“Artificial intelligence has the potential to transform the practice of marketing in significant ways.”
-Chris Pemberton, Gartner
Artificial intelligence has graduated from being a hype and trend to more and more real-world applications.
In this constant urge of efficiency, quality, and speed, marketing (and digital marketing in particular) leaders have started focusing on AI and AI-based tools.
In the last couple of years, around 300 companies got series A or Series B funding who have been developing AI tools for marketing. All these tools are addressing the need for one or more specific marketing functions.
Marketing is a trillion-dollar industry and has been there for ages. Digital marketing is USD $100 Billion plus industry. Wider access to internet infrastructure, mobile technology, and social networking has changed the way marketers have been reaching out to their target customers.
Marketers are today using Natural Language Processing (NLP) based tools that are doing human-like-conversation with the target customers. As the AI technology gets better with time, these tool-human conversations are going to be more contextual and at scale.
Machine learning is used to understand the purchase intent. The new-age marketing tools are analyzing trillions of search queries and activities across millions of webpages to display context-specific ads to help convert it into a purchase.
Similarly there are tools around social media analysis, customer profile definition, re-targeting, etc.
Here is our research on different AI tools in the marketing space
A lot of start-ups and existing companies are constantly on the look-out for areas in marketing where there can be a tool/product to address specific needs. While this is super exciting, on the other hand, the marketers are now juggling between scores of tools to accomplish their campaign objectives.
There are companies which are investing in building platform which stitches the best tools together to provide high-speed quality data for the successful execution of the marketing campaign.
Applied AI consulting has a platform marXeed in a similar domain. More details about the same at https://appliedaiconsulting.com/marxeed.html