Advertising Campaigns!
One of the uses of AI in marketing is to optimize campaigns for digital advertising. AI-driven solutions help in getting deeper insights into consumer data hidden in keyword searches, social profiles, and other online data, for smarter and more effective digital ad campaigns.
Entrepreneur Naomi Simson, a host on Shark Tank Australia, owns a company called RedBalloon, which sells gifts and experiences online. She was spending $45,000 per month on ad agencies alone to run digital advertising for the brand that resulted in great losses.
While looking for ways to save money, she found an AI tool for advertising called Albert, This tool uses Artificial Intelligence to analyze ad campaigns, manage targeting, testing, and budgets. The tool was able to test 6,500 variations of a Google text ad and learned from the experiment. Later, the company earned a whopping 1,100% return on ad spend using this AI- tool. Moreover, it was able to cut the marketing costs by 25% too.
Here are the benefits of AI for marketing in a nutshell:
- Increase revenue by analyzing and acting on data at scale.
- Reduce costs by acting on that data faster and automatically.
- Build a massive competitive advantage with both superior insights and superior speed.
Create Detailed Consumer Profiles!
Let’s continue our discussion on the ways AI can be used in Marketing. AI solutions provide marketers with a deeper knowledge of consumers, targeted prospects, and clients. Using Artificial Intelligence allows businesses to deliver the right message, to the right person, at the right time.
For building a truly comprehensive consumer profile, it’s important to capture all data during each consumer interaction. Marketers can use AI solutions to analyze these consumer profiles for drawing well-refined marketing campaigns and creating highly personalized content.
Join Real-Time Conversations with Consumers!
One of the alluring benefits of using Artificial Intelligence in Marketing is for analyzing customer interactions in real-time. Using AI-powered tools, businesses can directly communicate with consumers in real-time through online conversations or events.
Communicating with consumers can greatly affect the ‘decision-making moment’. It is directly influencing buying decisions. AI helps marketers, analysts, and strategists to monitor these social conversations and other open forums to identify any relevant conversations.
In 2018, Salesforce’s State of Marketing reported that 52% of consumers are more inclined to change brands if a company doesn’t offer personalized communication.
With more businesses plunging into the market space today, the demand for top-notch customer service has increased more than ever before. AI-driven intelligent messaging can improve the overall user experience.
[Good Read: Realizing the Growth Potential of AI!]
By now, I am sure you would have got a clear idea of the different benefits of using Artificial Intelligence in Marketing. It’s the right time for marketers to understand how AI-driven strategies can help create highly personalized experiences for their customers.
With Artificial Intelligence poised to continue growing across all industries and segments, marketers should dedicate time and resources to implement AI strategies in marketing to drive business growth.