What is AI?
Simply put, AI is any innovation that enables machines to solve problems similarly to the way humans do. AI is best at completing tasks that are too difficult or time consuming for humans.
AI for Marketing
As we fight an increasingly competitive battle for consumers’ attention, things like faster & simpler customer service or personalization enabled by deeper customer insight can be a key driver of profitable growth. Unfortunately, most of us don’t have the time, resources or expertise to invest money in customer service agents or data scientists. However, by automating these difficult and time-consuming tasks, AI can improve your customer insight or service capabilities at a fraction of the cost.
How to evaluate AI-powered marketing tools?
While it is easy to become enamored with ‘whiz-bang’ terminology & technology the goal of AI-powered marketing tools is Marketing ROI. As result, we recommend answering these four ROI focused questions when evaluating whether an AI-powered tool is right for you.
- Identify your key marketing processes that heavily rely on manual processes or data analysis. The biggest ROI gains from AI-powered marketing tools typically result from a) reduced labor costs or b) AI-powered Data Science that most marketing organizations can’t afford and/or struggle to recruit.
- Examine marketing processes that employ old or outdated technology. If your current MarTech provider has zero AI capabilities its technology is likely outdated increasing the probability of a positive return on investing in its replacement.
- Check your MarTech wish list to ensure that the vendors you are evaluating incorporate AI into their solution.
- Ensure the vendors you are evaluating can provide case studies that clearly demonstrate both practical usability of their product and easy to understand ROI. While the best AI-powered marketing tools often come from ‘Startups’. The best tools will be able to demonstrate prior customer success stories.
How Firms Leverage AI for Marketing?
Many retail, consumer product goods, pharma, and financial firms are using AI for marketing, finance or competitive analysis. Here are a few examples of how firms are leveraging AI-powered Automated Business Analysis platforms to identify changes in customers’ behavior, optimize advertising campaigns, and discover better store redesign plans.