What Are the Applications of Artificial Intelligence in Marketing?
It is clear that with the advancement in technologies, artificial intelligence has become an important aspect of industries these days. With helping businesses with their product manufacturing to collecting customer data for retail industries, there are numerous applications of artificial intelligence in marketing.
Apart from helping businesses make better decisions, artificial intelligence is also aiding them to eliminate the hardship of repetitive tasks but automating them with the help of robots. Not only the workers will have time to use their skills on something innovative now, but the businesses can also continue to manufacture without any extra cost.
Almost every company today is working hard and competing with each other to retain their share of the market. For that they will need to dedicate more of their revenues for marketing, to get an extra edge from their competitors. When a business has a well-planned marketing strategy, it helps them understand the customer and produce services that value the demands of the users at its best.
It is no secret that digital marketing now dominates the industry compared to traditional marketing channels, simply because it allows an organization to connect with their customers in real-time. Due to such benefits, marketing has always been one of the most powerful tools a business can use to influence and impact the decision of a consumer.
With a great tool that enhances customer experience such as AI, every effort that a business makes can be successful. Here are some applications of AI in marketing.
Companies now have the ability to improve the experience of a customer with the help of useful data. But with all the data they collect, analyzing it might not be as easy for humans as one might think. To streamline the process and save resources, using artificial intelligence would be the right direction since it is capable of handling complex tasks without the limitations that human workers might have.
Artificial intelligence has had a very profound impact on the search experience of users over the years. Companies like Google, Amazon have implemented the use of ai in their searches to enhance the user’s experience. With the introduction of natural language processing, it became much easier to enrich the search results.
Even though the visual search technology is still at its early stages compared to other technologies, it has still made it easier to recognize images based searches. Over the years we can see how image-based search is replacing text searches on platforms such as Pinterest.
With image-based searches, it has become much easier to improve the shopping experience by offering personalized search results. Brands such as Snapchat and eBay are among the few that have already implemented this technology on their platform.
With the help of artificial intelligence, businesses can offer products based on the data analyzed from their previous experiences. Businesses such as Amazon, Netflix, and Spotify are known to frequently use this to benefit immensely from the AI’s data pairing system by offering recommendations based on their products they have searched previously.
Dynamic pricing allows a business to offer prices based on customer behavior. One such example is Indian Railways, which implemented dynamic pricing on all its superfast trains.
The pricing will adjust based on the demand and season and they have certainly seen an increase in revenue as well. Airbnb also uses AI to let people list their properties at their favorable prices. Using AI in marketing helps businesses target customers and offer suitable prices based on what they are expecting.