What is Artificial Intelligence?
Artificial Intelligence is the potentiality that a computer or robot possesses to perform the cognitive tasks of a human brain like complex decision-making, reasoning and learning, speech recognition or language transaction, and so on.
Artificial Intelligence can be divided in several types but according to a recent study there are basically two types of the main classification which are especially based on the capabilities and functionalistic features of AI. The following flow diagram gives a quick reflection on the categorizations of AI.
Marketing Strategy and its relation with AI
These marketing strategists have grabbed the concept of AI to understand the graphical set of a consumer’s mind, and their preferences, analyze the data and taking a decision on the observation simultaneously.
According to the most recent state of marketing study by Salesforce Research, marketers’ use of AI has been up reared between 2018 and 2020, jumping from 29% in 2018 to 84% in 2020. This drastic rise of AI will eliminate 85 million jobs and create 97 million new opportunities by 2025.
From driverless cars to smartwatches that use inputs from accelerometer sensors to distinguish between ordinary activities and aerobic activity, artificial intelligence is modifying the way of living, traveling, or working in the 21st century.
Here we’ll enlighten the A to I industries that have used AI tool as their key factor for designing a marketing strategy.
- Chat boat to Consultation
- Data collection and analysis
- Education to E-commerce
- Finance, Fuel
- Gardening to Gaming
- Holiday planners
Elon Musk predicted in 2017 that within the coming ten years we will reach in such a world where we would witness autonomous driving in the next ten years and we are very close to that dream that’s coming into reality within the next four years. There is a concept called ACES that better describes the core benefits of AI in the automotive industry. They are
- Autonomous Driving
- Car connectivity with data censors
- Shared mobility
AI holds great potential in the marketing and sales strategy of the automobile industry. Leading companies like Mercedes-Benz, Tesla, Volvo, Bosch, and many other large industry players are already adopting AI technology to perceive a competitive advantage.
- These companies are using AI technology to get a psychographic outline of their targeted consumer circle. They are rapidly increasing their programmatic advertising methods with AI at its core.
- The companies use AI to customize their customer’sneeds by developing individualized offers and personalized pricing.
- AI helps to build stock configuration and distribution.
- Interact with individuals via chatbots and provide virtual assistance.
- AI has the power to manage leads automatically and give after-sales and service
In this era of digitalization and innovation, it’s almost impossible for any Industry to remain isolated from technological advancements to survive in the competitive market. Likewise one of the main industries in this world called the banking industry can’t help to remain separated from the new innovations and happenings in the field of AI and the digital economy. The three major channels where a bank uses AI are
- Front Office (conversational banking) : Banks are leveraging AI at the front end to smooth customer identifications, deepen customer relationships and give personalized reviews and recommendations.
- Middle Office (fraud detection and risk management) : AI is being applied by the middle–office section of the banks to measure risks, detect and prevent payment frauds, improve the process of Anti Money Laundering i.e., AML, and to perform Know your customer (KYC) on a regular basis.
- Back Office (underwriting)
Chatbot or interactive AI is a technology that creates an environment where humans and computers can converse or communicate effectively. Here AI works by recognizing the speech or text patterns of the users and by predicting their intention it can respond in an adaptive and automated script. It can perform truly natural and human-likeinteractions.
Businesses today are investing in conversational AI on a large scale for a number of reasons.
- With the advancement of digitalization, the individual needs of the consumer circle have been upgraded in a radical way. They desire to experience a world-class affair from even so-called small organizations. So, whether the consumer moves from personalized chat to live chat, they’ll experience a highly personalized journey through chatbots.
- Conversational AI can create a customer-centric experience by increasing self-service and live agent assistance with intent, emotion, and sentiment analysis. It can increase first contact resolution (FCR) and customer satisfaction scores.
- This technology can even uncover insights that human representatives would be unable to recognize.
- It improves the way of decision-making by analyzing the information perceived by the consumers.
When it comes to artificial intelligence there is no term like data overload because it possesses the ability to collect enormous amounts of data, analyze them, and get accurate levels of results in concern to a particular issue. It can even create predictive analytics of a customer’s psyche for creating a marketing strategy by only researching upon the customer’s previous record of product usage, buying details, and choices.
- Various AI-powered chatbots assist the students to meet their queries on a particular topic or provide a round O clock assistance to reach the maximum efficacy on a particular subject matter.
- AI is not meant to replace the teachers but to complement them. AI would be able to detect a student’s weaknesses and alert the respective teacher about it as he has to reteach the same material because the student hasn’tunderstood it yet.
- AI can detect a student’s weaknesses in detail and personalize the educational software for individuals. It can customize the learning journey of a student by their capabilities.
