Imagine a world where prediction is at your fingertips, or on your keyboard. You can foresee what the customer who just entered your store needs. The viewer who has opened your site clicks on a section, and you are confident she will stay. How do you know? What helped you reach this stage?
This is the AI predictive world, where predictive analytics intrigue the human mind long before you and I can even fathom. Complex diagnoses are made swiftly and accurately, and personalized recommendations revolutionize the retail experience. This is the reality we have all arrived at—the cusp of data-driven decision-making that enhances previously unheard-of marketing strategies.
AI has been around since 1951 when the first documented success of an AI program was written by Christopher Strachey, who programmed a game at the University of Manchester. Since then, generative AI has been knocking at the doors of technology and automation.
With each passing day and each advancement in AI, it is apparent that the strategy of businesses will be categorized into AI native, AI emerging, or AI obsolete.
Retailers, marketing agencies, media companies, law firms, medical practitioners, artists, software industries… the list goes on. Everyone needs AI. AI identifies inefficiencies in repetitive processes, enhances growth via predictive models, and suggests ways to unlock innovation through previously
unattainable possibilities.
One may ask why now. How is AI transforming the marketing landscape?
Consider the following points:
- Data Rules: The need to harness and act on data is increasing exponentially with every passing day.
- Consumerism: Both B2B and B2C demand personalization and convenience in sales, marketing, and service.
- Performance: Efficiency is now favoured over talent due to economic pressures.
- Predictability: Businesses hate uncertainty. Predicting human behaviour is crucial for favourable business outcomes.
- Cost Reduction: The cost of building AI applications has steadily decreased as cloud computing continues to rise, democratizing opportunity and access.
- Investment: Major companies worldwide have been aggressively investing in AI research and innovations catering to various businesses.
- Venture Capital: Investors are backing companies that are developing smarter AI tools.
Considering all these factors together, it’s a perfect storm of wide-scale disruption for the marketing industry.
Having said all that and more haven’t we been marketing our products even before AI tools existed?
Do we need the efficiency of AI tools that have made some jobs redundant?
