In recent years, technologies such as algorithms and cloud-based data have made it possible for brands to explore using artificial intelligence (AI) to reach more customers as well as improve how they interact with them. The technology is becoming popular and widespread. In a recent worldwide study, most senior executives reported that implementing AI has resulted in a more effective way to analyze data as well as provide new insights.
The same study indicates that business spending on AI is expected to exceed $30 billion dollars in the next three years. One way that brands have to differentiate themselves from one another is by implementing AI. Obtaining the insights that it has to offer is no longer optional. They’re a must for businesses that wish to succeed in today’s economy.
How Artificial Intelligence Works
For most companies, the primary purpose of AI is to improve the customer experience. Here are some of the most common ways they use it:
- To bid on ad space automatically and improve the visibility of ads
- Direct indecisive or upset customers to an online chat
- Effectively analyze large amounts of data to pick out the most important information
At its highest level, AI is a type of computer science that creates machines that can imitate human intelligence. Problem-solving and speech recognition are the two that most people have seen. It’s important to keep in mind that humans must still program AI to get it to complete the intended tasks.
How to Decide if AI is Right for You
When used appropriately and responsibly, AI can be a very powerful marketing tool. Of course, it isn’t the right choice for every brand and company, but it is something to seriously consider. With simple problems, investing in AI is likely not a cost-effective solution. However, it can help companies save time and money by creating innovative solutions to more complex problems.
According to an eMarketer survey conducted in 2017, 80 percent of respondents stated that AI played a major role in improving the efficiency of their marketing teams. They also credited AI with providing greater effectiveness and freeing up their time to focus on larger tasks that would bring increased revenue to the organization. AI is an excellent way to stand out from the competition. However, it requires a thorough understanding to derive the greatest benefit from it.
Factors to Consider Before Implementing AI
Besides not understanding AI correctly, it’s important not to use AI in potentially harmful ways. This could include concerns about customer privacy due to the large sets of data passing through AI, replacing human workers in favor of AI, and re-purposing parts of the AI system for personal gain. With the numerous privacy concerns that have recently arisen on social media platforms such as Facebook, marketing departments must take this potential misuse seriously.
At Call Sumo, we have seen our clients achieve improved revenue and customer loyalty by implementing AI safely and responsibly. We would be happy to help you do the same. Please contact us today to request more information.