The implementation of AI technology in today’s e-commerce industry is like a blessing for investors not only for that it is a noble technology but its cool factor enables them to optimize the customer experience from the core and it can accurately predict the better business decisions by continuously analyzing the consumers’ data. Here we will enlighten the ways Ai has been implemented inbusinesses for a better understanding of the customers, generate new leads and provide an upgraded customer experience.
- The AI technology empowers the business to develop a customer-centric acquaintance. By enabling machine learning this software can generate tags, organize them and present visual content featuring images or video.
- According to the previous concept it is the CCTV cameras that have the ability to scan the faces of shoplifters but now this AI technology has been implemented to recognize the faces of customers who dwell times in the physical store. That means if a customer spends a particular amount of time in search of a particular thing, then that can be stored as information till their next visit to the store. This is all about breading the psyche of the customer and setting a strategy to respond to the customer in according to their needs.
- Many AI systems like Siri or Alexa have been invented to assist customers and handle their queries or solve their problems only by enabling them to understand natural language as voice inputs.
- The AI engine is continuously monitoring the mobile applications or the e-commerce websites or an email campaign to create a unique customer review which enables e-commerce retailers to deliver a flawless customer experience4 across the platforms. So, the next time when a customer will browse for the best deals on a laptop the AI technology would help them to inform about flash sales on laptops to assist in their journey.
- The conversational chatbot actively engages a consumer to automate the order process. It provides a valuable customer support solution for the retails and is often the most convenient way to get visitors answered.
- The big brand Amazon has already snatched a reputed position in implementing AI technology by using Alexa on their Echo device. By the assistance of Alexa customers can find local gigs for the upcoming weekend, book an uber for transport or even order a dinner from Domino’s only through voice commanding. virtual assistance has a positive impact on customer’s purchase rate which can provide e-commerce retailers with a massive advantage of it.
- There is a process of recommendation to users depending on their last purchase or search history on the browser. For example, Amazon recommends products to their buyers based on their activities or last buys. On the other hand, Netflix makes TV or movie recommendations depending on their user’ssearch categories.
- This technology borrows an advantage to create an overview on the best demanding product on the market,and adjust strategies according to its necessity and availability by quickly arranging their own product mix and pricing them with the most accuracy.
- Amazon has already introduced the technology to convert speech spoken by the customers via machine learning algorithms known as “deep learning” to engage the retailers with their consumers.
- AI has the power to battle with the fake product reviews and boost the company to hold their popular star ratings in an effective and convenient way.
AI has a lot of dealings with the Finance industry by helping them out with
- Risk Assessment
- Risk management
- Financial advisory services
- Managing personalized banking
- Credit decisions
- Better predict and assess loan risks
- Enabling 24/7 customer interactions and so on.
The AI tools helps the oil and gas companies to digitalize their records and assess the value of particular reservoirs, making a plan by assessing the geology of the area and measure risks of each individual as well.
Ai technology is rapidly reaching to a point where intelligent computers are engaged with our daily life. There is almost no field remained that has been untouched by the blessings of AI. Agriculture or the horticulture industry is one of them.
- Artificial Intelligence can detect a real issue and guide in the preservation of the environment.
- AI can also assist in the tasks like watering the plants, managing the crops, and doing an inspection on the overall matter.
- AI allows detecting the pests in the garden and can offer a simple and best ecological solution before any harmful damage is occurred.
Artificial Intelligence is there in the gaming industry since 1950’s. It mainly plays the role in video games as an intelligent non-player character i.e., NPC who contains human-like intelligence. Here AI is used to create responsive and customizable behavior in non-player characters. AI and gaming not only goers’ hand to hand but they are actually correlative.
There are so many planners in the market who makes a plan of individual’s holiday trip in according to their preferences and budget. There are some companies in this industry like Utrip or Claire who uses AI technology to collect data in accordance to their customer’s interest’s budgets and must-see places and sorts through countless destinations to give them a personalized travel plan. The AI powered assistant chats with the customers, learns about their preferences and schedule trips and transports or provide solutions for a missed or delayed flights.
AI has the potentiality to affect the insurance industry from a large vision. Now AI is being used in the insurance industry for claim processing underwriting, fraud detection, and customer service. Here in this field, they use chatbots too for better engagement with the needs of the customers. Now day’s insurers are lying upon investing in AI technology for the best outcome in their business.
So, from an inquisitive discussion on various industries and their way of the utilization of Artificial Intelligence as one of the important tricks in designing market strategies we can sum up that AI is becoming the chief tool to reach the targeted customers in a most specific way for any industry in the market. With the help of AI, technology marketers can detect trends and predict them for future purposes. We have already reached that destiny where we’ll find the business industry is growing to be smarter through the bird’s eye view of artificial intelligence.