By Neel Pandya
Marketers the world over face a plethora of challenges in an ever-evolving marketing landscape – data depreciation, broad or wide-range targeting, adapting to an omni-channel marketing approach while still achieving precision and accuracy in channel-wise measurement, to name a few.
These challenges compound the difficulty in chalking out an effective marketing strategy – an invaluable asset for any business. Having said that, it’s highly imperative for marketers to fine-tune their objectives and challenges and this is effectively possible with AI.
Pushing through the bottlenecks
While running multi-channel marketing campaigns, it’s a given that data flows in from all touchpoints. Processing such massive amounts of data and creating suitable data sets is strenuous. This is exactly where artificial intelligence co-pilots the marketer. AI can analyse billions of data points flowing in from multiple touchpoints at once.
It groups audiences into cohorts based on similarities for predictive customer segmentation. It goes on to provide suggestions about relevant cohorts, audience expansions, real-time cohort updates, and predicts audience engagement, so brands can plan their future campaigns efficiently. All of this happens in a few blinks.
Given the heterogeneity of customers and their preferences, messaging can be quite tricky. According to the marketing firm Yankelovich Inc., the average person views a minimum of 5,000 ads every single day.
Questions such as how a brand stands out and continues to stay relevant haunt marketers perennially. Here AI plays a huge role as it can sense what the audience prefers or wants based on the data points it analyses. AI models leverage this information to recommend best-suited content for marketing communication, which in turn reap top-notch outcomes at the audience engagement and conversion level.
Moving towards one of the most glaring concerns of marketers – campaign management and ROI analysis. In this scenario, AI can sense which ad cohort performs better than the other and accordingly allocate budget to the highest-performing set, automatically. This enables marketers to save precious ad dollars and also equips them to target intelligently, strategise better and optimise marketing unabashedly.
A paradigm shift in the marketing world: The demise of third-party cookies
With cookies well on their way out and privacy settings becoming much more stringent, it’s harder to manage and analyse customer data, which can keep brands from providing customised experiences. Relying on first-party data then is no longer an option, it’s a necessity. AI-based solutions can be implemented for first-party data to be utilised, with full compliance to the regulations.
To sum up, when we look at the bigger picture, AI is certainly a game-changer for marketers. And given the potential of AI, brands that are early adopters would definitely have an edge over the rest in the coming years, carving out strategies for both long-term and short-term success.
The author is CEO – APAC and Europe at Pixis. Views expressed are personal.