Realistically speaking, AI can’t do everything, but it is transforming businesses in marketing and sales nonetheless. According to a recent McKinsey study, they found that AI will have the most impact in marketing and sales, supply chain management and manufacturing.
As Al technology continues to grow exponentially, with exciting developments in image and speech recognition, it’s understandable to think as a marketer “what am I supposed to do with all of it? Is this just a hype, or can I actually implement it?” Well, continue reading on as we have outlined a few of our own insights on practicalities that any marketer in the age of AI should be aware of.
This may seem obvious, but CMOs and marketers need to understand how these technologies work in order to know which resources are actually required for the future of their marketing endeavours. Marketers should be taking proactive steps to ready themselves and their business for the future that they and their customers are creating.
AI is undoubtedly changing marketing as you know it, so if you are not up to speed with the latest developments, then your competitor certainly will be. Furthermore you need to understand the full-range of possibilities that can be used to your advantage.
When it comes to top management and understanding analytics, democratization will be key. This means that becoming armed with insights from increasingly powerful computers will require the coordination of analytics and setting appropriate incentives to encourage data sharing. Ultimately though, when it comes to big data and analytics this will take time.
If you were to think more critically - consider what the future will look like when big data management and analytics really start to shape marketers’ and consumers’ thoughts and behaviors. Understanding the power you could have as a marketer in the age of AI will show you that people can be greatly influenced by intelligent, data-hungry and analytics based software applications (1).
With how exciting the application of certain AI tools can be, make sure not to overlook ethics and data privacy. Typically, the applications of AI in the area of marketing will involve customer data in one way or another. This has created very interesting situations - one being that it has lead to the proliferation of the term “permissions marketing.”
There is a long standing debate between the use of AI in advertising, and with the latest discourse surrounding GDPR, this debate is only growing stronger. It is important to highlight that even though you see the economic potential with the use of AI techniques for your marketing goals, the way you use the data must always be taken into account. In general you need to have a very clear understanding of the legal frameworks that are in place for the different regions of the world, and you should also account for where it is you are doing your marketing (2).
A lot is happening in marketing in respect to AI, and it’s not only on the data analytics side of the industry. The main takeaway here is that marketing leaders need to be ahead of these changes, and ensure that the technology does not get ahead of your business or consumers needs. Thoroughly understanding the powerful capabilities of AI is just the beginning in how it will come to shape the future of marketing.