An introduction to AI
To fully understand how AI changes Marketing in the upcoming years, we first need to understand what AI is. What it is used for and how it does simplify the daily life of millions of people?
What is Artificial Intelligence Marketing (AIM)?
The most common description is, that AI is a simulation of human intelligence carried out by a machine or rather program (App). Additionally, AI is only sustainable when programming focuses on the three cognitive skills: learning, reasoning, and self-correction. AIM are tools which organize, structure and analyze your data-pool to hand out recommendation actions.
The result will be, that through machine learning computers will adopt new skills just like a human would. Through practice and experience.
What we are already using and whats out there
Everybody has heard of Tesla, Alexa, Siri, and co. We tend to even use such services on a daily basis without really thinking about the implications. Every one of these systems uses Artificial Intelligence to get better every day.
The importance of your Voice for AI-Based Marketing
With speech recognition software like Google Assistant or Amazon’s Alexa, immense amounts of data are generated every minute. To fully being able to cope with them, these companies are using AI to structure, implement and integrate new discoveries. And every day, they get better and better.
Yet speech recognition is doing much more. If you take a look back in time when the first “Assistant” was released, it really couldn’t do much more than the basics. But today, you can ask it about the weather, play music, search the web for information and even make appointments.
More importantly, passive speech recognition generates tons of data that can be used for marketing- & consumer-related tasks.
Why is AI so important for Marketing?
As mentioned above, we humans tend to create tons of data every day. Data that represents our buying behavior, our daily commute and even the things we watch on Netflix and co.
With this in mind, every living person basically has a unique ID in such databases (although companies tend to neglect that). This ID is connected with our personal data and every time, we search, buy or even talk about something this database is getting bigger and bigger.
Have you ever wondered, why targeted advertising seems to show us the things we just talked about? This is one way how AI changes marketing in 2020.
So, these chunks of data are being used for advertising purposes. Every Marketer out there is trying to connect their products to the right person. That’s when AIM (Artificial Intelligence Marketing) is coming in to play. AIM is the way to organize, filter and structure the elevated data ready to be used for up running coming campaigns.
Data made easy through AI
We marketing managers need data to do our jobs. So it is essential for us to structure our databases. Yet this can be quite overwhelming.
Have you ever managed a big website and had a look into Google Analytics? Probably yes.
This great tool allows us to find out which blog-posts, sites, and campaigns had the biggest impact on sales, clicks, and views. But it can be quite challenging. Having to analyze the data to make assumptions for the future to allow us to create even better-targeted ads.
That’s when tools like PaveAI are a real game-changer.
PaveAI is an Artificial Intelligence Marketing Software that allows you to analyze your data from Google Analytics within minutes. It also returns interesting insights ready to use. Additionally, it tells you exactly which campaign had the biggest ROI (Return of Interest) and also adds some recommendations on what to do next.
Understanding your Buyer and Customers
It can be tough to cope with all these different buyer personas for your products.
What if Person A needs a product with Specifications A and a Person B needs another one with Specifications B? This can go on and on until we have a cluttered Data Set which nobody can look through anymore. Wouldn’t it be great if we had tools that build Buyer Personas on the go? Have a look at CaliberMind.
CaliberMind is a B2B predictive marketing software that analyzes the human language of CRMs, marketing automation, and social networks. It creates data-driven buyer personas and provides communication recommendations along the entire Buyers Journey to increase customer sales.
Just imagine the possibilities. Not having to create buyer personas on your own, but rather have a tool which does that for you. Sure it has some limitations when you are just starting out and you are in the need of your first “Buyer Persona”, but after gaining enough data it changes the way we connect with our target audience.
CaliberMind is a tool built for marketers that use data, analytics, and automation to grow their revenue faster. It tracks top-of-funnel metrics like impressions, clicks, and even conversions from all relevant channels to generate an in-depth marketing report. This report contains possible Ad performance throughout the customer journey and calculates the real digital Ad ROI.
Where & how to use AI in Marketing
Marketing can be tough and AI is there to help you in your daily workflow. None of us likes to analyze data when we want to do the creative things we all like. Here are 9 ways to use marketing in 2020.
Forecasting Trends with Artificial Intelligence
Every year new trends come up, and we marketers try to incorporate them into our outbound marketing funnel. Trends that occur seasonally or in a reoccurring timely manner are adopted easily. Yet trends that only affect a certain product at a time I’m or are based on trends that are not only affecting your company are harder to track and implement. This can be a result due to some Influencers promoting a certain product group (without your knowledge) or due to a trend swapping over from another continent you weren’t aware of.
Every day the smallest actions of people can trigger and new event which would skyrocket your sales of a certain product. At this point, Artificial Intelligence can be a game-changer. Knowing what to promote and when can get you ahead of your competition. Companies like Skim can help you out with gaining a lead. If that’s not for you, you always can use Google Trends to do it manually.
