Artificial intelligence is quickly transforming the world. It is slowly becoming relevant and proving beneficial in our personal and professional life. As a result, organizations are focusing both time and money in it. It is expected that by 2050, most of the routine marketing tasks would most definitely be handled by AI. AI will keep on augmenting the level of knowledge marketers’ work with, the experiences they can accomplish, and the sort of amazingly personalized interactions they can have with clients.
As per a study by Forrester, it was predicted that we would see a 300% increase in the investment in AI in 2017. There has been a surge in the use of AI in marketing be it social media marketing or digital marketing or search engine optimization or something else. They have all proven to be very beneficial. However, along with being aware of the various AI-powered marketing tools, we should also be aware of certain myths about AI before we jump onto the AI bandwagon.
Myth #1: AI is a marketing gimmick, or, if it exists, it’s a magical solution
One of the myths about Artificial Intelligence is that it is just a suave marketing gimmick. A term like artificial could also be intelligent seems a bit farfetched contradiction to many.
However, AI is a broad term – a meaningful term which is built upon different technologies like deep learning, machine learning, or neural networks; predictive analytics and natural language generation are some of the marketing-related use of it.
That AI-powered tools can give you instant result, is another misconception that people have, so it is essential to understand that it starts off like a new and excellent mind with a framework in place for solving complex problems, but it is only with processing more and more data that it starts giving you optimized, effective outcomes. AI is the underlying and facilitating technology and not a solution and would be effective only with the help of good data. Marketers use AI to scourge through individual customers buying pattern and other behavior data to come up with relevant recommendations that are beneficial to the customer.
Myth #2: AI will not need “Human touch” and will put marketers out of a job
In order to resist this myth it is crucial to understand the areas that AI will eventually automate and understand its limitations. Using AI, marketers would definitely save time, become more efficient, and reduce manual labor when it comes to certain repetitive, menial tasks like organizing and analyzing data, executing email campaigns, data segmentation, etc.
But when it comes to creating your marketing strategy or understand changing brand opinions of users, it certainly cannot match the human mind. The creative expertise or emotional thought process involved in designing maximum impact experiences for your prospects to drive them through the sales funnel is still better handled by marketers than the machines and AI will simply unlock the full potential of these skills.
No matter how smart an AI system would be, it would still need a resourceful human mind to set up the right goals and the right strategy because what cannot be forgotten is the fact that marketing, at its core, is a connection between two people.
Myth #3: AI is a highly technical subject and is all about complicated technology and complex algorithms
One of the biggest misconceptions about AI in marketing is that it is a highly technical subject; that many marketers fear it and that is the reason why it has not been adopted on a large scale. People feel that it is all about programming languages and associated complex algorithms.
However, it is a fact that AI drives much of our online lives whether it is the websites we visit or the social media platforms. We are already using it and you do not need a technical background to work on it. It is like the new cars on the road with advanced features which the drivers can use and benefit from without knowing what is under the hood. Many of today’s AI-powered marketing tools are designed to plug and play into existing marketing technology stacks. They are either quite straightforward or integrated into services and products that are already being used. The advantage of having some bit of technical competency in the team is to get the most out of AI-enabled marketing platform.
Myth #4: AI is a very recent technology and still in its early stages
Another common myth about AI is that it is a very new, immature technology and hence it might not be wise and beneficial to implement it in our organization.
Companies that stay away from AI due to uncertainty are missing out on opportunities that many other companies have implemented long ago and reaped benefits since then. AI-backed technology is already improving the return on investment for many marketers and giving them a competitive edge over others. Once organizations have gained knowledge about how to use AI effectively, they can utilize it many ways to improve their marketing campaigns and get very high returns on their investment.
It is good to be aware of the myths surrounding AI based marketing automation lest we come up with some of our which might not be beneficial for our organization. It is time to overcome these myths that hinder our adoption of AI and prepare an effective AI-powered marketing strategy to increase efficiencies and improve customer experiences. Complemented with the ability of creative marketers to cook up the perfect campaign, AI-enabled potential could be your star recipe for success.
Comsense is a marketing technology company with expertise in cognitive customer engagement solutions and technology-driven marketing services and could help you implement AI based marketing automation in your organization.