Future trends of Artificial intelligence in marketing

Future trends of Artificial Intelligence in marketing

“Full effects [of AI] won’t be realized until waves of complementary innovations are developed and implemented” (Lukosius, V. and Hyman, M. R., 2019) is something that academic research will tell you. Nevertheless, companies, in all their powers, are trying to keep up with new trends. As more data appears, more businesses understand a necessity to use AI and ML in marketing. According to Smart Insights, the most realistic application of AI for them is Machine learning (ML). For marketers and businesses, it means to be able to understand customers even before they come to a Reach phase in their customer lifecycle.

Source: Smart Insights, 2019

According to Emarsys 2019, AI future trends in marketing are:

1.  Management customer interactions in real-time.

2.  Targeting customers for acquisition (prediction conversion on specific offers).

3.  Use predictive analytics (launches more accurate campaigns to lead actions).

4.  Voice-assisted search on $7 billion devices by 2020.

5.  Improve sales processes (30% of companies will implement AI in at least one process).

         6. Revenue growth – AI could make $1- 2 trillion more than the use of regular systems.

 

Source: appliedai.com

Use of Anomaly Detection is going to be higher in marketing than any area of the business. This AI-driving procedure compares past and current data to find mistakes made by human (Vardon, E., 2020). Programmatic buying process IA already count 80% of digital advertisement spending (Chen, G. et al., 2019).

In general, AI solutions are hugely beneficial for companies while dealing with natural language, email responses and social media platforms (Srivastava A., 2020).

According to Gartner hype cycle 2019, the main significance for marketers, within 2-5 years, will be a consideration of personification, real-time and conversational marketing. 

In conclusion, AI and big data are complementary in the way they have to manage different types of data analysis, analytical and predictive processes, make decisions and act (Lukosius, V. and Hyman, M. R., 2019).

References:

1.  Chaffey, D. (2019) ‘6 essential marketing trends for 2020’ Smart Insights. Available at: https://www.smartinsights.com/managing-digital-marketing/marketing-innovation/6-essential-marketing-trends-for-2020/ [Accessed: 23 February 2020].

2.  Chen, G. et al. (2019) ‘Understanding Programmatic Creative: The Role of AI.’, Journal of Advertising, 48(4), pp. 347-347–355. doi: 10.1080/00913367.2019.1654421.

3.  Emarsys (2019). ‘10 AI Trends Marketers Should Watch for In 2020.’ Available at: https://emarsys.com/learn/blog/10-ai-trends-infographic/ [Accessed: 23 February 2020].

4.  Lukosius, V. and Hyman, M. R. (2019) ‘Marketing Theory and Big Data’, Journal of Developing Areas, 53(4), pp. 217–228.

5.  Smart Insights (no date) ‘Artificial Intelligence (AI) for marketing. Available at: https://www.smartinsights.com/tag/artificial-intelligence-ai-for-marketing/ [Accessed: 22 February 2020].

6.  Srivastava, A. (2020) ‘The Advent And Scope Of AI Marketing In 2020 And Beyond’ SmartDataCollective. Available at: https://www.smartdatacollective.com/advent-and-scope-of-ai-marketing-in-2020-and-beyond/ [Accessed: 23 February 2020].

7.  Vardon, E. (2020) ‘Council Post: Five Emerging AI Trends To Watch In 2020’ Forbes. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/01/13/five-emerging-ai-trends-to-watch-in-2020/#5eae665f17ad [Accessed: 23 February 2020].