Transforming marketing in the 21st Century requires a new and cutting-edge approach to internet marketing. While traditional marketing techniques are still necessary, recent developments in Artificial Intelligent technologies mean that the days of “push button” or “delete” have long since passed. Companies must instead embrace the intelligence gleaned from their data-rich business models and use it to proactively craft marketing messages that engage their audience while also providing them with all the information they need to make the best decisions.
Today’s internet savvy consumers are used to getting all the information they need quickly and efficiently. To that end businesses that want to succeed in transforming into true data-driven organizations should not overlook the value of using AI and data visualization tools to leverage the massive amount of data available through a combination of sensors, devices, and web analytics.
What is traditional marketing?
Any sort of marketing that is not done online is referred to as traditional marketing. Print, radio, direct mail, phone, and outdoor advertising such as billboards are all examples. This form of marketing is used in a variety of channels from newspapers to radio stations for connecting with their target audience. Traditional marketing is one of the most researched forms of marketing, as well as one of the oldest. This strategy is preferred by marketers since it is proven. Everyone encounters traditional marketing in their daily life, whether it is getting the mail or reading the newspaper.
Disadvantages of traditional marketing.
Traditional marketing has had some success in the past but due to the boost in digitalization it now has significant drawbacks. Small enterprises can now advertise their products on websites and web pages through banners, social sites such as Facebook, WhatsApp, Twitter, or podcasts. In comparison to traditional marketing, these are less expensive measures. But let me share the reasons why traditional marketing is no longer enough to stay ahead of the game:
- Static text: Static text is commonly utilized for advertising in traditional marketing. For example, if you post an ad in the newspaper for your product and it sells out, you will be unable to amend your ad, resulting in many dissatisfied consumers. Plus, it makes interaction with your customer more difficult using this approach. However, with digital marketing you can rapidly update your webpage or easily while staying agile.
- Expensive compared to online marketing: Every time you plan to start a campaign, you must spend for placing advertisements in newspapers or distributing any leaflet or booklet. Online marketing on the other hand does not necessitate any additional costs for website adjustments. This is something that your product’s sales team can readily accomplish. Traditional marketing businesses will charge you for each flier or mailer delivered.
- Provides less information: It is tough to present numerous pricing options and offers for a product by traditional marketing tools. The space available in print media is insufficient to present all the possible variations and offers that can appeal to purchasers. When it comes to online marketing you can provide your customers with a variety of options to entice them to acquire your goods.
How is AI transforming marketing?
Well, it is not just about how artificial intelligence is transforming marketing, it’s also about how technology is changing the way we live our lives. There are many exciting things happening in technology and the field of AI that could bring about major changes in our future. The internet has changed marketing in a big way as well as the way people communicate with each other.
Take a look at all the marketing programs available on the internet today. If you have ever googled the term AI, you will see countless hits. But what exactly does AI mean? The term artificial intelligence (AI) is a concept that refers to machines and computers that execute cognitive activities in the same way that humans do. In a nutshell, AI mimics the functioning of the human brain. Speech recognition, language translation, problem-solving, visual perception, and data analysis are just a few of them. AI refers to machines and humans that replicate human cognitive functions.
In what ways is artificial intelligence changing marketing?
In previous years, marketers were hesitant to employ artificial intelligence in their marketing strategies. However, many successful organizations have adopted with companies such as Amazon or Spotify using AI systems successfully. AI in digital marketing is now a reality, with a variety of advantages and options. Let’s look at how artificial intelligence can be used in digital marketing.
AI allows businesses and marketers to make use of computers as if they were human by using facial recognition, voice recognition, spell checkers or calculators. These types of software allow business owners to take advantage of the ability of computers to perform tasks that traditionally had to be performed by humans. For instance, a HR person can use the application called Dragon Naturally Speaking to conduct interviews, train sales staff, provide product samples, provide a text description of an item.
