Are You Investing Or Wasting On AI In Marketing?

Like most other business functions, marketing is an area that is no stranger to AI.

However, with every business using AI for marketing, only those that use the technology purposefully to create meaningful outcomes will be considered winners in the race of tech adoption.

More often than not, the use of AI in marketing is limited to the mention of the term ‘AI’ itself as a buzzword to attract awe and attention. Beyond this, business leaders and owners seldom give much thought to using the technology to gain a competitive advantage. And it is understandable, considering how business leaders are often preoccupied with achieving financial goals and overcoming operational challenges.

When such decision-makers hear the term ‘AI’ in association with any marketing product or strategy, they give their go-ahead without much analysis. As a result, businesses are unable to make the most of their AI investment. And considering the immense potential of AI in marketing, any investment that does not give desired results is a waste of money. Now, if you aren’t getting the desired results from your AI investments, then you are not alone. According to a survey, about 40% of organizations reported having made no business gains from AI. However, by taking a few simple steps, you can turn your AI initiatives into worthwhile investments.

Understanding the Capabilities of AI in Marketing

The biggest reasons for businesses not maximizing their gains from AI investments involve a lack of understanding of the technology and its capabilities. Understanding the real capabilities and strengths of AI can help businesses devise solutions that actually add value to their businesses instead of buying cookie-cutter AI solutions that do not offer significant advantages. Put simply, the core strength of AI technology lies in heavy-duty data processing operations requiring speed and accuracy. Hence, AI can be used in marketing for solving problems that involve classification and pattern recognition, among others. Knowing this can allow businesses to understand what a proposed AI solution can and cannot do.

Aligning AI Capabilities with Gaps in Marketing

In addition to knowing what capabilities AI brings, it is important to identify which of your marketing problems require an AI intervention. Instead of pursuing vague goals like “personalization” and “lead generation,” businesses should pursue narrower objectives by asking the right questions. By doing so, they can clearly state their requirements to AI developers or vendors and save time and effort on frivolous and ineffective features.

By taking the above steps, you will gain a clear picture of what AI technology can do for your business. You will also be able to understand your biggest marketing problems that need to be addressed. Putting these two pieces together will enable you to use AI in marketing only where it makes sense and in a way that provides tangible returns.