Marketers are using AI to fine tune their initiatives
“If I could read your mind, what a tale your thoughts could tell…” Although the lyrics are from a song a couple of generations back, the sentiment, at least for today’s marketers, is just as relevant. And now, savvy marketers are using technology as another tool in their toolbox to make informed decisions based on data to improve the customer experience and help drive sales higher.
Marketers are reporting increased efficiency, time savings, better conversion rates, increased ROI, a better understanding of customer information, and improved customer satisfaction rates. According to a study published by Assistant Professor Mahabub Basha with the Department of Commerce at the International Institute of Business Studies in Bangalore, India, there are are six things marketers should be aware of when considering and implementing AI into their operations:
- Influencing Factors Foremost in marketers’ minds is the pressure they are experiencing from their competitors.
- Benefits of AI in Marketing Marketers felt that the use of AI would increase efficiency and save them time. They also reported better conversion rates, a better understanding of consumer data, and better return on investment.
- Challenges of AI Integration Technical compatibility, complex software and IT systems as well as a lack of technical expertise all contributed to the difficulty of integrating AI into their organizations.
- Ethical Considerations Collecting data ethically also poses a challenge but it’s one marketers can address by collecting data anonymously and not linking data to individual users.
- Marketing Functionality AI aids in the development of sales and marketing strategies which result in significant gains in corporate performance. AI has been deployed in pricing, promotion, distribution, and product planning and development. It also informs advertising buys, customer relationship management, content curation, email marketing, web design, chatbots, and predictive analysis.
- Pre- and Post-Marketing Strategy Prior to implementing AI into their organizations, the focus was on increasing marketing resources and expanding product offerings. After incorporating AI, marketers turned their attention to business intelligence giving them a deeper understanding of marketing, sales, and operational trends. That helped them to create predictive strategies based on data helping them to create future strategies.
Marketers have long sought to better understand the data they collect and how it can inform their decisions. Using AI, they now have state-of-the-art technology and tools to help them better achieve their goals.
Top 3 Takeaways
- Marketers are readily incorporating AI into their operations.
- AI in marketing is creating efficiencies and opportunities.
- Technological and ethical concerns are top of mind for marketers implementing AI into their business.
Keywords: AI Today, AI, marketing, artificial intelligence, strategic marketing, artificial intelligence marketing
