Is the use of AI in marketing overhyped?

The short answer to the question in the title is: no. A longer answer would be – no, not at all.

The use of Artificial intelligence has so much potential that we are yet to see all that it can do and discover all the ways it can help us.

Here are some of the primary ways that AI is helping marketing today.

Chatbots

One of the advanced capabilities of AI is that it can sort through vast quantities of content and identify trends. This doesn’t have to relate only to so-called “big data,” i.e., creating predictions for global trends and tendencies in the business world.

Elegant solutions like the Servisbot Ai platform can use their prediction skills to anticipate the customer’s needs and prepare to answer their needs and potential queries ahead of time.

Apps such as Facebook Messenger and WhatsApp can also be used as a medium to provide customer service via chatbots.

Many companies also have chatbots on their website. Their job is to answer common customer questions by using machine learning to learn from past customer interactions. This means that chatbots get smarter with each conversation.

Better personalization and recommendations

Traditional forms of marketing, such as ads – online or offline – or standard email campaigns might no longer be effective enough to attract new customers or keep the old ones.

Modern customers expect brands to tailor messages to their location, demographics, or interests.

On the other hand, according to a report by management consulting firm Accenture, over 40% of consumers abandoned brands due to a lack of trust and poor personalization in 2017. 43% of those surveyed said that they are more likely to make purchases from companies that offer a personalized customer experience.

AI makes it possible for marketers to personalize their communications on an individual level instead of relying on the past’s generic target groups. AI keeps track of each individual’s behavior and interactions with the brand or service.

That info is then used to make personalized recommendations that are relevant to each potential customer.

Audience insight

All the data on individual customers mentioned above has many potential uses that do not end with personalized recommendations.

AI can provide robust data analytics that enables marketers to understand their target audience on a much deeper level. Simple demographical data is no longer the end-all. We can now turn our attention to analyzing past and present customer behaviors, as AI can easily gather this, quickly identify the patterns, and accurately predict future outcomes.

When you know your customers inside and out, there is no need to conduct marketing surveys. You can make more effective campaigns and maximize customer retention.

AI can tap into loads of consumer data hiding in keyword searches, social profiles, and other online data to help you create innovative and effective digital ads.

Dynamic pricing

A single product price can vary over time depending on the trends, season, popularity, and many other factors. AI can consider all those factors and offer competitive prices.

Marketers can use AI to set the price of products dynamically depending on several crucial factors in order to maximize sales and profits.

To see dynamic pricing in action, visit the website camelcamelcamel.com, which tracks the price of Amazon products over time. Each product has a graph showing just how much the pricing fluctuates depending on the season, popularity, and other factors.

Better search

Search algorithms are constantly improving in every aspect, from small database product searches on e-commerce sites to search engines like Google that millions of people use every day.

For the past six years, Google has been using machine learning AI called RankBrain in their query-filtering process. RankBrain can learn from each user query and apply these learnings to each upcoming question.

It uses Machine Learning, where the search engine algorithm teaches itself how to interpret queries based on a searcher’s intent rather than depending on a predefined program. Thanks to this, Google Search can offer better and more accurate results to its users.

Aside from standard text searches, with mobile internet usage and intelligent home speakers’ popularity on the rise, voice search is increasing all the time.

AI is needed to interpret complex speech patterns and recognize meaning from spoken search queries which are not the same as traditional typed searches.

Marketers can also use AI to optimize their content for voice search, improving search engine optimization and site traffic as we move increasingly into a voice-operated digital world.

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