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By Mike Kaput, Director of the Marketing AI Institute
Artificial intelligence is expected to unlock $2.6 trillion in business value in marketing and sales alone, according to McKinsey.
A lot of people assume that’s because AI will provide significantly automate processes, tasks, and even jobs—making the future more machine than human.
However, the reality is more complicated (and encouraging).
Artificial intelligence will have an impact on certain processes, tasks, and jobs. But, in the majority of cases, it will actually augment human beings—making work more productive, more effective, and even more human.
In 2016, we launched Marketing Artificial Intelligence Institute to understand better the impact of AI on marketing and sales. Since that time, we’ve interviewed and written spotlights on more than 45 AI-powered vendors with more than $1 billion in total funding. We’re also tracking more than 1,100 sales and marketing AI companies with combined funding north of $5 billion.
In the process, we’ve learned that intelligent machines actually present a huge opportunity to make your customer experience far more human.
1. Free up humans to do what they do best
Artificial intelligence tools largely augment human knowledge and capabilities. They make marketers more productive and effective, intelligently enhancing everything from media buying to data analysis to content strategy.
Most successful AI implementations won’t replace your team, but rather free them up to focus more time and energy on listening, relationship building, creativity, culture, and community.
The result? Marketing that is more intelligent thanks to AI and more human thanks to more time spent improving the customer experience.
That’s exactly what happened in the case of online classifieds website Gumtree, which used an AI tool called Phrasee to automatically write high-performing email subject lines. This freed up the company’s marketing agency to focus on creating the content and telling the stories that built deeper relationships with consumers.
2. Hyper-personalize your customer experience
Artificial intelligence excels at analyzing data at scale, then making predictions based on that data. Brands are actively leveraging this power to hyper-personalize their content, messages, and offerings.
You see this daily from companies like Amazon and Netflix, which use machine learning to better predict what you’ll want to buy or watch next. Whether a custom model or off-the-shelf solution, AI has the ability to personalize customer experiences on your website based on the data you have available about consumers.
Done right, this type of AI-driven hyper-personalization creates seamless experiences for consumers, and creates enormous value by suggesting even more products and services to improve their lives.
Hyper-personalization with AI has been demonstrated by restaurant chain TGI Friday’s, which uses the technology to send personalized offers to regular diners and concoct drinks tailored to a specific customer’s taste and mood.
The result? Happier customers, to the tune of a $150 million increase in revenue for the chain.
3. Create more value for more customers—more often
Remember how we said AI excels at crunching large datasets? That sounds pretty machine-like, but it leads to even more human-centered results.
Brands aren’t just using AI to personalize. They’re also using it to learn even more about their customers and prospects, so they can create even more value for them. From chatbots to virtual assistants to AI-driven customer insights, AI and intelligent automation are delivering more value to more consumers in more places.
Along the way, AI can even find people your brand didn’t even know it should be serving, like it did in the case of travel company RedBalloon, which used AI to find markets it didn’t even know were craving its products.
How to Make AI Your Competitive Advantage
This is just the beginning. We’re still in the very early days of AI adoption in marketing and sales.
If you want to accelerate AI education and adoption, I encourage you to join us at the upcoming Marketing Artificial Intelligence Conference (MAICON).
MAICON is designed to help marketing leaders truly understand AI, educate their teams, garner executive support, pilot priority AI uses cases, and develop a near-term strategy for successfully scaling AI.
MAICON has 40+ sessions and 60+ speakers from companies like Amazon and Softbank Robotics.