From marketing to building a database to enhance user experience, AI and ML has been emerged as an essential tool for marketers
Marketers need to remember that it is not the content which is good or bad that matters but whether that content is suitable for the targeted consumers which matters.
In 2020, artificial intelligence (AI) and machine learning (ML) is expected to bring context and relevance to every marketing brief. The use of AI and ML has enabled companies to enhance brand positioning, deliver strategic and targeted communication, besides bettering consumer experience. More importantly, it has allowed brands to become relevant to consumers by getting a peek into their needs and delivering upon it. For Ujjyaini Mitra, data science, head, ZEE5 India, the most important factor in marketing today is to customise the product to the needs of each and every consumer. “Marketers are no longer targeting a segment of people but are instead now targeting every individual, individually, and this is impossible to do without the help of artificial intelligence,” Mitra added. She was speaking at the inaugural edition of BrandWagon Conclave 2020, held virtually. The panel was moderated by Lloyd Mathias, business strategist and angel investor.
Mitra also pointed out that marketers are taking the hyper-personalised route nowadays.”This is primarily because when the right consumers are presented with the right content and the right time, that’s when the high conversions happen,” she highlighted adding that marketers need to remember that it is not the content which is good or bad that matters but whether that content is suitable for the targeted consumers which matters.
Insurance industry, on the other hand, is new to using AI and ML. However, their use is not limited to simply marketing. The biggest use of AI and ML is on claims adjudication on insurance as the focus changes first to customer experience, Anika Agarwal, CMO and director digital business, Max Bupa, said. More than marketing, Anika claimed, Max Bupa is using AI to build their database. “Insurance is still at a nascent stage in terms of advertising. Since our spends are largely driven on conversion and efficiency, we first use AI to build a better user experience for consumers, on the back of data, and then we move on to advertising,” she added.
However, one of the biggest drawbacks of AI and ML is the technology’s complete disregard of customer privacy in order to gain consumer insight. Unlike Europe, India at present does not have any clear guidelines to protect consumer privacy. According to some industry experts that is primarily because not many users are particularly perturbed about the privacy invasion. “The reality is that the younger generation is more acceptable to share the data because they know if they want to reap the product’s benefits, they would have to let the product know what they are doing,” Ankit Prasad, co-founder, Bobble AI, explained.