As the world tries to find its footing amid unstable surrounds, business vulnerabilities are exposed. There’s no margin for error, no time for lag. Agility is critical. Much hinges on the ability to predict and rapidly respond in real-time to consumer sentiment. This is where artificial intelligence (AI) not only comes into play, but is unrivalled.
Despite the pandemic, AI’s use in marketing continues to accelerate at an unfathomable pace. Organisations are increasing their AI investment by over 30% this year, with global spend forecast to double over the next four years to over $110 billion. Why the surge in investment? Because leading organisations recognise that AI is a critical component of their digital transformation strategies. Without AI, they simply can’t compete. And make no mistake, it’s a race.
In this volatile market with waning consumer sentiment, there’s no time to waste. Speed, predictability and accuracy are paramount. With new COVID-19 hotspots identified hourly, regions can shut down and sentiment can shift within a moment. For today’s marketers, they face a near impossible task. How do they keep pace with consumer intent in such an environment?
Through AI, that’s how.
AI coupled with machine learning takes immediacy to the next level, enabling organisations to not only stay in step with consumer intent, but actually ahead of it. By deciphering, analysing and consolidating big data across all platforms and channels (social, programmatic, paid search), AI can predict consumer behaviour in real-time with supreme accuracy and speed. Through pattern identification and deep learning, AI optimises campaigns and delivers personalised ads down to a specific individual at their very moment of purchase decision making. Advertising can’t get more direct or responsive.
Through integrating AI into their marketing technology stack, organisations can significantly boost their capabilities in responsive advertising, rapidly optimise campaigns, unite channels, identify new audiences, reduce inefficiencies, eliminate irrelevant leads, discover untapped channels, execute mix and match creatives at speed, and vastly increase their return on advertising spend (ROAS).
For those early adopters of AI, the statistics are compelling. Following the implementation of Albert AI, Harley Davidson New York achieved record results, increasing their leads per month by 2930%. Similarly, Crabtree & Evelyn lifted their ROAS by 30% within just two months.
Here in Australia, after bolting Albert onto their existing stack, Cellar Masters increased their ROAS by 149% YoY, Optus doubled their conversion rate in their Wireless Broadband category, and RedBalloon reduced customer acquisition costs by 25% in the first month.
In a buoyant market, there might be enough room to cast a big net to catch a few fish. But in this environment, the target needs to be narrowed. Organisations need to hook one fish in a tiny bowl. And then repeat as necessary.
So, if you’re one of the organisations still marketing to the masses versus communicating to a person, or having humans perform tedious functions that a machine can do in milliseconds, then you better get your skates on. AI is here to stay.
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