AI: Are You Using It Or Do You Have FOMO?

Marketing Lesson of The Week

► Why You Need To Add AI To Your Marketing Mix

If you’re like a lot of marketers, Artificial Intelligence sounds like something out of a SciFi movie, not something you need to use for work.

Don’t worry you’re not alone:
Roughly half of marketers feel overwhelmed with technology of any sort. (Source)

To better understand AI, let’s start by defining it and what this technology can do for your marketing results.

Marketing artificial intelligence uses algorithms or a set of instructions applied to an initial data set. Based on this set of rules, the machine learns from data and past actions. Unlike other technologies, applications that use AI become smarter faster by understanding its mistakes and correcting them. So they can create their own algorithms to improve results.

The 2 key factors for AI success are:

• AI requires high quality starting data set. The starting data must be analyzed to ensure that it is correct and representative of your audience.
• AI technology performs repetitive functions across large data sets. It eliminates the need for boring and potentially incorrect human input tasks. But AI like other forms of technology can’t think or interpret the results.

Chart of Different Types of AI

In 2021, the Global Artificial Intelligence Market was worth $93.5 billion. It’s projected to grow at 38.1% CAGR (aka: compound annual growth rate) from 2022 to 2030. (Source)

More importantly, marketing, represented by advertising and media, accounted for the biggest share of the 2021 Global AI Market. 

Global Artificial Intelligence Use Broken Out By Business Use (2021)

You may be using AI without even realizing it since AI is already integrated into search, social media and other marketing tools you currently use.

According to the Harvard Business Review, of all business functions, marketing can gain the most from AI. To realize sales increases and cost decreases, take an integrated approach to use AI strategically with across platforms.

Four out of 5 technology professionals in marketing and sales departments worldwide believe AI reduced costs as much as 20+% (Source: McKinsey & Company-June 2021).

Actionable Marketing Tips

• Get up-to-speed with AI. Use marketer-friendly resources like the Marketing AI Institute. Also, talk to your technology counterparts to get their help and guidance.
• Do research to see where you already use AI in your marketing and other parts of your organization. 
• Start to test AI apps to understand how they work and can improve your marketing results.

Brand Beats

► Does Your Brand Have Fun?

Fashionista Daniella Loftus is the brains behind @thisoutfitdoesnotexist on Instagram. With 12k Instagram followers, Loftus has built a following by showing the potential of fashion in the Metaverse. Rifting on PETA’s concern over the use of fur, the page’s tagline states “No materials were harmed in the making of these photos.”

Her goal:
To “Bring Digital Fashion To Life”.

While the Metaverse is still in its infancy and 3D fashion images don’t exist yet, Loftus creates her fashion images in 2D using avatar functionality based in gaming software.

Her Instagram images attract both views and comments. For example, this photo of Loftus with an over-sized dog in similar pink and lavender outfits attracted 19.7k views and 140 comments.

Why should brand marketers care about a fashionista with 12k followers?
Because other products could design their own 2D product avatars or tap Loftus to apply her creativity to your offering.

Actionable Marketing Lesson
Take a page from Loftus to have fun with your offering. This works best for brands that want to show a sense of humor. Extend this to other content formats as well.

Voice Notes

► How Do Customers Use Voice To Complete Purchase-Related Tasks?

Customers use voice as part of their purchase-related tasks often in similar ways to how they use computers, tablets and smartphones.

The big difference:
They talk to their smartphone instead of typing.

American respondents used voice to complete these purchase-related tasks:

• 58% search for information about a product or service;
• 57% check for answers to common product questions;
• 54% learn more about product price and/or availability;
• 52% check for promotional offers or discounts;
• 49% compare differences including price between 2 or more products; and/or
• 49% check retail location and hours.

Actionable Voice Marketing Tip

• Transform your product and purchase-related content marketing into voice formats to ensure reaching customers when they want it. Then distribute voice content across ALL voice and audio platforms at the same time.

Marketing Reads

► What Is Web 3.0: How Will It Affect Your Marketing?

Have you heard of Web 3.0? Do you know what it is?

Don’t worry–we’ve got you covered with an easy-to-read article that explains what this new phase of the Internet is and what it will mean for your marketing.

Yes–It’s still early days but this article will remove any FOMO without you needing to spend a lot of time researching it.

► Marketing AI: What You Need To Know To Make Your
Marketing Better

Want to learn about Marketing AI?

This article gives you the basics you need to understand this evolving form of technology. It explains everything you need to know in plain English, instead of techspeak.

► How to Stand Out in a Competitive eCommerce World

Online shopping is growing at incredible rates. Consumers want instant access to every product under the sun – and they expect it with two-day shipping.

So how do you ensure that you can sell, stand out, and draw a more loyal customer base while still earning healthy margins and profits?

Download This Free eBook To Find Out  

Plan Ahead: Mark Your Calendar

► MAICON 2022 – August 3-5th, 2022 in Cleveland, OH.

The Marketing Artificial Intelligence Conference (MAICON), returns to an in-person event this year. Check out MAICON’s schedule of upcoming webinars.