Artificial intelligence Marketing advantages and challenges amongst marketers.
The 2021 State of Artificial intelligence Marketing report shows that marketers see the power and potential of artificial intelligence to transform the marketing industry,” said, Paul Roetzer, founder and CEO, Marketing AI Institute. “But, it also demonstrates that we are just getting started in terms of understanding and adoption.”
What is artificial intelligence?
The field of Artificial intelligence refers to developing computer systems able to perform tasks which includes visual perception and interpretation, understanding language, speech recognition, reasoning and decision making. Machine learning is one way of building such systems based on providing the computer with examples of what it should do and learn how to do it.
What is Artificial Intelligence Marketing?
Artificial intelligence marketing is a form of marketing leveraging artificial intelligence concept and model such as machine learning and Bayesian Network to achieve marketing goals. The main difference resides in the reasoning part which suggests it is performed by computer and algorithm instead of human ~ Wikipedia
Artificial intelligence marketing uses artificial intelligence technologies to make automated decisions based on data collection, data analysis, and additional observations of audience or economic trends that may impact marketing efforts. AI is often used in marketing efforts where speed is essential.
It is important to note that, Artificial intelligence is transforming customer-facing services for digital marketers by increasing efficiency and optimizing user experience.
With AIrtificial intelligence technology, marketers can spot microtrends and even predict market trends. Marketers can easily make strategic decisions about where they allocate their budgets and who they target.
As a result, brands can reduce digital advertising waste and ensure that their spend delivers the best possible results.
Also, forward-thinking organizations and marketers are using AI to accelerate revenue and reduce costs. In the process, building sustainable competitive advantages for their products and their people.
Artificial intelligence allows business owners to provide a more personalized experience to their customers. AI can analyse vast data way more efficiently. It can quickly identify patterns in the information- such as past buying history, buying preferences, credit scores and other common threads.
Challenges of artificial intelligence in marketing
As an emerging technology, artificial intelligence is largely misunderstood across the business community.
- Social manipulation and AI bias.
Since Artificial intelligence is a replica of ideas of the developer. AI is still at risk for being biased by the humans that build it.
The biggest threat is the longer-term problem introducing something radical that’s super intelligent and failing to align it with human values and intentions on marketing and usage in general.
- Lack of Education and Training
Marketers know artificial intelligence is essential to their success this year. But, lack of education and training is holding the industry back. This is just one of the key findings from the 2021 State of Marketing AI Report, released by Drift and Marketing AI Institute.
- Taking away human Job
Many marketers would loose their jobs to artificial intelligence marketing. This would definitely affect the livelihood of most men as companies would prefer to spend less and make more money in return.
The consensus among many experts is that a number of professions will be totally automated in the next five to 10 years.
Source: Wikipedia, Drift and Marketing AI Institute.