According to McKinsey, over the next two years, 90% of business leaders anticipate utilizing generative artificial intelligence (AI) solutions “often,” and those already investing in AI are seeing a revenue gain of 3-15% and a sales ROI jump of 10-20%.¹

AI will upend marketing and sales as its capabilities grow and its implementation becomes easier and less costly. AI marketing can be defined as the melding of AI technologies with customer and brand experience data, which allows marketers and salespeople to gain deeper and more precise insights into the customer journey and market trends.

AI can provide sales teams with highly defined analytics and customer perceptions to help businesses more effectively capture demand. For example, AI can identify patterns in customer behavior and market data to segment and target relevant audiences in order to provide more personalized communications and product/service recommendations. More specifically, AI will:

• Make testing A/B strategies around website layout, ad copy and SEO strategies easier and more accurate, ensuring maximum return on investment
• Automate the myriad mundane sales activities using AI, which will not only reduce human error, but free up staff to spend more time with customers and prospects—even as it reduces the cost to serve those customers
• Make it much easier to “listen” to what is being said about a company and its products and services on social media
• Eliminate the “noise” found in the flood of data and focus on the information that anticipates customers’ next moves
• Determine the best time to post messages for maximum impact
• Enable highly personalized content generation informed by social posts and customer calls, and identify keywords or phrases that add relevance to communications (e.g., develop email subject lines that will raise open rates or personalize communications)
• Enable AI chatbots to boost brand visibility and customer and prospect engagement that generate leads and provide insights for predictive and prescriptive marketing initiatives

All this is done with a level of scalability and flexibility that is beyond the capability of today’s conventional marketing tools and resources.

AI marketing is not without its risks, chief among them are data privacy and security, bias and fairness, lack of human judgment, and over reliability on the technology.

Despite the risks, many of which may still be unknown, it seems to be the beckoning of the unknown opportunities that continue to drive AI into many facets of business and the economy.  The journey is still ongoing and the results are yet to be fully realized.

Source:

¹ https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/ai-powered-marketing-and-sales-reach-new-heights-with-generative-ai

Please reference disclosures at: https://blog.americanportfolios.com/disclosures/