Table of Contents
Regarding to the fact that we are living in the modern world, everything is changing. Marketing is also changing . We know that marketing is a broad field, and one of the terms related to marketing are Artificial Intelligence (AI) and Marketing Intelligence (MI).Today we will define their road in marketing. Firstly, to answering our essay question we must understand what are MI and AI. So, Marketing Intelligence -is collecting and analyzing of information about competitors, R&D, and consumers in the marketplace. It is important for companies, identifying the changes in the market. Help of the MI, companies can understand everyday information which happen in the market and define their strategy. All organizations operating in a competitive environment have always need marketing intelligence to learn about what the market wants from their products and services. MI gives you information from the future. Information through MI should turn into thinking, thinking to strategy, strategy to execution and execution to earnings. In short, marketing intelligence must be strategic and profitable. For this, some steps must be taken:
- Collection of information- business information can come from a variety of sources. For this purpose, the data should be gathered under a single system integrated with each other.
- Analyzing of target- when the target is not correctly identified the data just chaotic. Therefore, the data should be used in right strategy.
- Planning- when we talk about the target audience, we need to take into account the strategic planning.
- Testing- testing should be begin after planning. Because, in this process, you will the opportunity to see the mistakes that occurred.
Here comes the idea that, marketing intelligence is very important for every business companies. Because, for example, if I don’t know about a new product, which my customers want, my business may fall. To avoid from this MI is helping me. As I said before, changes occur every day and technology is a progressing more and more. And this changes, impact to the marketing intelligence also.
And AI is one of the discussed and relevant topic in today’s business. AI can make marketing more effective and personalized. When people hear «AI», the first thing they think is robots. AI, is the model of human intelligence by computer systems. AI is the “science of making machines smart”. AI is an umbrella for manifestations. Within the umbrella of AI includes- such as machine learning, and deep learning, that produce real-world applications of AI, such as voice recognition, image recognition, virtual assistants, and search suggestions. AI make marketing intelligence’s work easier.
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How is artificial intelligence occur? This is about a Big Data revolution. So, much information allowed to intensive research. Later, it became clear that machines were more suitable for intensive research than humans. The only job for people was try to make machines as “smarter” as possible to enable them to do more effective research. As a result, these intelligent machines, today known as artificial intelligence. AI in marketing is the use of customer data. It can take on huge amounts of data and help marketers easily segment them. AI use computers to automate tasks performed by people in the marketing, which save time. AI can be used for better and more effective decision- making. Predictive marketing enables organizations to identify potential customers based on collected statistics, such as demographics and purchase history. There can be question that, why we need artificial intelligence? Answer is that: Assume that, you have a database and you want to work with it. To analyze it with human power is so hard. For instance, you are a small company and you have 5 thousand customer information and using this customer information, you want to analyze it. Maybe you can analyze it if you work hard, because 5,000 user data can be analyzed in some way. If you have 5 million or 100 million customers, how will you analyze this data? At this time, you need artificial intelligence. We can see artificial intelligence system in our smartphones, for example, Apple’s Siri, Alexa, Google assistant and others. Marketers thing that, Artificial Intelligence will increase getting exactly researching of data and enlarging of data researching. AI is something marketers must adopt in their marketing analytics techniques to achieve better results and possibly, boost the business’s ROI. AI can provide much more information that you could get on your own. For using AI, we can understand easily:
a) What buy people?-you can determine, what are the people’s needs or wants and then, which type of product they prefer to buy.
b) How much they purchase?-you can identify their budgets, their income.
c) What are their habits? – based on this you may learn about their interests, about their psychological segment.
d) Which social media platform they use? – help of this, you can identify in which platform customers are always use, and then you can transmit your recommendation through this social media platform.
The ultimate goal of AI in marketing is to increase the value and result of campaigns for both brands and customers. AI is a great tool that can expand the ideas and capabilities of marketers.
Benefits of AI for marketing are these:
- Save time;
- Faster than humans;
- AI can reach the information by the social media platform easily;
- It secure the right message to the right person;
- AI has the ability to track customer buying patterns, which allows businesses to update their existing marketing strategies and increase sales;
- AI also ease for competitive analysis. What do competitors say? How is your message compared to competitors;
- Raise customer service.
Shortly, Artificial Intelligence will help companies save their money, optimize budgets, save time and personalize customer experience throughout the purchase period. As you know customers want to get things or products immediately. They are impatient waiting for it. And also, they want something new and unusual. In this case, for gaining their satisfaction and improving the customer service, AI will help marketers.
Conclusion
You know that, after some period, in the future, everything will be digitalized. And the future of marketing intelligence will be different. Generally, MI results will be sophisticated in the future. The survey results identify that, MI products in the future, will increase the level of analysis and online availability and even greater future focus. The complexity of marketing intelligence results is associated with the general stage of development of the intelligence program. Artificial intelligence will also influence the diversity of marketing intelligence. AI will make the marketer’s work easier. AI becomes smarter and this will influence to people, and because of that, people will loss the jobs in the future. There are cons of using AI. For example, people will don’t always like chat bots or talking on the phone with computer assistants, then, AI can only do what it is programmed, they cannot work outside of this and etc. To consider all of this, we can’t say that artificial intelligence will impact marketing only on a good way, there are both merits and demerits. From this point of view, we can say that marketing intelligence is more profitable than using artificial intelligence. In the future competition will be harder. Competing brands or companies will want to be a mega trend in the marketplace. At that time, the role of marketing intelligence will increase. For this competing process, competitors must work hard, must being innovative and use innovative MI, and be fast. At this point, AI will prevail MI in the future.
