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The answer is simple; if all your marketing strategies are AI-dependent, ChatGPT creates content for you and Bionic makes your media buying decisions, chances are you may be obsessed with the key and relying more on algorithms than the minds that create them.
While it is true that Artificial intelligence (AI) is rapidly transforming the business landscape, there are numerous concerns about the decision-making capabilities and undue autonomy being credited to AI. If you are a sceptic like me, well, fighting AI could be your next mission, should you choose to accept it.
Is AI The Entity Of The Future?
There is still an ongoing debate regarding the successful implementation of AI; however, from customer service to marketing to product development, AI is being used to automate tasks, improve decision-making, and deliver personalised experiences.
One cannot ignore the fact that there are many potential benefits to using AI in businesses. For example, AI can:
Increase efficiency and productivity by automating repetitive tasks, freeing up employees to focus on more strategic work.
Improve decision-making by analysing large amounts of data to identify patterns and trends that would be difficult to spot with the naked eye.
Deliver personalised experiences using customer data to create personalised recommendations and offers.
One example of a brand that is using AI to its advantage is Amazon. The e-commerce giant uses AI to power its product recommendations, customer service chatbots, and fraud detection systems. As a result, Amazon is able to provide a more personalised and efficient shopping experience for its customers. In fact, the world’s largest online retailer has used AI to its advantage in flagging defective shipments from reaching customers.
Meanwhile, a survey of over 350 U.S. and U.K. technologists has revealed that 36% of companies have suffered losses due to AI bias in one or several algorithms. The research, which was conducted in collaboration with the World Economic Forum and global academic leaders, found that more than half of the companies damaged by AI bias lost revenue (62%) or customers (61%). Nearly half also lost employees (43%) and over a third incurred legal fees from litigation (35%).
The survey findings highlight the need for businesses to take steps to mitigate AI bias. This includes using a diverse dataset to train AI models, conducting regular bias audits, and implementing clear ethical guidelines for the use of AI.
Can AI Cause Users To Self-Destruct In 5 Seconds?
While it may not be as quick as 5 seconds, a major concern regarding the widespread implementation of AI across varied marketing functions (among other business segments) has led users to believe that the success of AI tools in today’s marketing strategies, media buying plans, even content and design will lead to employees being replaces by a software.
In fact, according to a report by investment bank Goldman Sachs recently quoted on the BBC News website, AI could replace the equivalent of 300 million jobs in the United States and Europe by reducing or replacing work tasks carried out by employees.
There is an interesting evaluative analysis that appeared in a recent post in the Harvard Business Review that draws the conclusion that Companies That Replace People with AI Will Get Left Behind.
Even if AI does not replace designers, planners or strategists altogether, there is a growing concern about lower wages. This could work in two ways; employees may either face low wages if the work that they do can be replaced by AI, or employees who don’t know how to use AI to their advantage will be paid less than those who do.
A prime case in point of this situation is the ongoing SAG-AFTRA strike by nearly 65,000 actors and writers across the United States who are demanding increased compensation and tightening regulations regarding the use of AI in creative projects.
For now, it seems that there might be a growing need for an independent association to conduct research on the implications of increased use of AI on humans and businesses alike so that its use may be regulated before software turns into the Rabbit’s Foot.
Is It True That AI Says: I Am The Storm Of Marketing?
It may be true that AI is the storm of marketing but marketers can use this storm to their advantage. One example to learn from is that of Nike; a company that is constantly innovating and looking for new ways to engage customers.
Nike has leveraged artificial intelligence (AI) to enrich the customer experience by offering a more tailored and immersive interaction. A prime example of this is the Nike Makers' Experience initiative, which empowers customers to craft their own personalised sneakers.
AI plays a pivotal role in the Nike Makers' Experience program in multiple ways. Initially, AI suggests materials, colours, and patterns based on the customer's previous purchases and preferences. This ensures that customers can find the ideal combination of materials and colours for their bespoke sneakers.
Subsequently, AI generates a 3D model of the customer's custom sneakers, enabling real-time modifications as per their preferences. Lastly, AI monitors the customer's progress while designing their custom sneakers, guaranteeing a seamless and enjoyable experience.
Since its inception in 2017, this AI-driven customer experience has not only increased sales but also gathered data that has been examined through algorithms to design future products and offer tailored recommendations to participating customers.
Moreover, Nike employs AI in several other ways to engage customers, such as powering its chatbots to answer queries and provide recommendations, and personalising its marketing campaigns to display relevant ads to customers.
This article in the online version of Forbes magazine explains in great detail the amazing ways Nike is using the Metaverse, Web3 and NFTs. My personal favourite is Nikeland; a purpose-built metaverse space on the Roblox platform that was launched in 2021 to provide space for Nike’s fans to interact with each other, participate in promotions and engage with innovative brand experiences.
If you are a Roblox player and have happened to visit NIKELAND, you would have surely found it hard not to be immersed in this 3D space of sports and gaming.
While one may credit Nike's success in the digital world part to its strong brand identity, it cannot be ignored that the company has a clear vision of what it stands for, and it is able to communicate this vision effectively through its digital channels.
Nike’s success is a reminder that brands need to be adaptable in order to succeed in the ever-changing digital landscape; without giving up on their existing identity and ideals.
Does Using AI In Marketing Mean You Made The Right Choice?
Determining whether or not AI is the right choice for your marketing strategy can be done in a few ways.
Increased ROI is a good indicator that AI is working for you. If your return on investment (ROI) is increasing, it means that AI is helping you reach your intended audience in a more effective manner. AI can help you target specific ads to people who are interested in what you have to offer, resulting in a higher click-through rate (CTR) and conversion rate, which ultimately boosts your ROI.
AI can also help you improve the customer experience by providing personalised recommendations and offers. For example, AI can track a customer's browsing history and purchase behaviour to suggest products or services that they might be interested in. This can create a more relevant and engaging experience for your customers, resulting in increased loyalty and repeat business.
Another way that AI can help you is by reducing your marketing costs. AI can automate tasks, such as generating content, managing social media accounts, and tracking campaign performance, that would otherwise be done by humans. This frees up your team to focus on more strategic tasks while AI takes care of the day-to-day operations.
While AI may not be the perfect solution for every marketing campaign, if you observe these signs, it is a good indication that you're on the right path.
Here are a few additional tips to use AI in marketing effectively:
Don't try to implement AI throughout your entire marketing strategy all at once, instead begin small and scale up. You can start with a few small projects and see how they go. Once you've seen some success, you can start to scale up your use of AI.
Acquire the right data by making sure you have access to high-quality data that are relevant to your marketing goals. AI is only as good as the data it's trained on.
Track your results and make adjustments as needed. This will help you ensure that AI is actually helping you achieve your marketing goals.
“We can’t be sure any of it is real outside of this conversation”
Ethan Hunt, Mission: Impossible, Dead Reckoning Part 1
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