Investing in Artificial Intelligence (AI) is a big venture, so shouldn’t you be getting your money’s worth?
AI solutions have entered the mainstream, especially when it comes to retail and consumer goods brands. Data-driven marketing and decision-making is crucial to business success now, and many marketing teams have started experimenting with AI-powered platforms to improve consumer experiences and personalize consumer experiences at scale.
AI is the ability of a computer to complete what would typically be considered a human task. AI is essentially the brain of the computer, controlled by a computer. Many tasks performed by AI algorithms supersede the need for manual input from humans, seeing as AI typically has a higher speed of execution, effectiveness, and accuracy. Not to mention, AI can take care of tasks that marketers find repetitive or mundane in their day to day work life, not only freeing up their time but allowing them to focus on more important tasks.
AI-powered platforms are beneficial to businesses because they can collect valuable insights from massive data sets, seeing things that humans just aren’t able to. For example, Netflix uses AI to predict what video content its users might like to see next. With over 150 million subscribers, there’s just no way a marketing team would have the time to manually sift through each individual subscriber’s data in order to deliver highly personalized video recommendations, especially in real-time.
Due to digital transformation, AI has become more popular in the world of marketing. The use of AI in marketing gives businesses a competitive edge and helps them provide personalized consumer experiences for each consumer.
Research from McKinsey & Company found that AI can create about $1.4 to $2.6 trillion of value in marketing and sales. AI in marketing benefits companies and consumers alike, meaning utilizing AI properly is more important now than ever.
AI marketing solutions are now the norm, especially when personalizing consumer experiences. Using AI-powered platforms is imperative to marketing effectively and optimizing the consumer experience. The following recommendations will help you use AI more effectively in your own marketing efforts:
Goals such as “implement personalization” and “transform user experiences” are broad and too open-ended to see actionable insights or cultivate tangible results. As a business, you need to set short-term and long-term goals that are not only measurable, but also specific and unique to your overall objectives.
If you attempt to apply marketing AI to broad, undefined goals, you won’t be able to see results — and your business will ultimately suffer. For instance, “increase cart value by 10% in one quarter” is a specific application of AI that can be measured and will allow your business to see growth while also getting the most out of AI-powered programs.
No matter the application, AI models are only as good as the data used to train them. If the data is inaccurate, skewed, or otherwise misaligned, the results will be incorrect and unusable.
It is important to conduct quality assurance with occasional manual involvement to ensure your marketing AI is performing accurately and effectively for your business’s needs. Marketers can do this by checking category tags and storing data in one unified place where all marketing and tech teams can access it. Doing so will ensure your AI is collecting usable and actionable data.
In most cases, marketing teams and technical teams have vastly different experiences and areas of expertise. Yet with marketing AI, these two departments must work together frequently and communicate often to ensure AI-powered programs are running effectively. Additionally, communication breakdowns can happen between teams, so it’s essential to be clear about objectives, processes, and metrics from the start.
At Breinify, we know the importance of using AI to meet your marketing goals. We help you grow your business using data, consumer insights, and recommendations while offering more actionable insights than any other marketing tool. You can also optimize your content and find great content ideas using Breinify. To get the most out of marketing AI, contact us here.