This week, we spent our time catching up on our AI reading, and found a wonderful and informative piece on the “Impact of AI on Modern Marketing”. We’ve been shouting the benefits of AI for months, so it’s always nice to read other articles that tout the same credos.
More and more marketers in the ever-evolving madtech world are opening themselves up to the possibilities of AI. However, many companies are still only in the early stages of AI adoption, despite the fact that everyone in the break room is buzzing about the AI boom. In a recent IBM report, 73 percent of CEOs say AI will play an important role in the future of their organizations; and for good reason: through speed and precision, AI allows marketers greater opportunities to connect with customers in increasingly valuable and personal ways.
The problem facing marketers today is that many still struggle to deal intelligently with data. Last year, a report found that 90 percent of the data in the world today has been created in the last two years alone (at 2.5 quintillion bytes of data per day). We are harnessing data at the speed of light, but marketers, unlike AI, aren’t able to process all of this data in any reasonable amount of time whatsoever. After all, it would take decades to mine through it all and make sense of what’s been collected. So, as a result, this beautiful goldmine of data ends up being unused or used ineffectively.
AI fixes all that.
Right Message, Right Time, Right Audience:
You’ve heard it time and time again: the modern marketer’s objective is to deliver the right message at the right time to the right audience, efficiently and effectively. When marketers are successful at this, they convert visitors into loyal customers while growing revenue and profit. We believe that with AI, marketers can finally get it all “right”:
The right message: What exactly is the “right” message? It should be something that customers are truly happy to see. With AI, marketers are better equipped to deliver the right message to the right person. AI, now and in the coming years, will allow marketers to see highly-reliable consumer insights, interests, and/or pain points. Then, these marketers can get to work crafting stronger and better tailored messages.
The right time: It would be amazing if prospective customers announced when they were ready to make the leap and convert. Unfortunately, we don’t live in that world. However, AI can drastically help marketers through prediction and interpretation. At Magnetic, we leverage predictive analytics that uses historical data to predict future outcomes. It combines mathematical models (or “predictive algorithms”) with historical data to calculate the likelihood that (or degree to which) something will happen.
The right audience: The days of targeting cookie-cutter audience segments is dead. As the consumer journey becomes more and more fragmented, this “mass blast” approach hinders marketers from reaching ideal consumers. As marketing humans are constantly making assumptions about whether or not a customer will take a desired action, AI is crucial to help validate these assumptions and helps to identify specific new audiences that mere mortals might not have considered.
Companies are always looking for ways to improve business workflows through better and faster marketing. AI solves for this because it has the brainpower to make sense of an insurmountable amount of user-level data and uses it to understand preferences and contexts with extraordinary precision. AI’s incredible proficiency alleviates marketers from time-invasive tasks and instead lets them refocus on critical business drivers, like campaign strategy, client service, and business development.
Most importantly, AI’s improvement in efficiency for companies will allow them to provide better customer experiences. And with better customer experiences come better profits, stronger customer loyalty, and higher customer engagement and retention. Because of AI advancements, marketers are finally able to truly do what they have been touting for the past several decades: target the right customer with the right message at the right time – both efficiently and effectively.
Magnetic is an artificial intelligence company that uses machine learning to deliver smarter, faster, and more effective advertising. Our powerful AI platform continuously analyzes the attributes of over 350 million live user profiles alongside real-time inventory supply and bid opportunities to deliver highly performant audiences and profitable campaigns for our clients.