Artificial Intelligence Usage in Marketing

Artificial intelligence has been using in marketing by leveraging the customer data and evaluating it to predict the next moves of customers. AI-based solutions help marketers to provide better customer journeys since it enables them to draw a better picture of their target audiences; as such, insights have gotten by AI help marketers to increase their not only campaign performance but also return on investment by predicting customer’s lifetime value. Therefore, it is not a surprising fact that 72 % of the marketers considered AI as a business advantage as a result of the study implemented by PwC.

There are several usages of AI in marketing; in this post, I am going to share three beneficial practices and how it helps businesses in marketing strategies and practices.

Product Recommendations

AI enables businesses to cluster and interpret the customer data and it pairs the data with customers’ likes and dislikes.  Thus, companies are able to recommend not only highly relevant but also personalised products to their customers. As a great example, Spotify is known as a pioneer of product recommendation in the music industry. To secure its position, Spotify declares in its registration statement that they will continue to invest in artificial intelligence and machine learning capabilities to deepen the personalised experience.

Chatbots

Chatbots help both businesses and customers in understanding complex requests, personalised responses and improving the interactions (Hubspot.com, 2020.). AI programs make the simulation of conversations with natural language processing.

Speech Recognition

Nowadays, speech recognition is an accepted phenomenon with the launch of Alexa, Siri and Google Assistant. However, it might be a goldmine for marketers since voice shopping is an increasing trend. As a matter of fact, according to Invesp’s research (2019) Voice Shopping will reach to $40 Billion in the U.S. by 2022.

References

Spotify Technology S.A.(2018)  Form F-1. [online] Available at: https://www.sec.gov/Archives/edgar/data/1639920/000119312518063434/d494294df1.htm#rom494294_4/ [Accessed 20 Feb. 2020].

Pwcartificialintelligence.com. (2017). The Future of AI is Here - PwC. [online] Available at: http://pwcartificialintelligence.com/ [Accessed 20 Feb. 2020].

Shukairy, A. (2019). The State of Voice Shopping – Statistics and Trends [Infographic]. [online] The Invesp Blog: Conversion Rate Optimization Blog. Available at: https://www.invespcro.com/blog/voice-shopping/ [Accessed 21 Feb. 2020].

Hubspot.com. (2020). Why Chatbots Are the Future of Marketing: The Battle of the Bots. [online] Available at: https://www.hubspot.com/stories/chatbot-marketing-future [Accessed 21 Feb. 2020].