Once upon a time, in the not-so-distant past, artificial intelligence (AI), data-driven marketing and voice search engine optimization (VSEO) were merely speculative concepts that bordered on the inconceivable. Today, this concept is no longer just a “good idea,” it’s a reality that will provide a great assistance to marketers in 2020 and on into the future.
According to Genius Monkey’s SVP and Director of Client Solutions, Jeremy Hudgens, “Any business that wants to be competitive in this ever-evolving digital sphere, must embrace these advancements and make room for them in their marketing strategies. We live in an era in which technology tends to move faster than marketers can understand and exploit it.”
So just what is artificial intelligence?
Simply put, AI is a faction of computer science that pertains particularly to building machines that can think – and respond – like humans. English Mathematician Alan M. Turing developed a test in 1950 that would calculate the intelligence of a computer and determine whether it could achieve human-level performance sufficient enough to fool an interrogator.
According to Techgrabyte (an education website whose area of work is Artificial Intelligence, Machine Learning, Deep Learning, and Data Science), “Artificial intelligence is the biggest commercial opportunity for companies, industries, and nations over the next few decades” and “will increase global GDP by up to 14% between now and 2030,” which means that “AI latecomers will find themselves at a serious competitive disadvantage within the next several years.”
Here are some of the top reasons why companies are integrating AI into their businesses:
- 84% say that AI will allow them to obtain or sustain a competitive advantage
- 75% say that AI will allow them to move into new business
- 75% of new organizations using AI will enter our market
- 69% of incumbent competitors will use AI
- 63% of businesses feel they must use AI as they face pressure to reduce costs
- 61% feel that suppliers will offer AI-driven products and services
- 59% feel that customers will ask for AI-driven offerings
Many have not come to the realization that this year of 2020 may be the year people start waking up to the dominance of artificial intelligence. It’s definitely making its way to the heart of world-wide business and industry - and it’s already taking the place of many humans by performing simple jobs.
AI can analyze consumer behavior and search patterns, and use data from social media platforms and blog posts to help businesses like Genius Monkey understand how to determine a customer’s needs, and get in front of them to lead them to their desired products and services. This, of course, is part of tracking our customers' purchase journeys.
Where are we with AI today?
- 2 out of 3 buyers are using AI without knowing they’re interacting with a chatbot
- By 2025, AI will be a $190 billion industry
- This year (2020) 60% of companies will use AI to drive digital revenue
- 97% of mobile users already use AI-powered voice assistants
- 71% of B2B marketers are interested in using AI for personalization
Marketers and business owners must now identify the problems they face regarding their marketing campaigns, and how accurate insights can help them solve these issues. Getting these insights is a matter of gathering all the data that’s spread over several applications into one place.
Whether it’s dynamic price optimization or automatic selection of ad copy based on the user demographics, it can be achieved with artificial intelligence. Figure out what you need most, and let AI take it from there.