User Experience Optimization: one of the goals of AI is to improve the user experience. It can determine client desires and needs far faster than humans, as well as anticipating what they could do next. As a result, AI can assist you in customizing your content to gain a better knowledge of your customers’ behaviour and motivations.
Sales forecasting: Sales are driven by effective marketing, a statistic that is easier to foresee and understand thanks to AI. Marketers can use all the data obtained from inbound communication and compare it to standard KPIs to identify sales strategy changes and improvements. It can provide you a forecasting of a metric’s results so you can decide whether it is worth the investment. This can save marketers a lot of time and money in the long run, while also increasing sales and growth.
Digital advertising campaigns: Many marketers have heard about the importance of a digital advertising campaign in increasing sales, but many have yet to see the desired results. AI can make a big difference here. You will see considerably more effective digital advertising campaigns if you have built a thorough understanding of your consumer base. Facebook advertising is a wonderful illustration of this, as many marketing experts consider it to be the most bang for your dollars. It enables you to build ads that are specifically targeted at people who are most likely to buy something. It only works, though, if you know who your target audience is. You will have all the data you need for more successful digital ads thanks to the amount of consumer data collected by websites, social media sites and keyword searches.
Data-driven marketing is a type of marketing that gathers data from customers and third parties to develop a better understanding of their motivations, preferences, and behaviours. Data-driven marketing helps businesses optimize their marketing channel performance and as a result improve their customer experience resulting in increased revenue and profitability.
Big data is a term that defines the massive amount of organized and unstructured data that inundates a company daily. But it is not the quantity of data that matters. What matters is how corporations use data. Big data may be studied to uncover insights that lead to more informed judgments and strategic business movements. The term “big data” refers to data that is so massive, quick, or complicated that processing it, using traditional methods is difficult or even impossible. It has been a long time since big amounts of data were accessed and stored for analytics. However, in the early 2000s, industry analyst Doug Laney coined the now-standard definition of big data as the three Vs: volume, variety, and velocity.
Benefits of using big data in marketing.
It helps in gaining a better clarity of the targeted people. Marketers can obtain a razor-sharp grasp of their target audience by collecting any information about clients. CRM data for example, can help marketers forecast customer behaviour even more accurately.
So, what was the outcome? Marketing campaigns that ensure that the proper message is delivered to the right customers at the right time.
It uncovers the best channels of promotion. Not only may data show the preferences of a target audience. It could also recommend which channels a company should utilize now and, in the future to engage with their target audience.
As a result of this knowledge, they may be able to better position the message where its intended audience is located.
Personalization: Customers are becoming increasingly wary of generic marketing messages. While some customers may be irritated by brand content that has nothing to do with them, most customers will not look at or consider an offer unless it is tailored to their previous interactions. As a result, marketers must focus on personalizing customers’ experiences to engage them.
A transformed marketing strategy can be used in a variety of ways to generate new businesses. There is a myriad of unique ways to target your audience, and the power of leveraging data and analytics to better understand your clients is incredible. By combining technology and statistics you can develop campaigns that are more efficient and cost-effective, and you will understand more about who buys your products or services. This will allow your business to reap all the rewards that a marketing system can bring.
One key piece of data that is often overlooked is customer recall. Using AI & data mining it is possible to find patterns and anomalies in purchasing behaviour. By understanding your customer’s habits, it is possible to create new offerings that satisfy their needs while also increasing profitability. For instance, if you identify that people living in a certain demographic are more likely to buy a particular product or service you can offer that product or service at an individual price point. It is also possible to personalize messages and create a brand presence that will convert better.
With new and innovative technologies like artificial intelligence, it is possible to create new forms of advertising. These programs can measure results and spot trends and anomalies in order to provide custom messages and new products for the market. It can help you innovate more and increase your business profits. Transforming marketing allows you to focus on doing what you do best: Running your business and to give your clients the services they value.
The big question is: Are companies and marketing teams ready to embrace all these AI technologies to boost their profits?