A Constructive Guide to Developing an AI-Based Marketing Strategy
Have any questions?
Just contact us below, our
team is always ready to help.
Artificial intelligence (AI) has emerged as a prominent digital marketing trend in 2022 and has become mainstream across various industries. It has revolutionized how brands engage with their audience, offering new possibilities and capabilities.
While AI has been around for several years, its influence continues to grow, making it an integral part of the modern world. Here are some compelling statistics provided by Tech Jury:
The number of AI-powered voice assistants is projected to reach 8 billion by 2023.
The global AI market is expected to reach nearly $60 billion by 2025.
The United States has the highest number of accessible Alexa inventory skills, with around 66.000 skills available.
Thanks to AI, the global GDP is anticipated to grow by $15.7 trillion by 2021.
Approximately 77% of the devices we use already incorporate some form of AI.
McKinsey's analysis of over 400 advanced use cases in 2018 revealed that marketing stands to benefit the most from the integration of AI. Additionally, Salesforce reported that 84% of marketing leaders utilized AI in 2020.
So, how can your business leverage AI in your marketing strategy? Bold x Collective's digital experts have compiled a comprehensive guide that provides everything you need to know to get started.
Now, let's address the fundamental question for those unfamiliar with AI: What exactly is Artificial Intelligence?
Before exploring the significance of AI and its potential applications for your business, it is crucial to understand its definition. Artificial intelligence refers to the ability of machines, such as computers or robots controlled by computers, to perform tasks that typically require human intelligence and judgment.
AI encompasses the fields of computer science and large datasets to develop intelligent machines capable of understanding, acting, and responding to problem-solving tasks with the goal of surpassing human efficiency.
Having established a clear understanding of what Artificial Intelligence is, let's delve into how it impacts the marketing industry.
What IS ARTIFICIAL INTELLIGENCE IN MARKETING?
AI in marketing, also known as AI Marketing, involves leveraging AI technology to gather data and consumer insights, thereby enhancing the customer journey by predicting their next actions.
By utilizing AI for marketing, marketers and businesses can gain a deeper understanding of consumer behavior, enabling them to target their audience more effectively and efficiently.
The valuable insights obtained through AI can also contribute to maximizing the return on investment (ROI) of marketing campaigns by ensuring precise audience targeting.
Most of us have likely encountered AI Marketing in some form, even without consciously realizing it. Examples include chatbots on websites for customer support and targeted ads that showcase products similar to what consumers have previously browsed. These are common AI techniques employed by Bold x Collective and other businesses.
WHY IS it IMPORTANT FOR YOUR BUSINESS?
Today's consumers seek businesses that truly comprehend their needs and expectations. With AI marketing, your business can efficiently analyze vast volumes of marketing data and analytics from various platforms (social media, websites, e-commerce sites, emails, etc.) at an unparalleled speed compared to human capabilities.
AI technology empowers businesses to sift through billions of data points and consolidate them into actionable insights, providing deeper consumer understanding within a timeframe that surpasses human capabilities.
To integrate AI into your business, consider the following approaches:
CHATBOX
One of the most prevalent and early applications of AI in business is chatbots. Chatbots, also known as chatterbots, are software programs that enable consumers to interact and ask questions online via text on a company's website or application. They provide automated responses for basic inquiries, eliminating the need for customers to call a customer service helpline.
According to the recent State of Conversational Marketing report by Drift, chatbot usage has witnessed a remarkable 92% increase from 2019 to 2020, marking the highest growth rate among all brand communication channels.
If your business frequently encounters common questions from customers, implementing a chatbot can be highly advantageous. It allows customers to conveniently ask their questions and receive automated responses or be directed to relevant information, saving both time and effort compared to traditional methods such as responding to emails, texts, or phone calls.
2. EMAIL AUTOMATIONS
As a business, you may have already implemented email automation, effectively integrating AI into your marketing efforts, albeit unknowingly. If you haven't, Bold x Collective agency highly recommends starting with this approach.
Email automation is a crucial strategy as it not only saves time by eliminating the need to manually send emails but also ensures that appropriate emails are sent for each customer milestone.
Have you ever received an educational email or a coupon code from your favorite online store? These are examples of email automation in action.
There are various types of automated emails that can be sent, such as welcome emails, abandoned cart reminders, low stock notifications, and more.
Bold x Collective's preferred tools for email automation include Mailchimp, Salesforce, Klaviyo, and Privy.
3. PERSONALIZED SUGGESTIONS
For e-commerce businesses, personalized product suggestions have become essential. Today's consumers are less inclined to search for items themselves and instead expect brands to already understand their preferences and preferences.
To meet these expectations, utilizing AI technology to monitor the shopping patterns of individual consumers and recognize their behavior, interests, and needs is crucial. This enables your brand to offer personalized product suggestions to each shopper, based on their browsing history.
For instance, if a consumer has been exploring your e-commerce website and clicking on blue mugs or ripped skinny jeans, your AI software will automatically suggest other blue mugs or ripped skinny jeans that they haven't seen yet.
Well-known e-commerce platforms across various industries, such as Amazon, Sephora, The Bay, and IKEA, already implement this approach.
According to a survey by Evergage (Real-Time Personalization) in 2017, 61% of respondents recognized improved customer experiences, while 63% reported increased conversion rates as benefits of personalization.
By leveraging AI technology to provide tailored recommendations, your business can greatly enhance the customer experience and drive better results.
4. RECEIVE INCREASED & IN-DEPTH CUSTOMER INSIGHTS
While humans struggle to analyze consumer shopping patterns, especially when it comes to individual behaviors, AI technology can provide valuable insights for your business in a timely manner.
By processing billions of data points, AI algorithms can identify and group consumers with similar interests and behaviors. This enables your business to effectively target specific campaigns to the right audience and even make predictions about future customer behaviors based on their past actions.
Google Analytics is one of Bold x Collective's preferred tools for gaining customer insights, and the best part is that it's free. This powerful tool offers valuable information about your website's performance, including the sources of your website traffic, bounce rate, unique visitors, popular pages, and more.
As marketers and business owners, Bold x Collective strongly recommends installing Google Analytics on your website to gain valuable insights and make data-driven decisions.
Conclusion
The potential of artificial intelligence in marketing and overall business strategy is boundless. By incorporating AI into your business, you can save significant time and enhance efficiency, leading to deeper insights and better results.
If you're looking for further guidance on leveraging the power of Artificial Intelligence to grow your business, the experienced digital team at Bold x Collective is here to help. Schedule a complimentary consultation to embark on your AI journey today.