Marketers can leverage AI’s power in making decisions on campaigns, budgets, channels, identifying opportunities, creating marketing USP and more. In an interactive session hosted by ET BRANDEQUITY.com, experts shared some exciting insights on this.
The rapid advancements in artificial intelligence (AI) and machine learning (ML) and their impact on marketing are showing no signs of slowing down. The evolution, developments, trends within this field may have a lasting effect on how businesses interact with customers and make their marketing decisions for years to come. There is no more doubt that this will happen.
AI is not only going to help you become a better marketer, but it’s also going to make your job easier. You’ll be able to track and learn from ever-growing amounts of data for boosting your success rates while sharply cutting down on time spent on tedious tasks that offer little value or a better ROI.
In short, AI-powered marketing will continue to help marketers collect data, gain customer insights, anticipate customers’ next moves, and make automated decisions affecting marketing efforts.
In an interactive session organized by ET BRANDEQUITY.com and TalentSprint, Saravana Jaikumar Professor, IIM Calcutta, Arijit Chatterji, Chief Business Officer, C-Zentrix and Laxminarayanan G, Associate Director – Analytics & Cognitive, Deloitte India, uncovered various possibilities of using AI in the marketing process.
- Harnessing the power of data-driven decision making in marketing
- How marketers can leverage AI to solve real-world marketing challenges
- AI and machine learning applications in marketing to predict sales and understand customers better
- Enhancing marketing yield, customer experience, and service, and more
Here are the excerpts from the webinar.
Automation and personalization – the new age mantras
In the world of the internet and smartphones, marketers have the most to gain from AI. The marketing landscape is changing with automated processes and offers a tailored experience for the customers. The evolution of big data science, machine learning algorithms, and advanced analytics solutions have resulted in data-driven decision-making in marketing.
In the ET BRANDEQUITY.com webinar on ‘AI: The New Power for Marketers’ experts uncovered various possibilities of using AI in the marketing process.
With traditional marketing, behavioural targeting is challenging. However, with AI and machine learning, 72% of marketers view it as a business advantage. Leveraging AI in marketing, today, marketers can map the customer journey. Segregation of the customers into core groups by segmenting them based on highly targeted niches has become simple for enhanced customer experience. According to a survey by NewVantage Partners, 92% of survey respondents reported that the pace of their big data and AI investments is accelerating, 88% say a greater urgency to invest in big data and AI and 75% cite fear of disruption as a motivating factor for big data/AI investment.
Successful AI applications in the marketing domain
The presence of AI in today’s digitally-driven society and the work from culture is becoming ubiquitous. Large companies like Netflix, Amazon, Uber, etc., use AI-related solutions that directly or indirectly interact with their customers every day.
For personalization of content in Netflix, it analyses and detects patterns or preferences from data behaviour related to its customers’ viewing habits. Then, it uses sophisticated algorithms to recommend the right movie, auto-generation of thumbnails tailored to each of its customers, resulting in an ace brand experience.
Likewise, Amazon always had an advantage in using AI to improve its business efficiencies as the early adopter of automation and AI. Already, over 35% of what consumers purchase on Amazon and 75% of what they watch on Netflix come from product recommendations based on such algorithms. Right from its recommendation engines to Alexa and Amazon Go stores, Amazon has covered future aspects of marketing.
Data and AI are readily available to change the marketing game. In the digital marketing world, AI is catalyzing to spark the much-needed marketing transformation. Companies worldwide have seen an enormous unravelling of AI and are heavily investing in AI, Big Data, and Cloud, which has opened the doors to promising marketing career opportunities. However, there is a shortage of marketing professionals with the desired capabilities and the demand is swiftly growing across several industries.
Building new capabilities and shaping the marketing career
IIM Calcutta and TalentSprint’s Advanced Programme in AI-Powered Marketing (APAIPM) helps Digital Marketers, Marketing Analysts, Market and Business Analysts, Consultants, Entrepreneurs and CMOs, leverage AI-driven analytics for making marketing decisions. Through this programme, IIM Calcutta, with its edge in quantitative and analytics fields, aims to equip participants to undertake AI-powered marketing decisions that promote business growth and profitability. It provides both the academic framework and practical capabilities to help navigate the rapidly evolving AI-powered marketing world.