Leveraging AI in Marketing
Even though Artificial Intelligence (AI) is still relatively nascent, it definitely has progressed from being just a buzzword a couple of years ago, to a potentially booming market over the next few years. As cited in a press release by Gartner, AI technology spending worldwide is projected to reach nearly $29 billion in 2021 from $0.45 billion in 2016—a clear indicator of how rapidly companies are gearing up to leverage AI in core business activities and marketing is no exception.
Today, a marketer can choose from a humongous number of marketing channels, both online and offline, and almost every channel provides tools and reports to measure and optimize campaigns to increase the Return on Spend. While channels improvising and competing extensively to provide better solutions for marketers is exciting, therein lies the challenge as well. The channel landscape is changing rapidly every few months, with features, improvisations and new channels itself. More options means more consideration and time consumption. Add to that the time spent by a marketer to analyse huge set of data or in other words, Big Data, of consumer profiles and their buying patterns, and the complexity jumps up to another level altogether!
While a few companies have already addressed the channel management part using automation, not many have managed to leverage on Big Data, Deep Learning, Machine Learning and Natural Language Processing to create effective and efficient intelligent solutions for marketers. And this is where Innovation Incubator is ahead of the pack with its ingenious Cognitive Fabric.
Let’s take a use case where a potential customer is browsing a company’s Facebook page and sends a message during non-business hours or days. You can either set up automated replies that Facebook offers today, or leverage on Innovation Incubator’s bot that will not just converse intelligently with the customer, answering his or her queries, but also offer customized product or service, that too, in real time!
Imagine how powerful a bot, powered by AI, could be for a marketer when it stays on top, across all the channels opted for marketing campaigns. Similarly, AI can help marketers by churning and analysing large sets of customer data including social profiles, buying behaviour, patterns, trends, sentiments, preferences etc. across multiple channels, and predict their path in a customer journey to provide actionable recommendations. The recommendations could be around the personalized content or offer, channels and even time of engagement based on intelligent customer segmentation and scoring.
Add AI powered channel automation to the mix, and the scale of impact is drastic. Leveraging AI in marketing empowers marketers to focus on strategy, innovation and customer experience; and thereby increasing efficiency and effectiveness. However, like any system, AI will take time to mature before unleashing its true potential. But there is no doubt that AI is here to stay and Innovation Incubator will continue to stay abreast with its evolution by delivering AI powered apps and solutions.