How does AI’s entry into Digital Marketing impact the industry? – Prasad Shejale, Co-Founder & CEO, Logicserve Digital
India is world’s 3rd largest internet population. With the internet exposure, the marketing strategy has really taken off. The incredible growth shown by digital marketing industry can surely not be matched up by any other field/ strategy. People these days are using internet for almost all their needs.
Digital marketing industry is blooming in India. It has dramatically transformed the world of marketing. A lot of small as well as bigger companies are using this technology and have been able to achieve maximum return on investment through various digital marketing campaigns. Considering the impressive potential and improved ROI offered by digital marketing, 80% of companies plan to increase their digital marketing budget (as per a study by Mondo).
Artificial Intelligence is no more an alien term. It is one of the most influential technologies available to the modern world. It is quickly being utilized by marketers across various industries and is changing the nature of jobs to make them more seamless and effortless. Technology giants like Facebook, Apple, etc are already making shifts in their marketing strategies and are emphasizing on AI heavily. As per PwC, business leaders believe that AI is going to be fundamental in the future. In fact, 72% termed it a “business advantage”. Also, as per IDC FutureScapes 2017, 75% of developer teams will include AI functionality in one or more application or service by 2018.
Digital marketers across the world are using AI and relying on it for every aspect of the business. It helps make the processes simpler, minimize manual tasks and achieve improved results. With the overload of data available with the new-age marketers, AI is of great use to process the huge volume of data everyday and gain useful insights from the same to manage/ plan the future activities/ strategies.
AI has its own set of challenges; however, it has brought a lot of positive changes in the digital marketing industry and is helping marketers to efficiently manage their tasks and gain fruitful returns. It helps marketers understand their audiences and their needs better and target the right set of audience efficiently in less time thus achieving the dream of every marketer to be able to provide what the customers need even before they have to ask for it.
AI brings with it a bouquet of benefits that include:
– Intelligent customer view and understanding
– Drive revenue growth
– Better customer retention
– Accurately target various customer segments as per their preferences
– Build brand loyalty through AI powered customer experience
Let us have a look at some of the ways AI is changing the digital marketing landscape:
Huge amount of data is getting picked up at various touchpoints of consumer behavior across digital assets of a brand. The consumer is also consuming brand information across multiple channels and multiple devices. All this data coupled with user behavior can be brought into a big data infrastructure in a structured format. It will open up data sciences and will enable to have predictive analysis from Media Mix to personalized user experience.
AI helps marketers analyze search patterns of the users. This analysis can prove to be beneficial to decide on the best ways to focus on the issue areas and improve the effectiveness of future marketing campaigns.
Natural Language Processing (NLP)
One of the most impressive features of AI is Natural Language Processing (NLP). This feature allows machines to understand &process human languages and also formulate responses. This feature allows brands to understand the needs of their consumers and work on them effectively to be able to attract them and connect with them.
In the world of marketing, segmentation is an important factor. In order to improve sales and retain the consumers successfully, categorizing them basis their needs and preferences becomes crucial for marketers. AI technology comes in handy for brands to customize and personalize their messaging and market their products/ services to the users as per their specific interests.
Chatbots and Messaging
Chatbots are very popular these days. They help brands respond to the customer queries instantly and build their relationship with them. However, the quality of services offered can either make or break the image of a brand. Hence, a lot of brands are already employing AI technology to improve the quality of customer communications and relationship. AI powered chatbots are built to support specific tasks that help in solving various customer concerns effectively and easily.
There are many benefits offered by AI that makes it easier for digital marketers to simplify their processes and achieve positive results. The nature of jobs has changed tremendously with the introduction of AI. Human efforts are radically reduced, and marketers can now focus on more important tasks rather than spending hours and hours on basic routine work which can be easily managed with the help of AI.
Artificial Intelligence technology is spreading like wild fire in the digital marketing space. As suggested by Constellation Research,by 2025, the artificial intelligence market will surpass $100 billion.With the introduction of so many AI tools available for marketers easily, the competition has truly become a notch higher and it has become important for the new-age digital marketers to up their skills and keep themselves updated about the latest trends and tools available in order to stay on top of their game and gain competitive advantage.
Artificial Intelligence is still in its initial stage and has already created a huge impact on every industry. AI will thrive really quickly and will create even bigger impact as it becomes more advanced. According to Gartner, 30% of market-leading companies could have their revenues siphoned off by AI. Marketers need to continue adapting to the changes and utilize the technology innovatively to be able to match up with the fast-growing digital space and make their mark in the industry. Marketers that continue learning new skills, keep themselves updated about the progress of AI technology and use the medium creatively are sure to succeed and take their business to new heights. It is high time we start embracing this novel technology and make the most out of it to survive in this disruptive digital world.