By 2018, more than 51% of businesses were already using artificial intelligence in some form or other, according to a survey by Salesforce. Artificial intelligence has been around for a while now and is rapidly being adopted by businesses. It is no longer the future, but an important part of the present. If your business is not using or even considering artificial intelligence within your business strategy, you are missing out a lot.
What is Artificial Intelligence?
Artificial intelligence, or AI, is a machine’s ability to perform cognitive tasks and complex processes with minimal human intervention. In simple words, it means that a machine can take decisions like a human being by assessing situations and responses.
The common perception is that AI will soon make human beings redundant. On the contrary, AI actually makes time-consuming processes a lot simpler and streamlines operations. This makes planning and execution a lot simpler, leading to higher productivity and consequently, more success.
What is the Role of AI in Digital Marketing?
AI is used by businesses in a large number of ways. From cracking search engine algorithms to self-sustaining chatbots to auto-generated replies, the world of AI offers limitless opportunities. A digital marketing company with expertise in web development and chatbot creation can help you with this trend analysis.
A few examples of artificial intelligence would be
- The ‘People also viewed’ section on e-commerce websites
- The ‘Recommended’ section on the YouTube watching page
- Suggested questions in Google searches when you type in a question
- Chatbot customer assistants on websites that give auto-generated replies based on your questions
If you have visited banking and finance websites, you must have seen an assistant that asks you what you are looking for or what schemes you are interested in. Anything you enter from the given list of options starts a conversation which gets you closer to your purchase objective on the website. This is a great example of AI you see in action every day.
Is AI Worth Spending On?
It will definitely cost you more to create a chatbot and update it over time than to hire a customer service representative for all your needs. However, by eliminating the human error factor and with constant evolution through daily interactions, AI definitely gives you a much higher return on investment. Not to mention, with your mind free from menial but time-consuming tasks that AI takes care of tirelessly, you are free to explore the bigger opportunities.
Businesses that already use AI have reported 58% increased revenue, along with 54% more engagement, according to a survey by MarketingProfs.
What Are Some Benefits of AI?
- Predictive trend analysis:
New marketing strategies rely greatly on guesswork. There are however still many independent factors that are not accounted for which might lead to failure of the strategy. However, AI takes guesses on the basis of solid data and results that greatly increases your chances of success. An agency can help you derive insights that you can integrate into your marketing plans.
- Enhances user experience: As mentioned before, AI greatly ups your game when it comes to a better quality customer experience. It studies and analyses search patterns and behaviour and gives results that are best suited to the consumer’s needs. By predicting your customer’s tastes and choices based on fairly large sample size, AI creates a wholesome and more engaging experience for all people who come in contact with your brand.
- Allows real-time tracking: Platforms and websites with AI integration always allow the business to track the success of their content in real-time. This can help you understand what works and doesn’t work for your brand, and what your consumers like. You can also compare and evaluate metrics of multiple posts at the same time to see what performed better and other metrics that determine the effectiveness of your content.
- Dynamic pricing: Some customers are convinced to purchase with a 20% discount, while others need a greater discount to convert. Then there is surge pricing, a common tactic used by travel websites to hike up prices of tickets that are more frequently searched for.
One use of AI is to dynamically set the price of products or services depending on demand, availability, customer profiles, and other factors. This ensures the maximisation of sales and profits.
There are certain websites that can show you fluctuations in the prices of things you want to purchase, say from a website like Amazon. AI can help convert customers by raising or lowering prices to appeal to customers and create a sense of urgency. This is also a unique example of AI in digital marketing.
Anything else?
From emailer campaigns to blogs to broadcast messaging to content personalisation, AI is an important part of every business and content strategy today. To know more about the possibilities with AI for your business, contact an expert digital marketing agency in delhi today.