Regardless of the industry, if an organization is failing to measure up, customers will not hesitate to find alternatives, resulting in a loss of revenue as well as damaging the company’s reputation and relationship with customers.
One of the most essential aspects of remaining competitive is adopting automation, and introducing artificial intelligence tooling into every area of the business.
According to Dr. Vinod Vasudevan, CEO of Flytxt, a company that offers AI-driven solutions, bringing AI into the marketing side of the business is becoming increasingly important as these tools become more and more powerful.
“Marketing tools are now offering capabilities with the promise that marketers can optimize marketing mix decisions in weeks rather than months,” Vasudevan said. “With AI, it is possible to… optimize a marketing campaign… the moment it is launched – with accurate customer and product intelligence derived based on historical performance data of similar campaigns or products in the market.”
Vasudevan expanded on this saying that one of the biggest benefits of AI tools for marketing is its ability to ensure ROI. He said that AI can be used to discover the most optimal mix of customer, product, and pricing in order to drive value and guarantee ROI.
Jessie Johnson, principal analyst of demand marketing at Forrester, said that in addition to revenue increases, AI marketing tools help organizations to create an essential feedback loop with their customers.
“And at the same time that we’re able to sense and respond to the needs of our audience, we’re also creating better marketers through the insights that they are capturing from their AI based tools,” she said.
According to Johnson, having these feedback loops in place with the help of AI is a key factor in achieving continuous development and improvement.
On top of this, Vasudevan went on to explain that AI marketing tools can also work to ensure that compliance standards are met as well as offering heightened personalization.
He said that personalization spans across several different areas. Whether it is simply personalizing the content, or going deeper and personalizing the semantics.
Johnson also touched on this. She said, “Personalization is a really key use case, along with thinking about the orchestration of the journey. So figuring out what tactic comes next and what the next best action is for both buyer and the seller.”
Johnson continued, saying that another of the most prominent use cases for AI in marketing tools is simplifying the process of properly targeting content.
“That is certainly one of the top use cases. How are we really reaching our audience with the right content, the right time, the right person, all of those things,” she explained.
She went on to say that conversation automation is another essential element. Johnson explained that leveraging conversational AI allows businesses to communicate directly with both prospects and customers all across the customer lifecycle.
“Things like intent monitoring, conversion optimization… and where we see that the most is on the website,” she said. “So, how are we dynamically generating that content experience on the website, based on what we know about that audience?”
She went on to say that there has also been a fair amount of buzz around generative AI and what it can do for marketing organizations.
She explained the ability of artificial intelligence to manufacture images that can then be put into a content engine helps to deliver an even more customized experience for the user.
With all of these benefits, though, Vasudevan explained that it is essential to keep user security top of mind.
“I also think it is very essential to build that trust and that confidence in the AI,” he said. “Fundamentally, all AI is built with a lot of data… and therefore, privacy becomes another important aspect.”
He said that once organizations have a firm grasp on privacy, transparency, and explainability with AI tools, adoption will grow exponentially.
Additionally, Johnson stressed that all of these use cases are only the tip of the iceberg. She believes that as more organizations begin to pilot this technology, the adoption of AI into marketing organizations will only grow as the capabilities continuously expand.
Vasudevan also emphasized this, saying that marketers are now past the initial stage of recognizing the usefulness of AI and have moved into the phase of heightened adoption, to test out just how far this technology can go.