Is Artificial Intelligence The New Future For Businesses?

What is artificial intelligence? How can it be used for marketing?

Many companies are starting to ask these questions as their brands are progressing and becoming more advanced.

But firstly, what is AI?

“AI” stands for “Artificial Intelligence”, and is sometimes also called “machine intelligence.” Essentially, it’s a machine or system which can think, solve problems, and predict behaviours for you.

So how does this work for marketing?

The idea behind this is that brands who use AI for marketing will use their client or user’s data to analyse what they’ve previously purchased and what trends there seems to be in how they interact with the website.

Subsequently, the AI will be able to predict products they will like and how to target them.

This is called machine learning. But, how specifically can AI be used for marketing trends?

Read on to find out.

Lots of different companies are using AI to curate content for customers and consumers based on their previous experiences.

It’s essentially the ‘recommended for you’ page, but one step ahead.

It involves analysing previous user history and predicting the next step.

When companies do this, it shows the user that they should continue purchasing/interacting with the company, as their content is always relevant.

But what examples of AI content curation are there?

Instagram

Everyone has an Instagram explore page. It recommends us posts we should like based on our previous user history. This comprises liked posts, similar user accounts, and posts with high engagement. But how does it work? Instagram’s AI algorithm analyses our data to predict what we should like. As such, we’re drawn more to use Instagram because of how relevant and captivating the content is.

Spotify

This is also another example of AI content curation. Spotify Music regularly recommends its user playlists that they should like based on their listening history. In fact, Spotify’s content curation is so impressive that it doesn’t just recommend playlists based on previous songs, but also designs playlists based on your moods too.

Stitch Fix

Another example of AI and content curation is with Stitch Fix, the online clothing retailer. Stitch Fix users set up an account and establish their style preferences – accessories, trends, the type of clothing they want, etc. Then, Stitch Fix sends their users a personalised package of specifically chosen items to match their needs. Stitch Fix’s AI algorithm and system is so popular, that according to the company, 70% of users continue to use their service.

The use of Artificial Intelligence and content curation seems to be the next natural step in marketing. It allows companies to target users on a personalised, individual basis, rather than just their demographic. Not only do the businesses benefit in the way they can market, but users are also suggested much more specific and interesting recommendations too.

Want to know what your competitors are up to?

What keywords they’re using to rank high on SEO?

AI allows you to not only collect data but analyse it as well.

Data analysis takes raw data and runs it through an analysis system, taking note of trends and turning into useful and insightful knowledge.

So, how do you use this for marketing?

Firstly, artificial intelligence and data analysis allow you to have consistent updates on how your competitors are faring in comparison to yourself. You can analyse their data and compare it to your own to find out what you should mimic, and more importantly, what you shouldn’t.

Secondly, data analysis and artificial intelligence allow you to predict future actions also. With artificial intelligence, it allows you to take your data analysis one step further.

Not only do you collate your data and analyse it, but it also allows you to predict future steps and actions you should take.

Say, for instance, you are an eCommerce store.

You’re selling 5 different types of products, and through data analysis and your artificial intelligence, you have found that 60% of customers who bought product A, also bought product B.

Now you know that you should increase your marketing for product B, and also potentially market the two items together.

What’s more, when analysing what type of customers that buy products A and B, you can predict what other products they may be interested in.

As well as this, it can also show you what steps you need to take to market your other products, who is responding to them, and what you need to do to boost their sales.

Back in the day, when bots were first introduced, they were often ineffective and frustrating for a consumer.

The questions they’d ask would be simple and sometimes irrelevant, completely veering off topics.

What’s more, customers would be forced to respond to such questions with short, one-word answers to be understood.

The “artificial” in “artificial intelligence” was all too obvious. You didn’t feel as if you were having a real conversation with a real person.

Now, things have advanced and improved.

Bots are advancing and can carry on an intelligent, coherent, and helpful conversation thanks to artificial intelligence. Their continuous learning and continuous improvement mean that they are more able to speak fluently to customers and be more useful in their queries.

But, how can this be used for your business?

Firstly, it improves customer service. If you have an artificial intelligence bot running your customer service, it means that they don’t have to wait for hours to speak to someone about their problem. Customers can be helped at any time of the day or night, and get a more immediate and responsive approach.

Secondly, using bots and artificial intelligence for your business’ customer service frees up time for staff to focus on more important areas of marketing. Rather than being stuck with customer queries, your staff can spend their time on more important projects.

Artificial intelligence can be a useful tool to alleviate pressure and strain on businesses and free up time for more valuable tasks.

Whilst artificial intelligence is a great way to help you run your business, there are some downsides to it too.

Firstly, technology isn’t just there… yet.

Whilst artificial intelligence is beneficial to analysing data and predicting results, they can’t design, draft, and execute marketing campaigns.

Recently, whilst there are some steps in artificial intelligence that demonstrate a move to more creative fields, like this Guardian article which was written entirely by a robot, artificial intelligence isn’t at the point where it can design and be creative.

When it comes to tasks like graphic design, artificial intelligence isn’t able to respond to a business’s pitch and create graphics, videos, and visual marketing material. You still need a human to be able to understand the needs and carry out visual projects.

What’s more, returning to the example of the robot writing an article, this does not yet mean that artificial intelligence can write good copy.

Yes, whilst you may be able to programme it to use good SEO, and yes, whilst you may be able to tell it the characteristics of a good article – that doesn’t mean the article will be any good.

Things like readability, fluidity, and overall feel of the article are things that aren’t able to be achieved by using artificial intelligence. They require a human’s touch.

Meaning, you shouldn’t worry. It doesn’t seem you’re going to be losing your job to AI… just yet.

Avengers: Age of Ultron. Ex Machina. I, Robot.

With films like this warning us about the dangers of artificial intelligence, it’s easy to understand why so many people are afraid of it.

From killer robots to job-taking machines, artificial intelligence has gotten a pretty bad rep.

But even when we move beyond the dystopic ideas of artificial intelligence, some people can still be doubtful and worrisome.

Primarily, there is a concern that artificial intelligence can’t accurately predict their user tendencies.

Sometimes, the proof isn’t too compelling. How can a machine predict what I’m going to buy? How can it know what I need?

After all, isn’t it human nature to change our mind and be nit-picky? Can artificial intelligence really work despite this?

What’s more, even if artificial intelligence can predict our user tendencies, people are worried about the kind of data that is required for them to provide for AI to be successful.

With issues to do with privacy and data rights, some people are wary of how a company uses their data, let alone an artificial intelligence system. Especially when they don’t know how this system is regulated.

So, how good is AI for your business?

Well, AI has a lot of benefits. It can alleviate pressure and mindless tasks from your business, it can take the next step forward with your data analysis, and it can elevate your recommendations to customers.

But, AI certainly isn’t at the point that we can depend on it wholly.

It has some downsides and limitations that can make it difficult to integrate into a business.

But, overall, it seems that AI will grow to play an increasingly popular role in future business endeavours.

So, what about you? Will you be planning on using AI for your business in the future?