Matt White, Vice President EMEA Quantcastdiscusses how marketers can effectively use artificial intelligence to create better customer experiences and meet buyers where they are.
Mentioning artificial intelligence in conversation can elicit many different opinions. Hollywood has made an entire generation afraid of artificial intelligence thanks to Black Mirror, 2001: A Space Odyssey, and Ex Machina, to name a few. However, this view misses one important detail about artificial intelligence – if used correctly, it can revolutionize business.
To use AI properly, you need to understand exactly what you want to get out of it. You need to ask the right questions and take calculated steps to take full advantage of AI and understand your audience more effectively.
AI is primarily computational assistance, not machines replicating human intelligence. Computational assistance refers to software and tools designed to efficiently process large amounts of data. This is based on a specific set of input criteria to achieve accurate information about your business goals.
Humans are prone to error; we could crawl a couple of websites and understand their content in a matter of minutes, but imagine doing that for millions of websites – people are likely to make mistakes. An AI program, on the other hand, could easily do this in seconds, error-free. Tracking scale and skills online efficiently and effectively is a machine problem.
As a marketer, it’s important to consider the following before delving into the revolutionary yet complex intricacies of artificial intelligence.
Have good data
Imagine you are driving down the highway and your car starts making strange noises and stalls. At that moment, you go back to the gas station in your mind, when it suddenly dawns on you: you put the wrong fuel in the car. Although both petrol and diesel provide the same service, both work differently. Unfortunately for you, you didn’t pay attention and now you have an expensive problem to solve.
As you can imagine, if you use faulty, incomplete, or simply unreliable data in an AI program, that program will optimize and scale based on that data. This means that your decision-making, campaigning, etc. will be based on faulty, wide-ranging judgments and actions that can lead to very costly mistakes.
In an ideal world, you should use raw data that your organization owns and controls in AI systems, because trust is everything in this industry. So if you have to rely on a partner to get some or all of your data, it’s critical that you insist on transparency and understand the incentives.
Clearly define your purpose
For a CMO, the single most important piece of input is what they believe to be true business success – knowing that will guide all future decisions.
For example, if you decide to optimize for true conversions, there should be a reasonable hypothesis about the signal that is relevant to your KPIs. Clarity and brevity of what you want to achieve is essential. On the other hand, if you included all kinds of data and variables, the result would be messy and have nothing to do with conversion tracking.
Know the possible consequences
People fear that AI will become intelligent, steal jobs and take over the world – but I’m here to tell you that these are unrealistic consequences of AI.
A couple of years ago, people cringed at the word “visibility.” Many advertising companies place ads at the top of websites to get more views. Suddenly, every ad below a certain level became useless and depreciated massively. This revealed a serious flaw in the AI, and it became clear that changes needed to be made.
The changes have been put into effect and now “viewability” is something many suppliers want to track and is becoming embedded in the pricing and valuation of major brand companies.
The power of artificial intelligence
How and what you choose to measure can really change the economics of entire markets. The technology behind AI is powerful, and with great power comes great responsibility.
After all, machines have no ethics or morals. They work simply and require short and clear data. Humans must provide accurate data and use AI results to inform business intelligence.
There’s no doubt that AI technology is advancing faster than ever, but instead of fearing a Black Mirror-style AI takeover, it’s time to embrace AI and make sure you, your business and your customers reap the rewards.
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https://www.marketingtechnews.net/news/2022/dec/01/dont-underestimate-the-power-of-ai-in-marketing/ The power of artificial intelligence in marketing should not be underestimated