Artificial Intelligence
Here at Net Conversion, we take pride in staying on top of the latest and greatest when it comes to marketing trends and innovations. This time around, it is no surprise that we are talking about the latest internet craze, Artificial Intelligence (AI). Before we dive into the vast field of AI, it is important to understand exactly what this term refers to. Artificial Intelligence is commonly defined as a combination of distinct technologies that are capable of performing tasks that would usually require human intelligence. Despite the popular misconception, AI is not meant to ‘replace’ human intelligence, in fact, human intelligence is an integral part of utilizing AI. More times than not, to use AI correctly, you must have a clear understanding of what you want to get out of it. You need to ask the correct questions and take calculated measures to fully utilize the technology and most importantly – understand your goal based on your audience. A good way to think about AI is as computational assistance, which refers to the software and tools designed to process large quantities of data in rational ways, rather than some sort of robot takeover.
Why AI Is Important for Marketing
Now that we have a basis of understanding surrounding Artificial Intelligence, let’s apply that knowledge to our favorite topic, marketing and analytics. The pandemic for many of us in the industry allowed us to question – how can we make our jobs more efficient to spend time on things that actually matter to our clients and business. Well… allow artificial intelligence to enter the chat. For marketers, AI has become the ultimate automation assistant, taking care of tedious tasks such as scheduling emails and predicting campaign performance, while providing valuable insights to further data analysis. If used correctly, such automation can free up valuable time to focus on data-driven strategy and insights, rather than getting bogged down in manual work. In short, automation or AI is a powerful tool for any marketer’s toolkit.
Supporting this forecast, a SkyQuest report estimates that 30% of all retail sales will be influenced by AI-based recommendations and by 2025, 50% of all retail sales will be made through AI personalization engines. By then, it is forecasted that AI will be able to create data-driven recommendations to generate better leads, predict human behavior, and cut down on tasks like data management and ad buying, with the sole purpose of squeezing the most out of every dollar. In fact, using AI can help reduce the time it takes to compile data and gather insights by as much as 30%, and that campaigns which are powered by AI data perform 20% better on average. Especially for something artificial, those are some pretty real results.
NC’s POV on AI-pplication
We touched briefly on some of the powerful capabilities of AI, however to fully unravel the possibilities of this new technology, let’s dive in a bit further. But hey, that’s what this section is for! In terms of marketing, Artificial Intelligence truly is an analysts best friend (just without all of the drama), especially here at Net Conversion.
For years, Net Conversion has pride itself using automation to allow our time to spend time on tasks that truly make a difference for our clients. There are plenty of AI resources to try, but here are a few of our favorite AI and automation tools:
- Conversionomics: Net Conversion’s proprietary data extraction and transformation platform, allowing us to connect to any data source, process complex data sets and export for near real-time reporting.
- ChatGPT: Created by OpenAI, this is a powerful AI bot that engages in human-like dialogue based on a prompt.
- Google Marketing Platforms : Google’s marketing friendly ecosystem that has intertwined AI based on captured data and machine learning.
Below are a few examples of how our analyst have been able to partner with AI:
- Machine Learning x Data-Driven Strategies: By using real-time behavioral and contextual data, AI has allowed our team to generate strategies that target our client’s qualified audience while recommending creative and messaging. Although our analysts tweak all AI recommendations before moving forward with campaigns, this first step cuts down on planning while still keeping our strategies data-driven.
- Real-Time Optimizations: AI has given our team real-time optimization recommendations, based on our inputted campaign goals and KPIs. Such timely data can truly allow us to reach our qualified audiences as effectively as possible allowing our analyst to also be nimble with our pacing and overall strategies.
- AI Creative: Honest question – have you checked out Google’s Creative Studio. Not saying we love Google…but…their AI technology has allowed us to automate all sorts of creatives (native, display, video, audio, etc.) for our campaigns, although we are not a creative agency. AI’s creative power to automate images and video, is something marketers are increasingly levying in their content and campaigns and we highly recommend checking out.
So What’s Next for AI?
Despite its growth over recent years, Artificial Intelligence still has a ways to go before it is fully capable of being your marketing counterpart. But for now, it is a great tool to familiarize yourself with since the media marketing implications of AI are no joke. In a consumer climate where 76% of customers expect companies to understand their needs and expectations and 62% of consumers are willing to use AI for a better buying experience – using AI sounds to us like a no-brainer… literally.
Nonetheless, AI may come across as a threat to marketers and their jobs, but the reality is it will just further allow for marketers to focus on what matters in their strategy rather than getting bogged down in the technical aspect of campaign optimization. This isn’t to say that AI won’t be replacing some jobs in this field, but the reciprocal amount of jobs created by this tech will outweigh those lost positions creating a skill-set shift among this industry.
Summary by AI
Don’t worry, this article was written by a human (for now), hi. But here is a summary written solely by AI… wait, or was it the other way around?
The text discusses the use of Artificial Intelligence (AI) in the field of marketing. It explains that AI is a combination of technologies that can perform tasks that require human intelligence, but it does not replace human intelligence. Instead, it serves as a powerful tool for marketers, helping with tasks such as scheduling emails, predicting campaign performance, and providing valuable insights through customer segmentation, lead generation, and data analysis. This allows marketers to focus on high-level strategy and decision making, rather than getting bogged down in manual work. The text also notes that AI is becoming increasingly prevalent in the industry, with predictions that 30% of all retail sales will be influenced by AI-based recommendations by 2025. Overall, the text argues that AI is beneficial for marketing as it can generate strategies that target the right groups of people with the correct messaging, and it becomes smarter and is able to predict segments with more precision over time.
Logan Didier, Marketing Intern + ChatGPT
