The world of marketing is in a state of transformation. Once considered a purely creative domain, the profession has evolved to encompass a unique blend of artistic flair and analytical prowess. Today’s marketers must not only conceive captivating campaigns but also possess a deep understanding of data, technology, and the ever-shifting digital landscape.
Gone are the days when a clever slogan and an eye-catching visual were the hallmarks of a successful marketing strategy. In the modern era, marketers must be adept at navigating a complex web of metrics, analytics, and cutting-edge tools. The rise of digital channels, social media, and the proliferation of data has fundamentally altered the way we approach marketing.
Today’s marketers need to be part data scientist, part tech wizard, and part strategic visionary. As a marketer myself for about 8+ years now, the integration of artificial intelligence (AI) and machine learning (ML) has been a game-changer. These transformative technologies are not merely supplementing the work of marketing professionals – they are increasingly taking the reins, automating and optimizing crucial aspects of the marketing process.
Gone are the days when marketing campaigns were built solely on intuition and creative flair. Today, the most successful marketers are those who have embraced the power of AI and ML to drive data-driven decision-making and hyper-personalized customer experiences.
In the early days of my marketing career, the process of selecting the optimal channels to reach and engage customers often felt more akin to an art than a science. Armed with little more than intuition, experience, and a dash of creative flair, I would pore over industry reports and make educated guesses about which platforms and tactics would yield the best results.
The rise of sophisticated data analytics and the widespread adoption of ML have ushered in a new era of marketing – one where gut feelings have been replaced with proven insights. One such tool used across the industry is a media mix model. Media mix model is a data-driven approach that uses ML and helps marketers understand the relative effectiveness and impact of different marketing channels and tactics. It’s a way to quantify the contribution of each marketing activity towards the overall marketing performance and sales.
Here is an example of how it works:
In my previous job, we always looked at last touch channel for attributing success to a channel. One of our channels (let’s call it A), always stood out to be a winner. With a simple look at this data, any one would just say, spend more money in ‘A’ to achieve your target. And that’s what we always did. Until we developed a media mix model of our own. The model looked at clicks, impressions, seasonality, ad stock and various such data points and recommended cutting down our spend on ‘A’!!! And relying on organic (or non-paid channels) instead. But why?? Because the channel was not incremental. Which meant, people who use that channel as a last touch channel would have come to our website anyway. We of course tested the model! And it was right. Our marketing spend decreased by more than 50% and with 0 impact to our KPI (key performance indicator). We learnt our lesson.
This article explains MMM very well – https://www.marketingevolution.com/marketing-essentials/media-mix-modeling
Have you ever seen websites that show product recommendations that are super relevant to the product you are considering to buy? That is a form of marketing, isn’t it?
Looking to buy a new work desk? We also recommend a chair and a wire organizer.
These recommendations are super relevant. How? This is the power of AI. Rather than relying on rudimentary rules-based systems, leading e-commerce platforms are leveraging AI to analyze massive amounts of customer data, identify patterns and preferences, and serve up tailored product suggestions with uncanny accuracy. This not only boosts conversion rates but also fosters a sense of loyalty and trust with the brand.
Read more about this here https://www.itconvergence.com/blog/top-use-cases-of-ai-based-recommendation-systems/#:~:text=AI%2Dbased%20recommendation%20engines%20use,preferences%2C%20behavior%2C%20and%20history.
In the Search Engine Optimization (SEO), content is considered as king! For an SEO expert, getting an article written from the content writer based on the targeted keywords would take anywhere between 3-5 days. Not anymore!
Automated content generation, powered by natural language processing (NLP) and deep learning, is enabling marketers to produce high-quality, personalized copy at scale in just a few minutes. From personalized email subject lines to dynamic landing page content, these AI-driven tools are freeing up valuable time and resources, allowing marketers to focus on higher-level strategic initiatives.
The automated future of marketing is here, and AI and ML are firmly in the driver’s seat. The question is, are you ready to take the ride?
{Categories} _Category: Takes{/Categories}
{URL}https://techbullion.com/the-automated-future-of-marketing-ai-and-ml-take-the-reins/{/URL}
{Author}Cheitali Thakkar{/Author}
{Image}https://techbullion.com/wp-content/uploads/2024/06/Automated-Future-of-Marketing-1000×504.png{/Image}
{Keywords}Digital Marketing,AI,Automated,marketing,ML{/Keywords}
{Source}POV{/Source}
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