How ai transforms the marketing domain for the better
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The document discusses the impact of artificial intelligence (AI) on marketing, highlighting its role in enhancing search experiences through semantic search and natural language processing. It emphasizes AI's capabilities in dynamic pricing and audience segmentation, allowing businesses to optimize pricing strategies and target specific customer segments with precision. Overall, AI is presented as a transformative force that can reshape marketing practices and business models.
How ai transforms the marketing domain for the better
- 1. Session 1 1
- 2. Copyright © Global Tech Council www.globaltechcouncil.org Artificial intelligence deals with using computers to understand human intelligence, and it is the science of making intelligent machines, especially intelligent computer programs. It refers to adding human capabilities into machines. How AI Transforms Marketing for the better? Let us look at some of the areas in which AI is incorporated in marketing. 2 How AI Transforms the Marketing Domain For the Better
- 3. Copyright © Global Tech Council www.globaltechcouncil.org AI has a profound impact on the manner in which we search and the quality of the search results that define the search experience. Google first innovated with AI in search in 2015 by introducing its machine learning-based algorithm, RankBrain. From that time onwards, many e-commerce websites have followed Google’s footsteps and incorporated AI into search engines to help make product searching smarter. Innovations such as semantic search and natural language processing help search engines determine the links between products and provide similar product suggestions, find relevant search results, and autocorrect mistakes, thus aiding customers in discovering products even if they do not have a clear idea of what they are looking for. 3 Search Engines
- 4. Copyright © Global Tech Council www.globaltechcouncil.org Product Pricing 4 Demand-based price changes are not new. A perfect example of this is the change in hotel room rates based on seasons. Using AI in marketing will help determine and optimize prices with a whole new level of precision by taking into account a wide variety of data. AI and machine learning are used to analyze a customer’s data patterns, predict their receptiveness to special offers, and the price they would be willing to pay. This helps businesses target customers with more precision and helps them calculate the exact discount needed to pull in a sale. Businesses can use dynamic pricing to determine if their pricing of products is too high, too low, or almost at the same range in comparison with their competitors.
- 5. Copyright © Global Tech Council www.globaltechcouncil.org Airbnb is a perfect example of a dynamic pricing system that helps property owners determine the price at which their property must be listed. It takes into consideration a wide array of factors such as local events, geographic location, photographs, reviews, time to the booking date, and market demand. Using these calculations, marketers can provide which the users will choose to follow or ignore. The system will then adjust the algorithm based on the results. 5
- 6. Copyright © Global Tech Council www.globaltechcouncil.org Audience Targeting and Segmentation To reach out to customers with a proper level of personalization, marketers need to target increasingly granular segments. AI can help achieve this. Based on the data that marketers already have regarding customers, machine learning algorithms can be trained against a gold standard training set to pick out incorrectly identified contacts and identify common properties and important variables. The amount of customer segmentation that can be done by marketers depends on the data they have. Segmentation can be based on past behaviors and buying personas, or it can be as simple as gender and age. 6
- 7. Copyright © Global Tech Council www.globaltechcouncil.org Segmentation is not limited to just being static. Dynamic Segmentation is an application of artificial intelligence that consumer behaviors are rarely unchanging or fixed and people can take on different personas for different reasons at different times. 7
- 8. Copyright © Global Tech Council www.globaltechcouncil.org Conclusion AI has the ability to eventually transform the economy and reshape most businesses by introducing new products and business models. If you are interested to know more about artificial intelligence certifications, check out Global Tech Council. 8
- 9. Copyright © Global Tech Council www.globaltechcouncil.org Globaltech Council Certifications - You can check out our certifications, and kick start your career. ● Certifies Artificial Intelligence Expert ● Certified Augmented Reality Developer ● Certified Chatbot Expert ● Certified Data Scientist Expert ● Certified Big Data Expert ● Certified Machine Learning Expert ● Certified Virtual Reality Expert Learn more about GlobalTech Council click here 9
- 10. THANK YOU! Any questions? You can mail us at hello@globaltechcouncil.org Copyright © Global Tech Council www.globaltechcouncil.org 10