Artificial intelligence has very much already established itself as a game-changer in the world of digital marketing. The potentials and possibilities of AI are seemingly endless at this point, as marketers are constantly looking for ways to use and implement it into their marketing strategies to achieve better results, drive profitable growth and build a stronger connection with their target audience, in order to stay ahead in the competitive landscape.
Leveraging the full power and prospects of AI requires marketers to acknowledge that it is not a one solution for all. Although its development has already reached impressive levels, the most efficient and informed application of AI in marketing practices is in combination with human expertise and in figuring out which areas should be prioritised in allowing AI to contribute to your brand’s success and growth.
3 Key Areas That Are Necessary For Success with AI in Marketing
1. Build the right foundation
In order to be able to successfully implement AI technology into your marketing, you must first be confident in building a solid foundation to your business. A fact that is often overlooked in conversations about AI is that it is only as useful, powerful and efficient as the input it receives. Therefore, the more high quality of input, the better the results it can generate.
Data is like the lifeblood of AI, so the more effective you can be in collecting, organising and analysing your data - especially first-party data - for valuable insights, the more responsive AI will be in maximising your ROI and the better guidance it will have in achieving better results.
2. Maximise results with AI-powered campaigns
Once high-quality data is in place, you can then leverage AI to power your marketing campaigns and maximise your investments with higher returns. With AI, it’s possible to produce original, valuable and personalised experiences for your target audience, with a tailored messaging and a focus on your campaign intentions, while optimising your overall performance with more conversions.
A prime recent example is that of Samsung and Performance Max. Performance Max is a goal-based campaign type that can drive your performance by focusing on your specified conversion goals, keywords, budgets, etc. So, when Samsung wanted to expand its reach across global markets, they put Performance Max to the test and managed to multiply their revenue, without affecting their return on advertising spend too much.
3. Experimentation & Agility
While the first 2 key areas that marketers need to focus on to expand their potential to succeed with AI had to do with data and technology, this last one brings in the human element. In order to achieve the most out of AI, the people of your team must adopt a similar shift in mindset, in terms of acquiring an organised and functional structure that allows for new technologies to be successfully implemented.
In a recent report by Harvard Business Review Analytic Services, many industry leaders paid incredible attention to the importance of test, learn and scale mindset, which implies that although failing is normal and part of the game, the most important aspect is to learn quickly and adapt accordingly to foster a profitable marketing environment.
Embracing a culture of experimentation can lead brands and businesses to great success, as the need to adapt and adjust is a greatly significant factor in taking advantage of the full potential of AI-driven marketing. Failing is part of the game, and getting back up better equipped and with a stronger and aligned mindset, can do wonders for you.
Similarly to experimentation, fostering an agile environment where balancing and allocating unexpected pivots is also critical, especially with digital budgets across channels. Budget-agile marketers can be more competitive in the marketing playfield, as they can capture performance opportunities as they arise and respond appropriately to customer demands in a fast, effective and coherent manner.
The goal never changes, just the mechanisms that can help marketers get to their end-point. Artificial intelligence has the potential to revolutionise the way the marketing ecosystem functions, especially when it is adapted in scalable methods and practices that will allow businesses to grow effectively.
Source: https://www.thinkwithgoogle.com/marketing-strategies/automation/ai-essentials/