The American Marketing Association defines marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’
Paul Writer and CleverTap recently co-hosted a webinar on ‘How Artificial Intelligence & Machine Learning Are Transforming Modern Marketing’ which discussed how Artificial Intelligence (AI) and Machine Learning (ML) are fundamentally changing the way we approach marketing and how we can harness these changes to further our businesses.
Jessie Paul, CEO, Paul Writer introduced the topic and her co-speaker Almitra Karnik, Head of Marketing, CleverTap. To kick off the session, Jessie mentioned how if businesses don’t use AI or ML in some fashion, it will be increasingly hard for them to be a futurist marketer. Businesses don’t need AI/ML experts or to know how to script their own chatbots, but if they know how to properly harness tools that employ AI or ML, then it is equivalent to harnessing the power of AI, which will yield the same results.
The Three A’s of AI
We can use AI effectively to achieve the following:
- Added Intelligence
The ABCD Approach To AI
- Added Value: How can you use AI to solve a customer problem?
- Behavioural Change: How can you make it easier for customers to adopt your product or service?
- Complexity: Can AI simplify customer experience?
- Diffusion: Will AI help you gain more visibility and diffusion?
By using these two models of AI, companies can utilize AI to solve their business problems.
Almitra began by defining marketing and then moved on to the development of marketing over the years: catalogue marketing, print marketing, TV and radio marketing, and TaleSales/voice marketing. As the internet began to influence the way we interacted with people and services on a daily basis, so did it transform technology, making it practically indispensible in today’s world. This led to website and/or email marketing, inbound marketing, and eventually, inbound marketing powered by data – by using AI and ML.
Artificial Intelligence is starting to become a big part in the marketing industry. Machine learning tools are allowing marketing and sales professionals to be more productive and are enabling them to be more effective with their strategies. Incorporating AI into the inbound marketing strategy will optimize it even further. The top ways in which AI is changing inbound marketing are:
- content strategy;
- segmentation of users; and
- conversational marketing – more commonly known as ‘chatbots’
Why Marketers Need AI and ML
- In-Depth User Insight and Personalization: Prescriptive analytics is where AI and analytics truly shine
- Clustering for Customer Segmentation and Discovery: Look-alike modelling allows you to automatically find new target segments based on already existing customer database
- Assist in All Cycles of Marketing: Right from acquisition to engagement to churn, AI/ML can help in all stages of life-cycle marketing
- Supplements User Profiles with Data: Identifying and collating data about a user so that the company can have one centralized view of the customer
- Predictive User Behaviour Analysis: Machine learning can dynamically personalize a website in real-time to appeal to the interests of the user
- Dynamic Content Optimization: Ever since an AI wrote an entire short-film screenplay, the possibilities of AI providing their own relevant content are increasing and is definitely something for marketers to experiment with
CleverTap is a powerful mobile marketing solution that brings together user data from online and offline channels on one centralized platform.