Why is artificial intelligence a specialty
Artificial intelligence in marketing - the invisible potential for visible success
Outlook - specialty
| Reading time: 10 minutes
by Elena Kalms
Most of them are aware of the basic existence of so-called artificial intelligence, and only very few of them are aware of its practical use: namely, almost only those who are already actively involved in it. That is a shame, because the profitable potential of today's AI technology is demonstrably available for various industries.
What advantages and possible uses does the current state of artificial intelligence offer in the context of modern advertising strategies and measures? In which directions is it worth thinking and investing? We provide an overview of how marketing departments can now benefit from the resources of artificial intelligence.
What is Artificial Intelligence?
If the term “artificial intelligence” is used today, it is difficult for many not to first think of the image of a human-machine hybrid moving somewhere between utopia and dystopia. Not surprisingly, when a large part of the current world population grew up with visions from literature and film, according to which totalitarian surveillance had prevailed for decades, private airships replaced cars and supercomputers developed an unpredictable life of their own. Not everything remained a pure vision, neither on the pro nor on the contra side. Nevertheless, the current state of the art shows that AI - used sensibly - is writing groundbreaking success stories and shaping current reality from its once fictional contours.
„The greatest potential of AI is in marketing.“
Artificial intelligence is a branch of computer science that bundles various aspects of mathematics - especially statistics - and machine learning. It can be divided into three sub-areas: perception, learning and action. In practice, the tasks of artificial intelligence can be defined and summarized as follows: An AI reads in existing data, recognizes and analyzes relationships in this data and derives actions from the knowledge it has learned.
The goal of the system is to become more precise, more reliable and generally “smarter” through repetitions over time. Basically, you don't need any more previous knowledge to develop an awareness of how diverse and, above all, how promising the entrepreneurial possibilities of artificial intelligence are. And it's not surprising that, according to recent studies, the greatest potential of AI lies in marketing.
AI in Marketing: Uses and Benefits
The tasks that an AI can optimize or even take on in marketing are so varied and sometimes individual that it should initially only be about a well-founded basic understanding of the nature of these processes. In the first step, it is important to understand that data is the basis of all AI. A sufficient amount of data is essential for an effectively functioning AI system. Ultimate intelligence may be created artificially, but it is based on real data. These are recorded and analyzed using (moving) image, text and speech recognition. For example, when evaluating advertising campaign pretests, recognizing emotions in faces in the truest sense of the word provides valuable insights - and uses them in favor of the consequently optimized campaign. What the AI does with such and other collected data can be reduced relatively easily to one core aspect: Recognizing patterns in order to derive forecasts from these. The following applies - the larger the amount of data, the more representative the pattern and, in turn, the more precise the forecast.
This cycle quickly reveals various tangible advantages for marketing and sales, starting with the automation or personalization of advertising measures. Even without AI, a good marketing department, whether in-house or in the form of an agency, can determine target groups for certain services or products relatively accurately. Apart from the royal court tailoring, however, it will hardly be possible for a company and / or advertiser to exploit the potential of this target group and to address a large number of hypothetical customers personally. Even small companies that (have to) deliberately limit their customer base often miss opportunities to expand because the real customer potential does not seem tangible.
Artificial intelligence can change that. Corporations such as Facebook, Amazon and Spotify show on a grand scale what is possible in the field of personalized and automated advertising. A look at the Facebook timeline or the Amazon homepage shows that your own purchase potential was analyzed and categorized before you knew what you were looking for. This targeted approach is possible for every company using AI - through data collection, analysis and evaluation.
„A target group can be determined, but not actively adapted - but the product and campaign can. "
Of course, the decisive factor for success is not only that the desired target group is reached, but also that the product fits the target group in terms of various parameters. Here, too, an AI system can significantly improve the ultimate sales probability. Customer-specific characteristics such as age, gender, marital status, income and purchase history allow an optimized calculation of the CLV (Customer Lifetime Value), which enables more precise predictions of customer behavior: How willing is person XY to pay, what needs should my product meet and what kind of address it is expedient? The answers to these and other classic marketing questions can be determined through collected empirical values and current sentiment analyzes and can thus contribute to the effective adaptation of product and campaign. The situation is similar with dismissal prevention and customer recovery. If customer needs are forecast correctly, active action can be taken in good time - for example by means of an offer that is precisely tailored to the needs of the customer.
So-called chat and social bots are less about prognoses, but more about immediate intervention based on experience and data analysis. The latter are a further development of chatbots and are specially designed for advice and support in the context of social networks. The ultimate complexity and thus also the degree of autonomy of such bots is variable, the basic function is always similar: intercepting users / customers, advising or providing first aid if possible and, at best, involving them in further interaction with companies or brands. The more “trained” the bot, the more individually and accurately it can respond to users and the more likely it is that users will become customers or that customers will become (more) satisfied customers.
"Will my work be done by a machine soon?"
No. Or "yes, but ...". Even the most intelligent chatbot should not act completely unobserved, but needs to be checked regularly. Just like the results that it delivers must be translated into further follow-up activities. The great fear that technological progress would reduce human jobs is not completely irrational, but requires a change of perspective rather than resignation. The question is not what can I do to prevent modernization and all the possibilities that arise from it, but how can I make the best possible use of the support of artificial intelligence? The symbolic lone wolf only appears threatening if it does not belong to its own pack. If you learn to communicate with him, his strengths complement that of the group and more can be achieved together.
Can I receive further training to guide my company into everyday work processes through the implementation of AI? Yes, the development of so-called “Translator Skills” enables business problems to be translated into AI issues and thus not only strengthens the company's success, but also strengthens one's own position. Do I do more tasks in the same time when an AI takes over part of my work? Can the quality of my results be optimized if they are checked by a highly intelligent program? Here, too, it is very clear twice: yes.
„Success arises when man and machine complement each other perfectly in their work.“
Around 80% of marketing experts believe that the use of artificial intelligence is important for business success. But not by replacing human marketing teams. At this point, the replacement would neither make sense nor part of practical reality. An AI can optimize marketing processes, but it does not act as a completely autonomous system. It is about the substitution of certain human activities and the effective use of the capacities that are freed up as a result. When people and machines complement each other perfectly in their work, precisely the efficiency advantages arise with which one company is suddenly significantly more successful than another. And from the outside you ask yourself: How do they do it?
As mentioned at the beginning, current studies suggest that the great, if not the greatest, potential of artificial intelligence lies in marketing. It is noteworthy here, however, that the number of successfully implemented AI applications in marketing has been limited. All the more reason to familiarize yourself with the topic now in order to be able to offer services as an agency and quality and productivity as a company that are ahead of their time and the competition. Investing in artificial intelligence is not a pursuit of an eventuality. The possibilities and advantages are in fact obvious and are so diverse and numerous that it is not even necessary to limit oneself to future tasks or to completely revamp the business philosophy. On the contrary: the AI optimizes existing processes and initiates actions that have to be carried out by companies and employees.
„An evolution of the company's competencies.“
The step towards AI is certainly a challenge for the professional self-image. What is the value of my work if at the end of the day a chatbot looks after the customers or a system provides creative campaign proposals and forecasts the ideal media plan? What is important here is the focus on the evolution of one's own competencies and those of the company: What (greater) value can my work have if a chatbot or other intelligent system creates space and opportunities for me?
Elena's great strength lies in the multidisciplinary use of her creativity. Started as a trained media designer, she now brings her skills across the board
in the areas of conception,
Graphic design and text.
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