Is AI Consuming Your Marketing Budget? Dive into Secrets
Fear not, marketers! Dive into data-driven insights to maximise ROI, harness AI’s power responsibly, and keep the human touch at the helm. Learn how to avoid budget-chasing algorithms and unlock genuine connections that drive sustainable growth.
The Hype
Headlines blare “AI Marketing Revolution!” Promising automated ads, chatbots, and personalised email campaigns that skyrocket conversions and engagement. But before we drown in marketing buzzwords, let’s analyse the numbers:
- The Potential is Delicate: According to PwC report predicts AI could boost global GDP by $15.7 trillion by 2030 (source:https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html).
- Conversion Rates Soar: According to Insider Intelligence, 58% of US marketers have witnessed an increase in performance using AI-powered content.
However, hold your horses. A Gartner report paints a cautionary picture: by 2028, more than 50% of enterprises that have built large AI models from scratch will abandon their efforts due to costs, complexity and technical debt in their deployments (source: Gartner) Why the disconnect?
Before understanding the disconnect, we should understand AI better before being carried away by the crowd. It’s not just about the adaptation but rather understanding the requirements and the organization’s business model. Gartner has represented the hype cycle of AI with different types of AI products.
The Human Factor
Where AI Lacks and Humans Lead: AI thrives on clear goals and well-defined data, but it lacks the vision, creativity, and emotional intelligence that drives successful marketing. Here’s how to unlock AI’s true potential while keeping the human touch at the helm:
1. Strategic Guidance:
- Set SMART campaign objectives. Think of a roadmap, not a wish list. Goals must be Specific, Measurable, Attainable, Realistic, and Time-bound. (Source: Forbes)
- Identify relevant data sets. Feed the algorithms the right fuel for accurate insights. Every business has its understanding and uniqueness, so the algorithms should be customised to the business required so that accurate insights are reflected to the decision-makers.
- Build a data-driven strategy: Think bridge, not rope. Invest in infrastructure for long-term impact. To have ROI from investment in AI, it is important to have an infrastructure which can capture all the data of the organization.
2. Creative Fuel:
- AI automates, and humans inspire. Inject compelling narratives and emotional intelligence. AI to be used for automation and humans should be involved in creative and innovative marketing strategies. According to a Salesforce report, 80% of customers say it’s important for humans to validate AI’s outputs. (source: Salesforce)
- Data informs, creativity ignites. Based on the insights of each marketing campaign, content can be created using AI.
- Humanize the touchpoints. AI may crunch the numbers, but humans build genuine connections.
3. Constant Experimentation:
- Data is dynamic, so be agile. Continuously refine strategies based on real-time feedback. The marketing strategy should be agile and based on data-driven and AI can be a support system for faster turnaround for the content
- AI provides the lens, humans adjust the focus. Analyze results and adapt campaigns for optimal performance.
Conclusion
AI won’t consume your marketing budget, but using it unwisely might. Remember, it’s a powerful tool, not a magic spell. Embrace a synergistic partnership between data and creativity. AI automates the “what,” while humans define the “why” and “how.”
By harnessing the power of AI with the human touch, you can unlock sustainable growth and deliver not just clicks, but genuine connections that drive true ROI.
Case in point, Coca-Cola’s strategy to use AI creates customer engagement with the brand. Coca-Cola invited their customer to develop their digital artwork including the brand’s characteristic contour bottle and script logo. Customers were invited to submit their artwork, and the best artwork was displayed on digital billboards in New York’s Times Square and Piccadilly Circus in London. For this, they created their own AI platform and named the campaign “Create Real Magic”. (Source: Coca-Cola)
Coca-Cola’s simple initiative has helped them to develop an AI environment which helps them in lead generation and have direct customer relationships which in turn helped the brand in developing new campaigns and products.
So, embrace the future of marketing, but keep the human element in the driver’s seat. With data-driven insights and a touch of creative magic, you can make AI sing for your marketing strategy and unlock ROI that’s out of this world.
If any suggestions/recommendations or help are required, please feel free to contact me.
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