6 Role of Artificial Intelligence in Marketing

Emerging Managers

Ms. Sohini Mukherjee MBA, Batch 2020-2022 DMS, IIT(ISM) Dhanbad, India

Role of Artificial Intelligence in Marketing

In today’s world, technology is growing by leaps and bounds and its presence can be felt everywhere. One such technological marvel is the emergence of artificial intelligence. AI is being used to power many technologies that we use on a daily basis, like Google Assistant, Google Maps, Siri, Cortana etc. Now, what is Artificial Intelligence? AI is coined using the words, “artificial” and “intelligence” which are used to describe the intuition demonstrated by inanimate objects like machines. AI can be used to carry out tasks which would normally require human intelligence. Marketers have realized that this technology holds a tremendous potential and are readily incorporating it into their plans in various ways.

Artificial intelligence has a number of significant benefits. Some of them are:

Fast and Dynamic Data Analysis

One of the biggest benefits of AI is its incorporation into data analytics. According to Henry Schuck, CEO of DiscoverOrg, “Any part of the marketing world where a marketer has to read data and make decisions based on that data will be affected by AI in one way or another in the near future.”

AI has the potential to gather, store and analyze large amount of data in a fast and efficient manner. Predictive analytics powered by AI helps marketers understand their target customers on a deeper level. This newfound knowledge can be used in sales forecasting, formulation of pricing strategies, trend analysis and much more.

Improving Customer Experience

When it comes to product inquiries, or grievance redressal, it becomes very tedious for companies to solve the customers’ problem manually. AI helps to make the process smoother and improves customer experience significantly. Nowadays, almost all the companies have chatbots in their websites. These AI enabled applications provide customers with an intuitive 1:1 communication experience that solves their problems and addresses their issues on a real time basis, thus, saving time and money.

Increasing Marketing Return of Investment

According to a research done by Salesforce, 76% of consumers expect companies to understand their individual expectations and needs and 67% of them state that they have a higher standard for good experience. Artificial intelligence helps companies do just that. AI algorithms are self-learning. They receive vast amounts of data in the form of images, texts, voice and recognize hidden patterns in them. This enables marketers to predict patterns in consumer behaviour and curate their content accordingly. As a result, consumers receive personalized and relevant content which boosts the campaign performance, improves customer experience and ultimately provides a good ROI.

Thus, we see that the incorporation of AI in marketing is the need of the hour. Adapting to this technology provides companies with a huge competitive advantage. Further, the use of AI can significantly help them achieve organizational objectives and goals. Therefore, marketers should not shy away from this multi-dimensional technology and embrace it before there is an industry-wide paradigm shift which might leave them with very less time to catch up.

References:

https://workspace.digital/ai-and-its-role-inmarketing/#:~:text=AI%20helps%20marketers%20easily%20understand,strategy%20will%20become%20more% 20effective.&text=The%20use%20of%20artificial%20intelligence,easy%20access%20to%20make%20purchases. https://www.digitalauthority.me/resources/artificial-intelligence-marketing/ https://blog.hurree.co/blog/what-is-artificial-intelligence-marketing https://www.salesforce.com/research/customer-expectations/