Regardless of the industry, if an organization is not up to par, customers will not hesitate to look for alternatives, resulting in loss of revenue as well as damage to the company's reputation and customer relationships.
One of the most important aspects of remaining competitive is the introduction of automation and the introduction of artificial intelligence tools in all areas of business.
According to Dr. Vinod Vasudevan, CEO of AI solutions company Flytxt, incorporating AI into the marketing side of a business is becoming increasingly important as these tools become more and more powerful.
“Marketing tools today offer opportunities that promise marketers to optimize marketing decisions in weeks, not months,” Vasudevan said. “With AI, you can optimize your marketing campaign…at launch, using accurate customer and product information derived from historical performance data from similar campaigns or products in the marketplace.”
Vasudevan expanded on this by saying that one of the biggest benefits of AI marketing tools is their ability to increase ROI. He said artificial intelligence can be used to find the best combination of customer, product and price to add value and ensure ROI.
Jesse Johnson, Principal Demand Marketing Analyst at Forrester, says that in addition to driving revenue, AI marketing tools are helping organizations create the feedback they need with their customers.
“While we can identify and respond to the needs of our audience, we are also developing the best marketers through the insights they get from their AI-powered tools,” he said.
Having these AI feedback loops is a key factor in achieving continuous development and improvement, according to Johnson.
In addition to this, Vasudevan explained that AI marketing tools can also apply relevancy criteria and offer more personalization.
He said the adaptation spanned several different areas. Either just adjust the content, or dig and adjust the semantics.
Johnson also mentioned this. He said. “Personalization is a really important use case, along with travel design considerations. So let's find out what the next tactic is and how best to proceed as a buyer and seller."
Johnson went on to say that another notable use of AI in marketing tools is to simplify the process of properly targeting content.
“This is definitely one of the best use cases. How do we deliver the right content to our audience, at the right time, to the right person and all that,” he explained.
He went on to say that automating conversations is another important element. Johnson explained that the use of conversational AI allows companies to communicate directly with prospects and customers throughout the customer lifecycle.
“Things like intent tracking, conversion optimization… and where we see the most traffic on the site,” he said. “So how do we dynamically generate this content on the site based on what we know about this audience?”
He went on to say that there has also been a lot of buzz about generative AI and what it can do for marketing organizations.
He explained that the ability of artificial intelligence to generate images that can then be uploaded to the content engine helps provide a more personalized experience for the user.
However, with all these benefits, Vasudevan explained that it is very important to keep user safety first.
"I also think it's very important to build trust in artificial intelligence," he said. “Essentially, any AI relies on a lot of data… so privacy becomes another important aspect.”
He said that once organizations have a clear understanding of the privacy, transparency and explainability of AI tools, their adoption will grow exponentially.
Moreover, Johnson emphasized that all these use cases are just the tip of the iceberg. He believes that as more organizations start experimenting with this technology, the adoption of AI in marketing organizations will only grow as opportunities continue to expand.
Vasudevan also emphasized this, saying that marketers have already passed the initial stage of recognizing the usefulness of AI and have moved on to a broader stage of testing how far the technology can go.