Can AI be an advertiser’s / Marketer’s best friend?
The AI market for the marketing industry is huge. And this is an area where digital marketers can take part and scale up.
According to Research and Markets, the global market for AI in Marketing is estimated to reach a revised size of US$ 55.8 Billion by 2027 from the estimated US$10.6 Billion in the year 2020.
Such a huge growth implies a lot of opportunities in this space and this holds good for Digital Marketing and Marketing Analytics students in UK Universities.
But how should one approach where one can fit in. We look at the report “Turn input into impact with an AI-led marketing strategy” via IBM
AI can help marketers better understand their audiences and make more timely, informed decisions. – IBM
The report makes interesting points about how the pandemic has altered the landscape for customers who now are more likely to select a product based on convenience, health, safety rather than brand loyalty. This is where marketers need real time data and AI could provide insights.
But this is where many firms are stuck. The IBM research says that the majority of marketing departments haven’t moved beyond the evaluation stage and fewer than one in five have implemented AI in any one particular process.
AI can help understand audiences’ habits and preferences on an individual level and with high accuracy. It can make sense of unstructured information. There is a lot of such information on Social Media and it can certainly help make sense of all that chatter data.
There is also an example cited of a French Bank which used Natural Language Processing (NLP) as an email analyser. The tool was a ‘tone analyser’ and it was able to score more than 300,000 emails and detect customer intent with 80 percent accuracy.
Such kinds of processes can help marketers address concerns and bridge the gap between the physical and digital worlds.
The IBM AI survey further highlights that while many top marketing executives are evaluating and piloting AI to personalize customer outreach and offerings, only 10% have moved forward to officially
implement it, and a mere 4% are operationalizing AI for this purpose.
Perhaps lack of strategy or a low availability of skilled talent could be one of the reasons why AI is not being deployed.
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