Understanding your Customers
Understanding who is buying and why is essential for every marketing-professional. Of course, we all use our buyers’ personas to make sure we target the right group of people. But every now and then it is really surprising who really buys our products. Yet only knowing that person with the age of 28 and expected income of 40K with interest in sports and tech doesn’t cut it just yet.
Knowing what customers want
Being able to know how each individual customer uses your products and then knowing how he or she interacts with your products will the way we advertise. As mentioned before, there are countless product iterations on the market and each of them targets a particular group of consumers. So if a certain person visits your website you are able to present the right products right away. At this point, you can use IBM Watson to analyze your customers’ behavior and target the right products and content to your customers.
As marketing executives or managers we attempt to want to get people to visit our websites or landing pages. And the next step would be to have them perform some kind of action when scrolling our site. In order to make this happen, we tend to use interactive content or ads to Trigger the needs of our visitors. But for this to happen our content needs to be viable, interesting and should create an “Aha Moment” in the users’ mind.
Types of content
Content can take on many forms. Articles are probably the best way to communicate a large idea or to educate people in an old-fashioned way. Videos, on the other hand, are the way to go in order to increase engagement even further. This is due to the fact that videos are more personal and do not only communicate the topic but also are transmitting emotions and intentions more clearly. They are the perfect tool to engage with your buyers in an authentic way. Other forms of content are images, podcasts, and short tweets or statements.
AI or artificial intelligence marketing can be used to identify such triggers by analyzing the customers’ intentions and wishes through data. Overall, interest in engagement needs to be existent in order to continue on the buyers’ journey.
As mentioned above, content or product pages need to trigger an action and engagement to improve sales and your ROI. Jet boards can be used in various ways to promote engagement between you and the user without actually needing to be present. Having a user on your product page rethinking whether she should buy a new pair of sneakers e.g., a chatbot and can interact with him directly to promote the product. Yet, that’s not all. A social chatbot is able to answer critical questions, offer alternative products and even provide incentives such as coupons to commence with the purchase.
If you are in the need of a chat- / social bot, head over to Zendesk, they got you covered.
As mentioned above, evaluating data is a critical task we need to perform in order to make sure that we target the right people and that our paid marketing ads perform the way we want. AIM (Artificial Intelligence Marketing) helps us with our daily workflow and improves the way we handle data more efficiently. Facebook Ad Manager or Google Analytics already does a great job in presenting data and showing you how your various channels do. But what they don’t do, is to give you insights into what can be improved. Having recommendations based on real data to know what to do next can be relieving. Remember, analyzing chunks of data on your own can’t guarantee that every crucial metric is considered.
Ad Targeting & Campaign Improvements
With every search, input, input, and social trend advertising campaigns need to be adjusted in order to get the highest possible ROI. AIM or Artificial Intelligence Marketing will not only analyze your big data but also can give you actionable recommendations to follow in order to make this happen. Testing various parameters in at campaigns is usually time-consuming and can be crucial to your business. Therefore, AI can improve your spend advertising budget and relocate your funds to the campaign worth investing in.
Voice Search & Speech Recognition
We talked about this at the beginning of this article that speech recognition and voice search are becoming increasingly popular. Voice search in particular changes the way we search for things on the internet. And the way we search through voice input is dramatically different than the way we use search in an old-fashioned way. Not only do voice assistants get increasingly popular, but new smart devices such as watches, earphones and other wearables also let us communicate with the web in a different way. With this in mind, we need to address our articles and reiterate them in order for them to be found through voice search.
But not only that, with the internet of things picking up the pace and with smart devices in every household voice is a key factor in the future.
Furthermore, speech recognition already changes the way advertising works. Most of us might not be aware of this but since every device basically has a microphone built-in, every time we talk about certain products or certain brands, respectable ads are shown us shortly after. As marketing professionals, we can leverage these types of voice inputs.
Dynamic & User-Based Pricing
Did you ever wonder why certain times prices seem to plummet when they trust at their original state the day before and know the sales period is currently performing? Through dynamic and user-based pricing we are able to recognize potential recurring buyers. Every device has its own unique ID and through this method, we are able to target these devices in particular. Through this method, we can reduce prices for a single user and add an incentive to commence with the purchase. The same of course also goes for increasing prices due to an increase in demand. Generally speaking, there are three different ways this can be implemented:
- Cost-based pricing: adjust your prices dynamically according to business costs and profit margin levels.
- Competitor based pricing: analyze the prices of your direct competitors throughout their lifespan and adjust accordingly.
- Demand-based pricing: prices increase with growing consumer demand and reduced supply, and vice versa.
- User-based pricing: prices just according to your consumers’ needs and increase or decrease accordingly.
A great example of user-based pricing methods is the hospitality industry. This means that when rooms are getting scarce prices will increase and vice versa.
If you’re thinking about implementing dynamic pricing into your e-commerce site make sure that you do have enough data to supply the machine learning algorithm.
To sum things up, AIM (Artificial Intelligence Marketing) is on the rise and simplifies many crucial but time consuming tasks. Adopt this technology early into your workflow and be ahead of time.