The world of technology has come a long way. Things we have been listening to or dreaming of have taken a realistic shape. We are in a world where everything has come in our hands, literally in our hands, and we experience the better of two worlds: Real world and living digitally.
Among various additions in technology, one powerful advancement AI has transformed many industries in last 2-3 years. Here, we will be discussing its impact on our experience, product or service marketing and ROI. A lot of companies have been using AI to create new customer experience, predicting business analytics and achieving marketing goals that will surely boost ROI.
We will broadly talk on:
Real-world initiatives taken by using artificial intelligence marketing / advertising applications
Emerging future applications for AI in marketing or advertising
Real-world initiatives taken by using artificial intelligence marketing / advertising applications
Smart Search
Unlike old times, the search engine displays beyond your usual search, depending on your search history. It exactly takes you to the desired product on amazon.com or target.com or even finding a movie on netflix.com.
Search tools like Elastic search allows businesses to go simply matching keywords. Data-as-a-Service companies (like Index, among others) produces enough data to streamline the business searches without starting from scratch.
Recommendations helps for quick business
Recommendation engine is an unusual discovery in digital marketing, brings quick business and appreciated by customers. Amazon’s book or product recommendations are amazing and effective, Spotify understand the consumer’s taste in music so well, that “discovery aide” is proved to be greatest that brings the music of your choice always.
Programmatic Advertising
AI analyses the consumer behavior by gathering their real-time data and analyzing it to further narrow it down and providing high-conversion rate. Programmatic media buying includes the use of DSPs, SSPs and DMPs. DSPs, (demand side platforms) which assist the process of buying ad inventory on the open market, provide the ability to reach your target audience due to the integration of DMPs (data management platforms). DMPs collect and analyze a substantial amount of cookie data to then allow the marketer to make more informed decisions of whom their target audience may be.
- Marketing Forecasting
Data plays major role in writing AI algorithm in forecasting what would be the next search. The data is analyzed and strategically decoded to bring the future demand on paper today. Many companies are working to crack the code and shall prove to be business booster in coming times.
AI in Marketing / Advertising – Burgeoning Opportunities Ahead
Image recognition / machine vision:
We look at product and wish to buy, and technology has made it possible for us to search it by Image while purchasing also. Companies like Camfind are exploring this field and experimenting to bring a solution where we can search for product to images.
Customer segmentation:
Geo-targeting helps us to narrow down our search and target the relevant part of audience. This helps business to save on areas where the marketing expenditure might go waste.
Content Generation:
Companies like Automated Insights and Narrative Science have discovered methods to turn some information into human-readable articles, sometimes indistinguishable from those written by human beings.
Conclusion
The credit goes to social media outreach and big data, that the companies have identified their set of audience whom they can target, reach and sell their product while saving big on marketing expenditure. Providing transparent and detailed understating to consumer, a company succeeds in selling the product directly and effectively. This is possible only with the feature of market forecasting, knowing the demand before it even arises.
Author – Mr. Gagandeep Singh
Founder & CEO at G S Bitlabs
Gagandeep Singh is the Founder and CEO at G S Bitlabs and having his own start-up he takes care of AI, App development, and delivery management, marketing in the company. In the span of 1 years of establishment, Gagandeep applied his marketing skills in developing company’s product portfolio and has also planned new projects in line with company’s vision to promote innovation and bring the best utilization of technology in every industry. He majorly invests his time in research & development in IT industry to match global standards.
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