A constructive guide to developing an AI-based marketing strategy

Artificial intelligence is one of the key digital marketing trends in 2022; it has become mainstream in many different industries. Also known as AI, it has already made a huge difference in the way brands interact with their audiences.

Artificial intelligence has been around for several years, but it is growing year after year, making it an important part of the modern world.

Here are some interesting stats from Tech Jury:

  • AI-powered voice assistants will reach 8 billion by 2023.
  • By 2025, the global AI market is expected to reach nearly $60 billion.
  • The largest number of Alexa inventory skills are accessible in the US – about 66,000 skills.
  • Thanks to AI, global GDP will grow by $15.7 trillion by 2021.
  • Already 77% of the devices we use are equipped with some form of AI.

In a 2018 analysis of more than 400 advanced use cases by McKinsey, it was found that marketing was the domain that would most benefit from using AI. According to Salesforce, 84% of marketing leaders in 2020 were also using AI.

So how can your company integrate artificial intelligence into your marketing strategy?

This guide from the digital experts at Bold x Collective explains everything you need to know to get started.

Let’s start with the big question, for those who don’t know… What exactly is artificial intelligence?

Before Bold x Collective begins to identify the importance of AI and how it can be used by your business, it is necessary to understand what AI is.

Simply put, artificial intelligence is the ability of machines such as computers or robots (which are controlled by computers) to perform tasks usually performed by humans because they require human intelligence and the ability to make judgments.

It involves computer science and large data sets to build smart machines that can understand, act, and respond to problem-solving tasks like Bold x Collective does, but with the goal of being more efficient than humans.

Now that Bold x Collective has established what artificial intelligence is, let’s discuss how it affects the marketing industry.

What is Artificial Intelligence in Marketing?

AI in Marketing (also referred to as AI Marketing) is a method of using AI technology to collect data and consumer insights to improve the customer journey by anticipating your customer’s next steps.

With AI for marketing, marketers and companies can further develop their understanding of consumer behavior, which will ultimately help companies target consumers more efficiently with the right strategy.

Gaining all this insight into your consumers can also be used to increase the return on investment (ROI) of marketing campaigns by better targeting your audience.

Without even consciously recognizing it, pretty much all of us have experienced some form of AI marketing at some point in our lives; especially in the most recent years as AI technology has expanded.

Chatbots found on customer support websites or even targeted ads showing products similar to what consumers (us) were browsing before is a common AI method that Bold x Collective experiences without even realizing it.

Why is AI important to your business?

Consumers want to shop from companies that understand their needs and expectations. With AI marketing, your business can filter a huge amount of marketing data and analytics from all your platforms (social media, website, e-commerce site, emails, etc.) at a speed superior to that of a person.

AI technology can give companies the ability to filter through billions of data points and group that data into actionable information and then gain deeper consumer insights than was possible within the same time frame as a human.

Here are some ways you can integrate AI into your business:

1. Chatbots

Undoubtedly one of the most common and early forms of AI used in a business is chatbots. Chatbots, or chatterbots, is a type of software that allows consumers/shoppers to speak online and ask questions via text on a company website/application and then receive automated responses for each basic circumstance/interaction instead of having to call a customer service helpline.

According to Drift’s latest State of Conversational Marketing report, chatbot use grew 92% between 2019 and 2020, the fastest growth rate of any other brand communication channel.

If your company has noticed “frequently asked questions”, it can be very helpful and even time-saving to have a chatbot that makes it easy for your customers to ask those questions and get them automatically answered with their answer or redirected to where they can find that information . respond to emails, texts and phone calls.

2. Email Automation

As a company, you may have already set up email automation and have unknowingly integrated AI into your marketing! If not, this is a great place Bold x Collective agency would recommend starting.

Email automations are key, as they not only save you time having to send emails yourself, but also ensure that an email is sent for every customer milestone.

Have you ever experienced receiving an educational email from a company? – Or even a coupon code from your favorite online store? Receiving emails like this is a form of email automation.

There are many different types of automation that can be sent, including a welcome email, abandoned carts, reminders when products are low on stock, and more.

Some of Bold x Collective’s favorite tools for this are Mailchimp, Salesforce, Klaviyo, and Privy.

email-automation-artificial-intelligence-bold-x-collective

3. Personalized suggestions

If you are an ecommerce business, personalized product suggestions are a must. Consumers are becoming less motivated to search for articles themselves and now expect brands to already know them and know what they like.

That said, it is necessary to use AI technology to track the shopping patterns of each individual consumer and then recognize their behavior, interests and needs and of course your brand and its AI will provide personalized product suggestions for each shopper.

This means that if a consumer has browsed your ecommerce website and clicked on every blue mug or ripped skinny jeans they see, your AI software will automatically suggest several blue mugs or ripped skinny jeans that they haven’t seen yet. seen.

Examples of this can be seen on many well-known e-commerce websites from various industries, from Amazon to Sephora, from The Bay to IKEA and more.

When asked about the benefits of personalization in a 2017 survey conducted by Evergage (real-time personalization), 61% of respondents recognized improved customer experiences and 63% cited higher conversion rates.

In addition, your business will benefit greatly from using AI technology to make recommendations for your customers.

4. Get more and deeper customer insights

While it takes humans an infinite amount of time to distinguish shopping patterns from consumer behavior, especially when we dig deeper into individual consumer behavior patterns, AI technology will provide continuous insights for your business.

Using billions of different data, an AI algorithm software will differentiate and group like-minded consumers. This can help your business target specific campaigns to the right consumers and possibly even predict future customer behavior based on their past actions.

As an agency, one of Bold x Collective’s favorite customer insights tools is Google Analytics, a free tool.

It is very informative when it comes to observing website data; you can research the sources of your website traffic; the bounce rate of your website; how many unique visitors your website has had, the most popular pages on your website and more.

As marketers and business owners, Bold x Collective strongly recommends installing Google Analytics for your website.

Conclusion

The possibilities with artificial intelligence in marketing and your overall business strategy are limitless. Integrating AI into your business can not only save you and your employees a huge amount of time, but is also more efficient.

It will ultimately lead to deeper insights and results than what we could do ourselves.

If you’re looking for additional support to grow your business using artificial intelligence, the expert fat x Collective digital team is ready for you. Book a free consultation to get started.