The launch of Chat GPT and Jasper has taken the world by surprise. This new generation of Artificial Intelligence (AI) is unmatched in its ability to respond, react, and converse with us. It is an industry projected to reach $42.4 billion this year. But how do they work?
These pattern recognition programs draw from large swaths of text datasets to analyze the structure of language. For example, ChatGPT may recognize which words commonly appear near each other, or the typical length of sentences, or how to compose a paragraph. It can even dabble in humor.
This generation of AI has (nearly) perfect grammar, cohesive and varied sentences, and thoughtful responses to our requests. What was once available only in movies, has now come to life.
The advancement of AI has brought many exciting benefits. For marketers, AI enables us to focus on more impactful initiatives such strategic development, big-picture thinking, and planning campaigns.
Let’s look at 4 ways AI is impacting marketing:
Automation and increased productivity: Let’s be honest. We all have those tasks that we’d rather put off until the last minute. AI can automate repetitive and time-consuming tasks such as setting up email marketing campaigns and social media posts, so that marketers can focus on creative and strategic initiatives. (Now if only it could do the dishes for me).
Personalization: Have you ever visited the website of a clothing store and noticed that your favorite styles are on the homepage? Maybe there’s a “for you” section filled with your go-to colors and fabrics? This is likely the work of AI. AI algorithms can analyze consumer data to create individualized, tailored experiences that increase engagement and conversions.
Audience analysis: Whether you’re a writer, a comedian, an actor, or a marketer, one thing is vital: know your audience. By analyzing consumer data, AI provides insights and predictive analytics into consumer behavior and buying patterns. We can use these insights about our prospects or customers to inform marketing strategies, leading to more effective campaigns and a better return on investment.
Chatbots: Have you met that friendly little chatbot that appears at the bottom of your screen on some websites? That is also a form of AI! AI-powered chatbots help businesses support and assist customers in real-time. This improves customer satisfaction and reduces churn.
AI won’t be replacing your marketing team any time soon. Rather, it’s a useful resource that can take mundane and repetitive tasks off our hands (or at least ease the burden). This allows us to allocate our resources and brainpower to strategic planning and better personalization, leading to higher retention rates and increased Customer Lifetime Value.