AI-Powered Marketing

Artificial intelligence (AI) in marketing has become an indispensable tool that allows marketers to have a competitive advantage in the dynamic and aggressive market setting (Nagaraj, 2019, p.502). Especially in the era of Big Data, where a huge amount of different types of data are generated every second, with the use of AI it is possible to extract value from all this data in real time (Mitić, 2019), and obtain accurate insight into simple aspects that impact consumer’s behaviour. For that reason, AI has a direct and important implication on the approach of marketing strategies to engage with the target audience (Sterne, 2017).

The main pillar of AI is machine learning (ML), that consist of various mathematical models, such as for example, statistics, probabilistic, and neural networks, that are applied on huge datasets with a view to detect patterns in data, to learn from it or to predict valuable outputs (Mitić, 2019). Computers can do much more than what people tell them to do. Due their speed and efficiency, they find out what they should do, spot problems and come up with new solutions in a quickly and better way (Marr, 2016, p. 241). That systems support the process of decision-making in real-time, and these decisions already surpass the quality of human decisions (Gentsch, 2018).

Content creation, voice search, lead scoring, ad targeting, predictiveness analysis and dynamic pricing are the most popular applications of AI in marketing. Facebook and Google are great examples of the usage of AI and ML, they interpret users’ demographic information and interests with the aim of learning and identify the best audience for their brand. With all the information about their customers, marketers can focus on certain needs and build a long-term relationship with them (Mitić, 2019).

As the marketing scenario is full of competition, being able to directly target the main audience, provide value to customers and involve them in marketing campaigns is a unique tool.

REFERENCES

Gentsch, P., 2018. AI in marketing, sales and service: How marketers without a data science degree can use AI, big data and bots. Springer.

Nagaraj, S. (2019). AI enabled Marketing: What is it all about? International Journal of Research (p. 501-518)

Marr, B. (2016). Big data in practice: how 45 successful companies used big data analytics to deliver extraordinary results. John Wiley & Sons.

Mitić, V., 2019. Benefits of Artificial Intelligence and Machine Learning in Marketing. In Sinteza 2019-International Scientific Conference on Information Technology and Data Related Research (pp. 472-477). Singidunum University.

Sterne, J. (2017). Artificial intelligence for marketing: practical applications. John Wiley & Sons.