Ryan Coyne, CEO digital marketing and advertising firm Starboard (Alexandria, Virginia, USA), says artificial intelligence (AI) is already changing how many companies market and advertise their products and services.
Based on Coyne’s market observations, here is a brief overview of four ways AI is already changing the marketing industry, as well as how companies are using AI to create a competitive advantage.
1. Learn Consumer Behavior
One of the most important tasks for marketers is to correctly understand consumer behavior. Thanks to AI, it is now assisting marketers by collecting large amounts of personal information and learning what people are searching for, viewing, and buying online. As a result, AI can now create large databases about consumer behavior allowing marketers to better understand their target market.
2. Hyper-Personalized Marketing
AI not only helps sellers to understand the needs and behavior of consumers but it can also use this information to target individuals with personalized ads.
For most consumers, it is common to get emails, messages, and pop-ups with product recommendations. However, AI takes it to the next level by creating ads tailored for specific individuals or groups improving the chance that they will purchase their product or service.
3. Predict Future Trends
Apart from learning consumer behavior, AI marketing can also identify and predict future trends for product development by studying and analyzing social media content. By using social media as a reference, AI marketers can have a more accurate prediction of consumers’ taste, preference, and need, and how these indexes may change in the future.
As a result, AI marketing can help human marketing agents to predict future demand and supply, and also generate strategies for product improvements and future campaigns.
4. Enhance Customer Experience
AI-powered chatbots can provide personalized and efficient, 24/7 real-time customer support through natural language processing, allowing them to understand and respond to customer queries and requests.
As natural language processing models get better the tool will help to identify every customer’s intent and will make it virtually impossible to differentiate between an AI-powered chatbot and a human.
Source: Starboard (formerly Olympic media), www.starboard.co.