AI is not only reshaping the way in which businesses run but also increasing cash flow into businesses who embrace this emerging technology.
Currently we are seeing this technology being grasped across areas that may not have traditionally been expected to embrace AI, such as the marketing industry. This article explores three ways in which marketing departments are using AI to become marketing machines:
Chatbots
Chatbots are a powerful marketing tool as consumers feel more confident purchasing from sites where they can have real time response to any questions they may have. 40% of consumers do not care whether a chatbot or a real human helps them, as long as they are getting the help they need.
Source: Invesp
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Websites, blogs and many other social media and networking websites use AI to study your current activity giving each user an individual profile enabling AI to predict and recommend products which may be suited to you. This in turn keeps your customers more engaged and allows for a more ‘personal’ touch.
Dynamic Pricing
Bots can also analyse how many times you have searched a product word or name which lets them know if you need a product. Cookies, searches and other activities are monitored real-time allowing them to provide you with personalised pricing. Personalised pricing known also as dynamic pricing is a pricing strategy which gets determined dependent on the availability, demand and the profile of the customer. AI technology can even be used to design and decide on personalised offers based on the customers profile.
Case Study:
AirBnB is one brand that has built and refined an extremely sophisticated dynamic pricing system to help property owners determine the price that they should list their property at. It takes into account a wide variety of factors including geographic location, listing features, local events, photographs and reviews, as well as market demand and time to booking date. These calculations are provided to users as ‘price tips’, which they will choose to follow or ignore; the system will then monitor whether or not the listing succeeds, and adjust its algorithm based on the results.
Source: EConsultancy
A recent study by Adobe suggests that that organisations which wait to adopt AI may see a 20% decrease in cash flow. Embracing AI imminently can allow organisations to create better business models and new products to make an impact, influence conversations and produce real use cases.
Source: Adobe
Contact Hayley McCarthy at Invenica for more information on AI applications.
