AI in Marketing: How Businesses are Leveraging AI and Machine Learning to Boost Business Sales
We are still a long way before Artificial Intelligence reaches its full potential but, every day we get to see how the technology can be applied in different fields to make our lives easier.
AI in marketing is not a new concept. However, in recent times, we have witnessed an increase in the number of businesses using AI-powered marketing solutions to boost sales. These businesses span across all fields including healthcare, insurance, banking, energy, and retail & eCommerce.
Intelligent chatbots, for example, are helping increase conversions by ensuring potential customers are always engaged even when no one is in the office. And thanks to machine learning, chatbots can now better understand customer queries and provide accurate responses.
Another way AI is helping with marketing tasks is through the automation of ad optimization. It’s no longer necessary for digital marketers to constantly review the analytics of their ads. There are AI tools that will do this and proceed to make adjustments like changing creatives and retargeting the ads for better conversion. Exod.ai, for instance, is great for Facebook ads automation.
However, the above-mentioned applications are not new. Only that they have undergone improvements as AI and Machine learning continues to evolve.
A new application of AI in marketing
Marketers have found a new use for AI and machine learning and it entails testing how users respond to various website design changes.
The best part is that AI-powered website optimisation tools only take a fraction of the time that it would take traditional A/B testing methods to test key performance metrics like the placement of the CTA button, use of media, and general layout of your website.
That is how one business was able to improve its sales by 29% in just two and a half months. The experiment reached more than 230,000 visitors.
Finally, thanks to the updated Google’s attribution model, marketers can now clearly map out the customer’s journey through their site and identify the exact point in the sales funnel they either lose the customer or convert them to buyers.
They can then focus on optimising that specific area and then use AI to test how the applied changes influence customer behaviour.
In the current fast-paced environment, it pays to have solutions around you that can minimize human effort while increasing productivity. Marketers seem to have found their answer in AI and machine learning.