Technology is developing at a rate that most of the general population needs time to learn and understand. From social media platforms exploding in the last few decades to artificial intelligence and machine learning being used in every business sector. And when it comes to advertising and marketing strategies, it can make quite a difference in both small and large companies.
But understanding AI and machine learning can often be complicated and understandably overwhelming. Let’s make it simple and go over how companies can benefit from using this new technology.
What Is AI and Machine Learning?
Artificial Intelligence or AI is not the same thing or interchangeable with machine learning. Though they are closely related, don’t mistake them for one another. Understanding the key differences is the first step in learning how to incorporate them into your everyday business.
- AI refers to the field of engineering where computers and robots are programmed to self-learn and improve similarly to humans. The idea is that reactions will happen without human interference based on the current data that the robot or computer system interprets. There are many subsets and types of AI.
- Machine learning is a type of AI. It’s based on algorithms to pick up patterns from data and respond optimally in accordance with a goal. Consider this as artificial intelligence. Machine learning is helpful for advertising and marketing.
So, how does this directly apply to advertising and marketing?
AI and Machine Learning in the Marketing World
It’s worth taking a look at some of the more common examples to get an idea of how it currently works for already-established companies.
Programmatic Ad Buying
Nothing is worse for a company than wasting money advertising to the wrong crowd. And with the old way of advertising (print, billboards), there was no way of changing it. However, programmatic ad buying allows digital marketing teams to bid on ad space that gets to the right people at the right time. It then continues to analyze data to make it better and better.
For competitive pricing, marketers can get much closer to reaching the right audience. This is closely related to and sometimes the same thing as types of performance-based advertising. In this case, a marketing company will pay based on a series of metrics. This could be cost per click which is directly related to how many users click on the ad. This is just one of many avenues.
Chatbots and Customer Service
Chatbots are every bit of AI. This service alone creates a ripple effect of benefits. But most of us have been able to chat with a computer, and based on our responses, the system will continue to respond to help the customer’s needs.
Better Marketing Analytics
With advanced technology, AI and machine learning bring us better data, and analytics are available to companies. Companies can know more about their potential clients than ever before, making it easier to advertise and sell. It’s possible to know where your visitors are located, their demographic, their internet behavior patterns, and so on.
Benefits Of Using AI/Machine Learning
Whether you are a startup company or have been inside the Fortune 500, AI and machine learning has a list of benefits that go on for days. But let’s get a quick glimpse into some of the biggest pluses.
Decrease Your Costs
When a computer is doing the market analysis for your company, you cut costs. When the computer is also using that data to target the right audience, you are more efficient. With increased efficiency, you don’t have to worry about money lost in wasted time and effort with ads. In other words, you eliminate the guesswork and decrease your margin for error.
Make Your Ads Hyper-Personalized
The most significant and well-known advantage of AI and machine learning is personalizing your consumer’s buying experience. The experience becomes hyper-personalized in many ways, but one of them is, in fact, the buyers’ journey.
And the specific ad may be personalized as well. The same ad campaign may look different to one consumer in South America to another in Canada. Programmatic ads allow ads to have other languages, images, and approaches based on the individual they are advertising to. That’s why you and your friend may read the same blogs but have different ads.
Automate Your Content
There are also two ways that AI can automate your content. Part of being efficient and saving costs, all of your company’s content can be scheduled efficiently and set up for optimal times to be posted. This is regardless of whether it is social media posts, blogs, email newsletters, or a combination of it all.
The actual content can be automated too. With technology continuing to impress and advance, AI can help create content for companies. This includes writing blog posts and making them optimized to become discoverable and attract more visitors to your company, automating the content sharing on social media based on the best time. This is just one example of how content can be automated.
Situational-Predicted Marketing (Weather)
Machine learning has allowed advertising to become so hyper-specific that it can even be situational. One of the more interesting factors that have been considered is the weather. At a glance, it may not seem so important. But weather can have a serious impact on a consumer’s behavior.
Whether they shop more online or whether they shop less because they prefer an in-store experience. This information becomes invaluable and can then be tailored into a profitable situation.
Getting Started With a Professional
Now, it may be counterintuitive to read this article and then turn to someone to help you get started. To get started in the world of AI and machine learning, it doesn’t hurt to have a well-versed marketing team familiar with this technology.
As the marketing journey continues, you may not need to have continued professional services. But it’s possible you might, as technology doesn’t seem to be slowing down any time. It’s a massive tool the companies would be amiss to pass on. That’s why many are turning to AI and machine learning. And so can you.