Artificial Intelligence (AI) algorithms can be used to analyze website traffic, identify keywords that can help improve search engine rankings, and track competitor activity. By leveraging AI-powered tools, marketers can gain insights into their audience's preferences and customize their content accordingly. AI tools can also help you detect opportunities to improve your products and offerings and cover market gaps. You can also use AI to identify your competitors' voice share and find intelligent ways to stay competitive in the market.
In addition, you can use AI to compare your social performance with that of your competitors through competitive benchmarking. This allows you to adjust your strategy or benchmarks to maintain a competitive advantage. AI marketing refers to all the ways in which AI technology can help you carry out successful marketing efforts. Marketers must constantly look for new data sources, such as internal transactions, third-party vendors, and even potential acquisitions, as most AI applications, especially machine learning, require large amounts of high-quality data. AI marketing combines AI technologies with customer and brand experience data to provide highly accurate information about the customer journey and market trends.
A great example of the use of AI in marketing is Gmail and Google Docs, which use AI in Smart Compose to read what you write, then understand it and suggest what to write next. To ensure these protections and maintain customer trust, Chief Marketing Officers (CMOs) should establish ethical and privacy review boards with legal and marketing experts to review AI projects, in particular those that include customer data or algorithms that may be prone to biases. Many companies adopt a “track and execute” approach, starting with a standalone task automation application that is not customer-facing, such as one that guides human services agents who interact with customers. While other brands might be content to use existing AI technologies in their marketing campaigns, Coca-Cola launched its own AI platform, created exclusively for the brand by OpenAI and Bain & Company. Today, many companies use AI to manage limited tasks, such as placing digital advertisements (also known as “programmatic buying”); to help with broad tasks, such as improving the accuracy of predictions (think of sales forecasts); and increasing human efforts in structured tasks, such as customer service. Therefore, the key for marketers when it comes to expanding the intelligence and reach of their AI is to ensure that their privacy and security controls are transparent, that customers can have a say in how their data is collected and used, and that they get a reasonable price from the company. It is prepared to do so in a variety of ways, such as through data-based product improvements, personalized services, and influencing consumer demand.
AI can streamline the sales process by using extremely detailed data about people, including real-time geolocation data, to create highly personalized product or service offerings. In the midst of the rapid diffusion of new technologies in recent times, many market leaders have been encouraged to take a step forward in a more advanced and efficient area where AI has established itself as the most powerful weapon.
