Powerful Uses of Artificial Intelligence in Marketing
Artificial intelligence refers to the level of intellect displayed by a computer or software program. In 1950, British mathematician, Alan Turing, began his paper, Computing Machinery and Intelligence, with these words: “I propose to consider the question, ‘Can machines think?'”
The field of artificial intelligence research was originally founded at a conference held at Dartmouth College in 1956. The goal of this field of study is to reproduce human intelligence through computers and automate intelligent processes to improve efficiency and help mankind. Scientists are continually developing its uses for many areas of our lives. When used in business, AI can advance outcomes, such as in marketing, where artificial intelligence is proving constructive in forecasting, analysis, and decision-making.
Artificial intelligence uses neural networks to estimate functions that depend on a large amount of data. They work by detecting patterns within a data set. An AI’s neural network gathers and extracts information specifically to identify cause and effect. Such a network can help a marketing company measure performance, reduce costs, and improve accuracy.
Because marketing is so complex and involves a lot of decision-making, artificial intelligence systems are helpful in proving trends and in reducing information overload. Automating many marketing processes, such as customer segmentation and product promotion, provides a more efficient system than relying on human judgment and actions alone.
Trying to figure out what customers want simply by researching demographics has become cumbersome. Investing in artificial intelligence systems to predict what customers want is much more cost and time effective. Since customers are now online daily, there is plenty of data available for such systems to use for analysis.
Virtual Assistants for Customers
Artificial intelligence can help marketers to create virtual assistants that will increase sales, such as when customers are shopping for items. The virtual assistant, much like a physical assistant in a store, will suggest products based on a customer’s likes. The system will improve and become better at recommending items to customers as it learns more about their interests.
Targeting Ads for Customers
Learning when a user will more likely click on an ad is invaluable to advertisers and marketers. Artificial intelligence systems learn quickly based on past behavior, demographics, and current trends. Therefore, it can more accurately judge what ads to show to specific users, providing the best cost per acquisition for a business.
Preventing Breaches of Customer/Company Data
Artificial intelligence systems can identify anomalies in behavior a lot faster than a human can by analyzing text and patterns within transactions. The system can then issue an alert for anything that falls outside of normal parameters. Such systems can also provide stronger authentication options for accounts, as well as provide analysis of devices used to access data, which will help companies to secure its data.
Speech and Language Recognition
With neural networks, translating speech between languages has come a long way. It’s still far from perfect, but it’s accurate enough to have proven itself useful. As time goes on, and artificial intelligence systems continue to learn, translation services will improve. With customers and clients coming from all around the world, the need for accurate language recognition is a necessity for effective interaction in marketing and other businesses.
In general, using an expert system — a software program that combines knowledge and reasoning to process data and provide advice — can aid marketers in their jobs and support their decisions. These systems can help to identify effective retail channels, analyze competing brands, and evaluate budgets, among many other things. It will narrow viable options and speed up all decision-making processes.
Technology is quickly changing how we live and do business in the present and will continue to change in the future. For more information on artificial intelligence and how it can help your company, please contact us today. We are a full-service digital marketing agency offering affordable, comprehensive media development and marketing strategy services.