New Delhi: Artificial intelligence (AI) marketing as a field is one that has yet to be explored to its fullest extent. In its simplest form, it allows its users to make automated decisions on the basis of methods such as data collection, analyzing the collected data, and further assessments of the market or economic patterns that are likely to influence marketing strategies. AI is frequently used in marketing campaigns where a fast pace is critical.
Mr. Pravin Chandan, a marketing veteran with over two decades of experience in the field, believed that AI is the future of marketing & its adoption is the best way forward.
“Intelligent technology is being adopted by several businesses across the globe and in the field of marketing as well. The dependence on the usage of intelligent technology continues to increase with each passing day. The primary rationale behind this is that intelligent technology solutions are more efficient and provide a more comprehensive insight into the potential customers thereby allowing better marketing of products or services. It helps in establishing an advantageous connection with the consumers. Vast amounts of data are being collected from consumers on a daily basis. AI helps marketers to act on this data collected by applying it to their marketing strategies,” said Mr. Pravin Chandan in regards to why AI is the future of marketing.
Though artificial intelligence has been widely accepted & used in various fields & even within marketing among large companies, the interest & importance of this application is yet to trickle down to smaller businesses.
Mr. Pravin Chandan believes that there ought to be no reason why small businesses can not adopt these new practices. He believes that neither capital, nor technical know-how, nor a lack of information, should keep small businesses & entrepreneurs from taking full advantage of artificial intelligence & the scope it adds on to existing marketing strategies.
When asked about how & where AI can be used in marketing, Mr. Pravin Chandan said, “AI can be used for a variety of functions such as for automated decision making, analyzing data, content creation, language processing, media buying and personalization. It can be used for product recommendations, ad targeting and speech recognition. All of these options allow businesses to narrow their targeting & focus their efforts on what is more likely to work.”
AI can be used to enhance the website of a business by making it more personalized, catering to the needs of each specific visitor on the website. This can be executed by collecting information about the visitor such as their location, device, mode of interaction with the website, etc. Personalization on websites has proved to increase the conversion rate.
Businesses can receive reports which analyses the traffic on their websites. This assists in analysing visitors on the website on a large-scale. It can be used to create chatbots that guide visitors on the website and also render customer support 24×7. The answers and solutions given by chatbots are immediate which is preferred by customers over waiting for a human customer support executive to revert back to them. AI can study historical data and come up with dynamic pricing by taking into account the demand for the products, economic conditions, etc. which would give the business an edge over their competitors. And with the age of GPT-3 coming, fields like content curation & copy writing too will see drastic changes through the power of AI & machine learning. These applications of course, point only to the tip of the iceberg according to Mr. Pravin Chandan.