Three Reasons Why CMOs Should Embrace Artificial Intelligence
Back in the era of “Mad Men,” developing the right ad campaign was more art than science. But as marketing efforts have become increasingly digitized, marketers have moved from gut instinct to data as they determine how best to connect with their customers.
However, despite the value of this method, 87 percent of marketers consider data their organizations’ most underutilized asset, according to a Teradata survey. Rather than fighting an uphill battle with data management, chief marketing officers should look to artificial intelligence (AI) and other cognitive technologies to effectively manage and utilize data.
Here are three ways artificial intelligence can deliver high returns on investment for marketing teams.
1. Glean New Insights Across the Organization
Collecting and analyzing data throughout the organization is critical for marketing teams who want a holistic view of their customers. But gathering and understanding organizational data remains a major hurdle for many marketing teams. According to a recent Harvard Business Review survey, silos represent “the biggest barriers to improving customer experience.”
With AI technology in place, marketers can break down many of the data silos — like access to unstructured data — that currently obstruct a complete view of the customer. With the ability to gather and decode unstructured forms of data such as images, natural language and video, marketers can gain important insights into the emotions and behaviors of customers.
2. Streamline Content Management
Brands and their marketing teams often have thousands of assets to manage. Reusing content can be cost-effective and fast, but only if that content can be easily found. When it can’t, marketing teams must either redo the work or spend time looking for the content, which delays getting ideas to market before the competition.
Content management systems built on AI technology allow marketers to create a central repository for their digital assets. But unlike other content management systems, these management systems are smart. The system can learn and assist marketers to find the right content and analyze which content will work best for different situations, such as pulling images for an email campaign based on the gender of the recipient.
3. Create Unique and Personalized Experiences
Standing out in a crowded marketplace is getting more challenging for brands, especially in industries such as retail, travel and media. At the same time, marketers are feeling the pressure to create unique, emotionally engaging experiences. Through the use of AI, marketers can not only rapidly glean deeper insights, like those from unstructured data, but also use these insights to build experiences that connect emotionally with buyers.
Right now, The North Face is using cognitive technology to make finding the perfect jacket the most personalized and engaging experience possible. By asking personal preference questions, such as where and when the customer will be using the jacket and what activities the customer will engage in while wearing it, the company can better determine that user’s perfect jacket and deliver only relevant options. This makes the shopping experience frictionless, personalized and memorable.
CMOs have an opportunity to lead when it comes to AI, but they should also recognize that success will require the collaboration of the entire organization. Data from different business processes and products across the organization, not just those within the marketing team’s purview, tell an important story about who customers are and what they really want. But it will take everybody’s cooperation to implement the cognitive technologies that can gather and understand all the pieces of data across the organization.