More than 70 percent of business leaders consider artificial intelligence (AI) a business advantage. That’s why companies are adopting AI at a rapid rate, integrating the technology into multiple aspects of their operations, including marketing.
What is AI marketing, though, and how does using AI in marketing help your business?
What is artificial intelligence marketing?
AI marketing offers advanced insight into customer behaviors, journeys, and more. It provides this information with the power of machine learning and artificial intelligence algorithms, as well as business and client data.
With a better understanding of the behavior and motivations of your client base, your company can develop smart marketing campaigns. You can also extend the benefits of AI marketing to other areas of your business, like customer service.
3 definitive features of AI marketing
If you’re curious about adding AI to your marketing strategy, it’s essential to review the classic characteristics of AI marketing. These features range from machine learning to automation to big data. In some cases, your AI marketing software may go beyond these core components.
The three defining features of AI marketing include:
1. Machine learning
Advanced machine learning algorithms power artificial intelligence. Without these algorithms, it’s impossible for your AI software to process billions of data points, spot trends, and deliver actionable insights.
2. Big data
Data is another critical component of AI marketing. It powers your AI marketing strategy, providing your platform with essential data to review and analyze. In most cases, your business will use in-house proprietary data in your AI marketing plan.
Automation is not only a definitive feature of AI marketing but also a top benefit of it. With automation, your business can streamline mundane, everyday tasks that consume staff time. You can also expedite long-term, time-intensive tasks, like data analysis.
Now, are you ready to learn more about the benefits of AI marketing?
7 advantages of using AI in marketing
Incorporating AI into marketing offers several advantages for businesses, including:
1. Personalized recommendations for shoppers
More than 40 percent of users get annoyed when companies don’t personalize content. Personalization is a growing requirement among consumers and business buyers. It’s difficult to tailor your online experience to users without AI, though.
That’s why AI in marketing offers such a massive benefit to companies today. It streamlines the entire process of personalization, whether by customizing content to a user’s location, previous behavior, name, or another feature.
PersonalizeFX is an example of an application that can automate personalization for your business.
2. Improved customer service experiences
No matter your industry, services, or products, your company needs to provide the best customer service experience possible. If you don’t, your business risks its reputation and revenue, as consumers and business buyers will shop with a competitor if your customer support underdelivers.
That’s why eight out of 10 businesses use or plan to use AI as a customer service solution by 2020.
Get ahead of your competitors by adopting AI in your marketing and customer support channels now. AI, for example, can power 24/7 chatbots. Your marketing team can then use data from client chatbot interactions to develop content, improve products, and more.
3. Targeted content marketing
Content marketing generates three times as many leads as paid search advertising, which is why your company wants to make the most of content marketing. For your content marketing strategy to succeed, however, your team needs to develop valuable and relevant content for your audience.
That’s not an easy or straightforward task for many companies, though.
Adding AI to your marketing strategy, however, can help. With AI applications like ContentAnalyticsFX, for example, your team can make strategic decisions about your content marketing strategy by assessing which content topics offer the most value.
4. Optimized product pricing
If your company features an ecommerce store, you can also leverage AI marketing to optimize your prices. With optimized or dynamic product pricing, your business automatically adapts its rates to a user, based on their past behavior.
With dynamic product pricing, your company can increase its revenue. You can also automate sales, as well as exclusive offers. When you automate either of these features, your AI program assesses what price will not only secure a purchase but also comply with your pricing standards.
Companies can also leverage AI in product pricing by comparing your rates with competitors. This feature can help your team determine the profitability of a competitor’s products. You can also evaluate how reasonable a competitor’s prices are, in comparison to yours.
Based on the behavior of shoppers, your marketing and sales team can refine your target market. This reevaluation can help your company create targeted content for high-value shoppers and filter out low-value leads.
5. Expedited lead scoring
For companies in the business-to-business (B2B) industry, it’s a challenge to grade and score leads, especially when you’re receiving a substantial number of them. AI can help your sales team streamline the process of scoring leads, though.
Applications like LeadManagerFX and LeadNurtureFX, for example, can evaluate, monitor, and track leads. These programs go beyond lead scoring by providing your sales team with additional tools for nurturing high-value leads, as well as analyzing the behavior of leads.
All this data can support an improved marketing and sales strategy. Based on lead behavior, for example, your marketing team can develop additional website content, revise site layouts, and provide users with critical information that makes it easier for them to become leads.
6. Enhanced audience segmentation
While your business may feature a set of buyer personas, they only offer a partial look into your target audience. AI, however, can help your company see the complete picture when it comes to your target market.
With a quick assessment of your customer or client data, your AI marketing software can spot trends or patterns when it comes to your shoppers. Audience trends can include demographics, products purchased, and more.
Catching these trends can help your marketing team develop targeted buyer journeys, online experiences, and content for your most valuable audience segments. This targeted approach can improve your sales numbers, as well as customer lifetime value.
7. Accelerated data management
Data is a core component of AI marketing, which is why accelerated data management is a critical benefit of AI in marketing. With marketing automation software like MarketingCloudFX, your team can analyze millions of data points fast and receive immediate insight into your strategy.
Depending on your industry, as well as data, your business can improve your marketing approach in dozens of ways. For example, you may use customer data to enhance product recommendations. Or, you may spot trends related to service cancellations, which you can counter with timely interventions.
No matter how your business leverages your data, you can make a positive impact on your bottom line. This kind of change can help your company expand its operations, launch new products or services, and even hire additional team members.
Ready to use AI in your marketing strategy?
Do you want to see how AI in marketing can help your company grow? With a free demo of MarketingCloudFX, an advanced marketing automation software that features the power of IBM Watson, your business can see AI marketing in action.
Request a free demo today and see how AI marketing can benefit your company!