Happy Thursday AMA!
We are already over halfway through the semester… keep pushing through!
When we typically think about marketing, words like “brand,” “creative,” “analytics,” or “agency,” might come to mind, but have you ever wondered what artificial intelligence means for marketers?
Steve Meier, co-founder and Head of Growth at Kungfu.AI, joined Texas AMA on Tuesday evening to show us how marketing as we know it, is being transformed by AI technology.
What exactly is artificial intelligence (AI)?
“Computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.”
Basically, AI is technology that is able to learn and reason like humans do. And in turn, solve marketing problems for businesses. There are two things it does very well:
- Predictions (Sales forecasting)
- Automation (Auditing)
What specifically does Kungfu.AI do?
Kungfu.AI bridges the gap between marketing agencies and CMOs. Meier describes it like this: “Businesses don’t give us requests for machine learning… they give us problems that we use machine learning to solve”
But marketing comes with a whole lot more than just data predictions or numerical analyses… It involves understanding customer personas and being a creatively predictive voice.
Kungfu.AI is also able to capture creativity through:
- realistic photo images
- text generation
- and music composition.
So what does the process look like?
This move from data to positive actions is best described with four questions. Artificial intelligence transforms information into making the best of a marketing strategy situation.
- What happened? (descriptive analytics)
- Why did it happen? (diagnostic analytics)
- What will happen? (predictive analytics) → AI tends to be on the predictive side
- How can we make it happen? (prescriptive analytics)
Artificial intelligence focuses on answering the question of “What will happen?” through data and is able to help CMO’s with content creation and programmatic execution on display ads.
Now… have you ever heard of the OODA loop?
This cycle is what defines the success of businesses! And AI speeds up this cycle.
Big data helps organizations:
Observe, Orient, Decide, and Act.
Meier says, “The businesses that use human intelligence are going to be cloggy and slow, while the businesses that use machine learning go through this very fast…” In marketing, you would be much more effective if you can understand your consumers faster than your competitors.
What do Chief Marketing Officers look for and prioritize?
Especially given the current global pandemic, CMO’s are focused on addressing:
- Accelerating Digitization
But now, over half of CMOs are using AI tech for…
- Content personalization (56.5%)
- Predictive customer insights (56.5%)
- acquiring and retaining customers
- AI ad targeting (49.6%)
… to address those goals.
As marketers, we care a lot about our customers– who they are, what they buy, and what they are going to do next.
Meier shared with us the “360 Customer Intelligence” dashboard, which helps brands build their customer profiles in real time.
How cool is that?
Lastly, Steve Meier suggested that we use AI with caution. With big data comes big responsibility.
AI should be strategy-driven (don’t use it just because it sounds cool!)
- It requires smart marketers and strong data
- It only works when marketing uses it
- Talent gaps makes AI difficult
But… if you take small steps to learn about AI, it will give you a unique, competitive edge.
While there are not a whole lot of published articles on AI and machine learning because of how new this subject is, but keep your ears and eyes open! Meier recommends checking out Fjord, an Accenture agency that publishes articles about the future of marketing and machine learning. Here’s an article on the future of machines!
BY GRACE LI