MARKETING WITH AI - IN 2020
Updated: Apr 3, 2020
WHAT IS MARKETING?
Marketing is part of all businesses. It is the backbone of any business. Marketing is often a misunderstood term. It is often directly related to "Promotion." But then Marketing is a broader term with "Product, Price, and Place", along with "Promotion." Marketing consists of 4 P's. To sum it up, marketing is not equal to advertising as it is often confused to. Marketing has got much more to do. It is a great product, developed by engaged employees, delivered over amazing customer experiences, and creating increasing demand.
Here I would like to add a quote: "The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter F. Drucker. In my honest opinion, there is no better way to define marketing.
WHAT IS ARTIFICIAL INTELLIGENCE?
Okay, we all do realize the recent buzz word has been "AI." Not very long ago, AI was considered a term of fantasy used by directors such as Steven Spielberg, M. Night Shyamalan and such to create blockbuster Hollywood movies. But now most of us have come to the understanding that AI is the branch of science which can be applied anywhere. We use it in our everyday lives while using our mobiles and TVs. Even NASA applies it on their satellites. Literally, AI is everywhere. Slowly, the world is moving towards automation and AI is the keyword for that.
Often times, I do feel I'm a little prejudiced to AI. But why not, the more I learn about what AI can do and where it can be applied......the love for the subject does go up. Once you start exploring the avenues of AI, I'm sure you will resonate with me.
Let me give a very simple definition of AI, "it is the science related to systems or machines which mimics human intelligence."
RELATIONSHIP BETWEEN ARTIFICIAL INTELLIGENCE AND MARKETING:
Subsequent to laying the foundation by understanding the terms AI and marketing, let us now proceed to under the relationship between these two.
There are common misconceptions such as "AI is used only in software and IT Industry," "marketing cannot happen without human interaction," "AI is a threat to humans' jobs," etc. Since I already mentioned these are misconceptions, there is nothing much to elaborate here. Just think the opposite and you are there, bang on with your understanding.
AI marketing is the process of analyzing customer data and with the aid of machine learning anticipate the next move of the customer and improve the customer's experience overall.
The elements used for AI marketing is big data, which segments large data with very minimal manual labor; machine learning, to use the big data repository consolidated; and powerful solution, AI applied to interpret emotions just like humans and interpret from social media.
BENEFITS OF AI MARKETING:
Being in 2020, we all know, businesses have even forgotten traditional marketing and moved on with internet marketing. Now AI being the buzz, who would want to be left behind? No one, right!!! So, businesses are now looking at AI and how best to reap the benefits out of its application. Fair enough, why should marketing be left behind, with that being the backbone of any business.
If the marketers are smart, the consumers aren't left behind, they are smarter. Thanks to Google (or any other search engine for that matter, but most of us, searching the internet is Googling, right??!!), the consumer can search for anything they want to buy with the click of a mouse. Consumers are more informed than ever. With AI, the marketer can analyze the search patterns and focus on the area of effort required for marketing. When the focus is on the target audience and their requirement, marketing is bound to show results.
Even consumers are looking forward for smooth and uninterrupted buying experience these days. They are okay with sharing their data to get personalized experience. This also works advantageous for marketers doing their business.
With the amount of past data available, making any online ads effective and smart is pretty much a cake walk now. AI can be applied in the areas of keyword research, social profile analysis, and use of any other available online data.
Identifying the most probable buyer is made easier with AI and it acts as a bridge between providing the ideal content and requirement. With the right usage of available data, machine learning, and AI, any marketer can create magic.
Marketing doesn't end once the product or service is sold. The main USP lies in aftercare. There is no one in the world who isn't delighted about a great customer service. That's the responsibility of the marketer too. Many companies are relying on bots on their website for the initiation of conversation. This way, the needed information is gathered without disturbing the customer on the website.
AI IS THE FUTURE OF MARKETING:
I know it is too hard to believe, but then that's the fact. Believe it or not, AI has already entered our lives, sometimes we not even realizing it, and sometimes we do know it is AI. Whatever the case is, there are many instances for us to realize AI is the future.
Applying AI to the marketing strategy gives you a competitive edge.
Considering that AI is faster than any human in observing data and determining results, it is not a surprise AI is favored by all in the field of marketing.
Sometimes, there are instances where the consumer is searching for something without exactly know what they are looking for (I'm sure all of us were in such situations at least once), in such cases machine learning is what gives out the results that the customer is looking for.
We, at Infimind Institute, strongly believe that learning has to be a pleasurable experience. We do understand the hardship our students face as most of them are trying to upskill themselves while studying or while working. Sparing time to learn something new that has been a passion isn't easy. We do whatever we can within our reach to make your journey with Infimind Institute a pleasant one.
We offer you a niche course on AI to learn the beautiful science and apply it in your field of interest.
Also, a course of digital marketing is offered to the enthusiasts in the field of marketing.
Do view the video to get a rough idea about Artificial Intelligence.