Marketing has always been about, well, marketing. That’s why it’s called marketing and not something like ‘product selling’ or ‘customer service'. Marketing is about identifying your target audience, creating a product they want to buy, and then finding ways to reach them and sell that product to them. And while the tools and techniques marketers use have changed over time (e.g., digital vs print ads), the core principles remain the same. However, with emerging technologies such as artificial intelligence (AI) and big data becoming increasingly accessible and affordable for businesses of all sizes, how marketers harness these tools to drive customer engagement are changing fast. AI and big data are reshaping marketing as we know it today by enabling companies to analyze large amounts of customer data much faster than before, uncover insights that were previously hidden from sight, and develop more targeted customer experiences through dynamic personalization.
What is Artificial Intelligence?
Artificial intelligence is often referred to as the “new internet” since its potential applications in our daily lives are seemingly limitless. AI is the science of creating machines that can understand and respond to human language, learn from experience, and reason with logic, much like human beings do. Because of its superhuman ability to analyze large data sets and draw insights from them, AI is widely expected to have a transformative impact on marketing in the near future.
Why is AI Important for Marketing?
With AI, marketers can gain greater access and control over their data, making it easier to identify and act on insights and patterns. They can also use AI to automate repetitive tasks, saving time and money in the process. This enables marketers to get a 360-degree view of their consumers and understand who they are, what they want, what they need, and who they are connected to provide targeted, personalized experiences wherever, whenever, and however their customers prefer.
How will AI enable better customer engagement?
AI's ability to help marketers navigate the deluge of data and discover the key insights hidden in them will allow them to create more personalized dynamic customer experiences. Using machine learning, AI can create personalized customer experiences by serving customers with the most relevant information and product offerings at the right time, without requiring any manual intervention from the marketers. Once marketers identify the patterns and behaviours of their customers, AI algorithms can be used to create dynamic content on websites and other digital channels based on these insights.
Big Data and its importance in marketing
Big data is a term used to describe the massive amount of data that is generated daily by customers, businesses, sensors, and other devices and tools. Now, the explosion of AI and IoT technologies has led to the creation of a new breed of data called “smart data”, which is many times larger than regular data. Because AI works best when it has access to large amounts of data, the integration of AI and big data is expected to boost marketing effectiveness by leaps and bounds. What’s more, big data allows marketers to identify new customers, create more personalized offers, and improve existing products.
Why is Big Data important?
Now, with big data, marketers can gain a better understanding of their customers, create more personalized products, and improve existing marketing initiatives. They can also create more targeted marketing campaigns and improve the overall customer experience. Big data analytics can help marketers to identify new customers, create more personalized products, and improve existing marketing efforts by using machine learning algorithms.
How will machine learning change marketing?
Machine learning is the process of enabling computers to learn without being explicitly programmed. It is a branch of AI wherein computers are fed large amounts of data and algorithms are used to identify patterns, insights, and collocations from that data that will enable them to take certain actions without being explicitly programmed to do so. Because marketers can use machine learning algorithms to identify patterns and insights from their customer data, it will enable them to create customer experiences that are more personalized, timely, and relevant.
How Big Data and AI are Working Together
While AI and big data are two separate technologies, they are highly complementary. While AI is great at analyzing large amounts of data and drawing insights from it, it struggles when it comes to storing that data. This is where big data comes in. Big data stores information in various formats and comes in a variety of volumes, making it an ideal solution for storing information generated by AI and other machine learning algorithms. In turn, AI can take advantage of big data’s structured storage capabilities to access and analyze data more quickly and efficiently.
How AI is Shaping the Future of Big Data
AI has been shaping the future of big data for a while now. With the help of AI, we can do complex data analysis in a fraction of the time it would take humans to do so. AI also helps us to identify patterns and trends in data that we may have missed otherwise. For example, an AI can help us to find out which customers are likely to leave a company within the next three months. This has led many companies across industries like finance and insurance use AI for predictive analytics - helping them to make more informed decisions. Many companies with big data, such as Facebook and Amazon, use predictive analytics to forecast demand - so they're able to prepare for increased activity. Through AI, our capabilities in forecasting natural disasters such as hurricanes have been significantly advanced.
Conclusion
With AI and big data coming together to create a more personalized customer experience, marketers have never had a better opportunity to revolutionize their approach to strategic marketing. It’s a great time to be in marketing because the future looks bright for these two emerging technologies.