The Influence of AI and Machine Learning

We recently ran an Instagram poll to see what types of content our audience would like to see from us. The results were not surprising… AI and Machine Learning have taken the world by storm, so the question is, ‘What influence do these technologies have in business or our day-to-day lives?’ Let us dive deeper into what it is, where it is headed, what this means for your business, how does this impact consumers, and what the benefits are of implementing AI and ML?

What is AI and Machine Learning

Artificial intelligence technologies enhance digital marketing efforts by automating decisions based on data collection and analysis. In addition, these systems enable marketers to personalise their campaigns by tailoring personalised messages to customers.

Machine learning, on the other hand, is driven by ai. This algorithm analyses information to advance digital marketing efforts. This algorithm uses historical data to make predictions, identify patterns and relationships and reinforce deep learning through testing.

Where are these Technologies Headed?

With the rapid advancement of these data structures and algorithms being just the beginning, the future is imminent. There is said to be a large amount of growth for these technologies in the following areas.

Autonomous Systems
Drones and AI-powered robots will advance and perform efficient and accurate tasks.

Healthcare
These systems will continue to assist medical diagnosis, drug discovery, and personalised treatment guidance.

Finance
The efficiency will improve in fraud detection, risk management and investment decisions.

Personalisation
AI and machine learning are already dominating when it comes to personalisation, but the improvement in accuracy with e-commerce, media, and entertainment will skyrocket.

Natural Language Processing
Advancement in chatbots and virtual assistants. AI and machine learning will advance in understanding and responding to natural language.

Cybersecurity
These technologies will increasingly be used to prevent and identify cyberattacks and data breaches, assisting with your cyber security strategy.

Environmental sustainability
These technologies have the ability to monitor and optimise resources to reduce our carbon footprint and waste.

AI and ML Impact on Consumer Behaviour

Consumers shape business success, and we need to tap into the minds of the consumers to see how we can utilise the algorithms to tailor our offering to their needs and wants.

How does AI impact our customer behaviour? By providing more tailored marketing campaigns and messages, customers are targeted based on their past behaviour and preferences. This customised personalisation, in turn, creates relevant experiences, tapping into the flywheel effect that generates strong and long-lasting customer relationships driving purchases and, more importantly, repeat purchases.

It is always crucial to ensure content resonates with the audience to encourage the desired action, and with Machine Learning, we can positively affect the consumer discovery journey as the algorithm identifies our customers’ browsing and purchase history; from this, the algorithm recommends relevant products and services to the consumer.

Today’s consumers demand convenient and excellent customer service (as they should with all this fancy tech.) Moreover, we can reduce human customer support lag time with AI-powered chatbots and virtual assistants, increasing consumer satisfaction and loyalty. In addition, chatbots clear up doubt, which drives consumers to purchase.

Overall, AI and machine learning allows us to enhance our consumer experience by better understanding consumer behaviour, increasing customer loyalty, and thus improving ROI.

How to Incorporate AI and Machine Learning into Digital Strategies

Now that we know how these tools are shaping and helping our consumers. We can analyse what this means for digital marketing and how to weave these into your strategy.

As with any strategy, it starts by identifying your goals and objectives. Then, when incorporating AI and machine learning, we map these out to clearly understand what type of data should be collected and how this data will then be used.

With Google banning first-party data in 2024, it is more important than ever to start leveraging Machine learning, unified measurement platforms and compliant AI to bridge the gaps left by the loss of cookies. This can be done by creating highly successful predictive modelling that anticipates exposure and interactions without breaking the policy laws. Implementing this combines all our data in one place, allowing AI to predict our marketing at a granular level, granting the ability to measure the impact from channel to channel and touch point to touch point at each stage of the customer journey assisting in developing an omnichannel strategy.

There is a vast range of AI and machine learning technologies, and deciding which ones are best suited to your needs can be overwhelming and challenging. Therefore, it may be worthwhile partnering with a third-party vendor to asses which of these technologies are necessary for your strategy. This will also help with the implementation and analysis process.

Although these are advanced technologies, to ensure you are getting the most out of them, it is useful to train the AI and machine learning tools on your data by cleaning and formatting it to ensure accuracy and reliability.

As always, testing creates clarity. Once you have implemented your AI and ML algorithms, run tests to see what is working and what is not. Then, monitor and adjust the algorithms to ensure you are achieving results.

Comprehensive AI and ML strategy incorporation requires conscientious planning, implementation and continuous monitoring, and when done correctly, the benefits speak for themselves.

The Benefits of AI and Machine Learning

If you are not yet sold on this ground-breaking technology, see some favourable benefits below.

Personalisation
As mentioned, AI and ML technologies deliver consumers personalised recommendations, content and advertisements.

Optimisation
When looking to prioritise content delivery, ad targeting and user experience. AI and ML are the answer. They are leading to better engagement and conversion rates.

Prediction
Predict trends, user behaviour, and preferences to make better strategic decisions.

Efficiency
You can gain fast, efficient and accurate insights from these technologies and provide your customers with these, too, using chatbots, virtual and assistance.

In Conclusion

A lot is happening and changing, and it can be overwhelming to digest, but one thing is for sure, when we break everything down, we can see that these technologies are not something to be ignored but instead embraced. When welcomed into your business, you can ensure that your customers are satisfied and that they are receiving all the benefits that these technologies have to offer.

 

Written by Emma Coleman & ChatGPT
Sources: (McKinsey & Company, 2021), (Marketing Evolution, 2022), (ChatGPT, 2023), (ChatGPT,2023)