Last week, we reported all there is to know about the transition to GA4. In that piece, we specifically talked about machine learning and its application within reporting tools. Today, we’re excited to discuss how Artificial Intelligence (AI) can benefit marketers and enhance your business more broadly.
Defining AI
Let’s start by first defining some key terminologies and explaining the difference between them:
->Artificial Intelligence (AI): Advanced technology that allows machines to mimic human behavior through vast amounts of data, intelligent algorithms, and patterns. It is the broader concept that machines can carry out tasks that humans would consider “intelligent.”
-> Machine Learning (ML): A subset of AI that uses statistical data sets, adapts with minimal human involvement and evolves independently as it ingests more data. ML is considered one of the applications of AI.
Why Marketers Should Care
If implemented and utilized correctly, AI can be incredibly helpful for marketers. AI offers advertisers the power to…
– Improve the customer journey and create more personalized experiences
– Create more efficient and effective marketing campaigns and improve business impact KPIs (acquisition costs, ROI)
– Gain insight into target audience through big data and ML
– Create and develop content, PPC ads and even web design
– Utilize chatbots for campaign purposes, customer service and more
Google and OpenAI
Google and OpenAI have been in the news recently for their AI contributions and we expect this to continue to develop across industries.
Right now, Google’s technology is expected to be more relevant. Earlier this month, Google announced its new AI chatbot, “Apprentice Bard.” Apprentice Bard is like ChatGPT, but Apprentice Bard’s answers can include recent events (source: CNBC).
How can Apprentice Bard do this? “Google can crawl the web in almost real-time and process that information faster than any other company,” reported CNBC.
For example, Apprentice Bard picked up on the news circulating about the Google layoffs and was able to respond immediately. We have no doubt that Google will continue to add innovation to Apprentice Bard. We are excited to see how OpenAI will respond with ChatGPT and InstructGPT. Stay tuned!
How Marketers Can Use AI
AI can dramatically improve targeting for advertisers. With ads that are “more realistic, engaging and versatile than ever before,” Data to Biz and Times of India predict that “AI will take up 80% of global advertising spend in the world.” For application, advertisers can use AI to:
– Segment more relevant audiences by applying behavior trends and pattern data
– Automate tasks like copy and creative development
– Improve targeting
– Improve reporting with more real-time enhancements, predictive forecasting / modeling, and more personalized recommendations
At Media Horizons, we believe that AI needs to be the focus of how we innovate. AI will continue to grow in utilization and will eventually impact multiple facets of marketing and thus, business success. It’s important to start the conversation now! Reach out to us today to talk about ways that we can integrate AI into your campaigns and reporting. We are excited to see where industry benchmarks change, and how we can work together to stay on top of them.
Additional Sources: Jumpstory.com, Martech.org, Meltwater.com
