Artificial intelligence

AI USE IN 2023 AND FUTURE OUTLOOK FOR MARKETING AND NEW PRODUCT DEVELOPMENT PROFESSIONALS

~ Anna @ roots ~ Leave a comment

In the recent April 2023 survey, McKinsey reported a robust adoption of the AI technology for a number of functions, but marketing, sales and product development were listed as at the top of the most commonly spaces using generative AI.

Looking at the search traffic and a multitude of studies, including one by Goldman Sacks predicting upward of 300 million jobs lost or diminished due to AI, we all should expect a major disruption in our industries, jobs and even personal lives due to this new technology. However, it appears as though the service-based businesses will experience a much faster change and impact on the human capital.

The prediction is that among functions that will be most impacted are product development, marketing, strategy and finance. Manufacturing sector will most probably have a slower adoption rate, but eventually even that segment will be transformed by the generative AI capabilities. Retooling of the workforce is under way, and if you are one of the professionals who may be impacted soon, it is wise to look at how you can upgrade your skills to fit into the new pattern of business.
Additional reading:

Sage article

McKinsey report April 2023

Artificial Intelligence & Marketing

~ Anna @ roots ~ Leave a comment

Artificial intelligence (AI) is becoming an essential tool in modern marketing techniques. From analyzing customer behavior to creating personalized content, AI is transforming the way marketers engage with their audiences. This article summarizes how AI can be used in modern marketing techniques.

  1. Customer segmentation

One of the biggest challenges in marketing is to understand your target audience. With AI, marketers can easily segment their audience based on demographic, geographic, psychographic, and behavioral data. AI algorithms can analyze large datasets to identify patterns and predict future behavior, allowing marketers to create more targeted campaigns that are tailored to individual customers’ needs and preferences.

  1. Personalization

AI can help create personalized content and recommendations based on individual customer data. For example, an e-commerce site can use AI to recommend products based on a customer’s previous purchases or browsing history. This personalized approach can improve customer experience and increase customer loyalty, while increasing the company revenue share.

  1. Chatbots

Chatbots are AI-powered programs that can simulate human conversation. They are becoming increasingly popular in keeping the audience engaged. Chatbots can quickly answer customer queries, provide product recommendations, and even process orders. They are available 24/7, which means that customers can get help even outside business hours. Albeit more limited in the type of questions that a chatbot currently can answer, with time and machine learning the answers will become more comprehensive, accurate, and available for more complex questions.

  1. Predictive analytics

AI can be used to predict customer behavior and identify opportunities for growth. By analyzing customer data, AI can predict which customers are likely to purchase a particular product or service, allowing marketers to create targeted campaigns to convert these customers. Predictive analytics can also identify customers who are at risk of churning and create retention campaigns to retain them.

  1. Content creation

AI can be used to create personalized content at scale. For example, AI can generate social media posts, product descriptions, and even blog articles. This approach can save marketers time and resources and ensure that the content is tailored to the audience’s interests.

  1. Image and video recognition

AI can be used to analyze images and videos to identify brand logos, products, and even people. This approach can help marketers track brand mentions and monitor social media activity. It can also be used to identify influencers who are using the brand’s products.

As AI technology continues to improve, we can expect to see even more innovative ways in which it is used in marketing. While many organizations have not yet embraced AI, the prediction is that in the course of the next 2-3 years, AI marketing tools will be ubiquitous, and human marketers will need to find ways to stay relevant in our evolving brave new world.  

(Written by AI, edited by Anna Frolova-Levi)