Artificial (AI) in marketing and business: What innovations has it brought?
Even before the COVID-19 pandemic, marketers were working with large amounts of data, rising customer expectations and fierce competition. But the pandemic has upped the ante by making digital technology more efficient and thus less likely to make mistakes. For several years now, digital marketing services have been fully practicing AI in their services.
AI in the Financial Sector
In the field of finance, artificial intelligence is being introduced into the work of banks. Financial institutions use chatbots that increase the speed and quality of service.
AI for Smart Cities
AI technologies help make cities more comfortable for life. Artificial intelligence improves the functioning of city services, allows faster response to road accidents and emergencies and helps to determine the deterioration of buildings.
When working with an audience of millions of people, it is extremely difficult to understand which action will have the greatest impact on a single buyer; customers are at different stages of the buying process. Marketers need a way to automate the decision-making process without compromising the individual approach to each consumer.
Process optimization is one way to move at the speed of digital technology. But what about thinking optimization? Why don’t we turn the reporting system into an analytical service, and where there will be all the information a marketer needs to analyze campaigns and make decisions?
Digital transformation is a kind of tipping point for every company, and CMOs can and should be one of the main facilitators in this process. After all, with the help of artificial intelligence, marketers will hear and better understand their customers.
Here are three key tips to help you improve your customer experience:
Start by setting goals and objectives. Scale what works.
• Determine the goals you need to achieve and objectives. Need to get to know your customers better, automate complex processes, or optimize team time? Prioritize and then use a back-planning strategy that moves from the end goal back to the current position.
• Determine the current status. Assess what works and what needs to change. If you don’t know where to start, find a business partner who can show you how to implement artificial intelligence.
• Create smart workflows. With clear priorities and baselines in place, it will be possible to identify where AI can be integrated into processes to improve business productivity and productivity.
Maintain data quality.
• Make the process transparent. For a team to rely on AI to automate decisions, they need to trust the technology. Understanding how models are trained and what datasets they use is a key element in building trust.
• Check the quality of the input. For AI to function properly, you need to invest in data quality. Are the datasets inclusive and unbiased? Are the models explainable?
• Maintain a 360° view of the client. Make sure the data behind your AI solution is rich enough to provide a relevant view of your customers as they interact with you.
How Did the Marketing System Come About?
We see a clear problem in the digital market – agencies and brands work separately, chaotically, without a system. Why this is happening:
• The agency doesn’t care – It’s obviously not a secret for you that there are such contractors, there are a lot of them: they just need business money, they adapt to the entrepreneur’s wishes and offer only what is beneficial to them;
• The brand doesn’t care – This happens when the director, the owner, just has a Wishlist without clear goals, tasks: a businessman pays and wants spectacles, but is not ready to be open, get involved, give information;
• The client doesn’t care – This is when the agency and the brand do not fall into what is important to the audience at all: the wrong values, the wrong messages, failures in the service, difficulties at different stages of sales, lack of logic in marketing;
• Everyone cares, but everything is incomprehensible – There is no analytics, no data and no system; neither the agency nor the brand simply understands how to calculate the effectiveness of any actions.
That is why we have created a comprehensive solution, a system that is tailored to a specific business. This is not an adrenaline shot to make a half-dead horse run. This is not a trend marathon to look fashionable and win creative awards.
Marketing should not be an owner’s or director’s migraine. Their main goal is more money, more profit for business, personal income, etc. Marketers often forget this and offer some kind of service: websites, advertising, branding, creative, video.
By understanding the performance of your business, you can understand the effectiveness of the marketing system specifically for your business without any risks.
Of course, many issue serious warnings. This is done by very smart and knowledgeable people, whose opinion is worth listening to. Nevertheless, it is worth highlighting some objective points:
1. In fact, there is no turning back. People are moving forward, and behind them is the realm of AI.
2. You can’t imagine what the year 2057 will look like. All the warnings come from what humanity is today, what the concept of “work” means to us now and what our relationship with technology is in this period of time. All this may become irrelevant by 2057 (and even less by 2100).
3. Perhaps in 2057 AI will function in a way that expands our own intelligence, fills the gaps in human consciousness and finds solutions to intractable problems.
Hence, the proposed strategy of behavior: to understand the realities of the modern world, to invest in lifelong education, to adapt, to add new values.