How AI Is Being Used To Further Marketing Initiatives
Regardless of the industry, customers will not hesitate to look for a replacement when the business fails, resulting in loss of sales and damage to the company's reputation and customer relationships.
The introduction of automation and the introduction of artificial intelligence tools in all areas of business is one of the most important aspects of remaining competitive.
According to Vinod Vasudevan, CEO of AI solutions provider Flytxt, as these tools become more powerful, the use of AI in the marketing part of the business is becoming more important.
“Marketing tools are now functional and promise that marketers can improve marketing mix decisions in weeks instead of months,” Vasudevan said. “With the help of AI… a marketing campaign can be optimized… with accurate customer and product information based on historical performance data of similar campaigns or products in the market… as they are launched.”
Vasudevan added that one of the biggest benefits of AI tools for marketing is their ability to generate a return on investment. AI can be used to find the optimal combination of customer, product and price, which adds value and generates a return on investment, he says.
According to Jesse Johnson, senior demand marketing analyst at Forrester, AI marketing tools not only drive sales, but also help companies create critical feedback with their customers.
“Being able to identify and respond to the needs of our audience also makes marketers better with the insights they get from their AI-powered tools,” he said.
Building these feedback loops with AI is key to achieving continuous development and improvement, according to Johnson.
In addition, Vasudevan explained that AI marketing tools can also help enforce standards and enable more personalization.
According to him, privatization covers several areas. Whether it's just personalizing content or deepening and personalizing semantics.
Johnson agreed. He said: "Personalization is a really important use case when planning trips. So figure out what's the next tactic and what's the next best step for both buyers and sellers.
Johnson said one of the most common use cases for AI in marketing tools is to streamline the process of properly targeting content.
“This is by far one of the most used cases. How do we really get the right content, the right time, the right person and everything in between to our audience,” she explained.
Chat automation is another important component, he says. Johnson explained that the use of conversational AI allows companies to communicate directly with prospects and customers throughout the customer lifecycle.
“Things like intent tracking and conversion optimization…and that’s where we see it a lot,” he said. “So how do we dynamically create this content on the site based on what we know about this audience?”
He said there is also a lot of buzz around generative AI and its potential for marketing organizations.
He explained that the ability of AI to create images that can be included in a content engine helps provide a more personalized experience for the user.
However, with all these benefits, Vasudevan explained, it is important to consider the safety of the user.
"I also think it's very important to build trust in AI," he said. “Essentially, any AI is created using a lot of data… so privacy becomes another big issue.”
He said that once companies take control of privacy, transparency and explainability with AI tools, their adoption will grow exponentially.
In addition, Johnson stressed that all of these use cases are just the tip of the iceberg. He believes that the use of AI in marketing organizations will continue to grow as more organizations start experimenting with the technology.
Vasudevan also noted that marketers have already passed the early stages of understanding the usefulness of AI and are entering the phase of gradual adoption to test how far this technology can go.
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