Companies are collecting data from multiple sources and, as a result, have the opportunity to leverage this data. Consumers have the agency to choose what they want to purchase. However, this choice is often driven by marketing.
Marketers now have the opportunity to leverage data to make better marketing decisions. One way to leverage data is to employ artificial intelligence (AI) and software tools. In this blog, the first of the series, I will explain in simple terms what AI is, how it will benefit your marketing team, and introduce you to a new product - Audience Insights.
What is AI:
By now, AI has become part of popular discourse. Generally speaking, AI is understood to be any task done by a machine that previously would require human intelligence. However, this definition of “intelligence” has been further refined and understood as the ability to learn and adapt to unfamiliar situations.
In other words, intelligence itself is measured by how well a skill is learnt and applied to new situations. AI, therefore, can be understood as the simulation of human intelligence by machines that humans have programmed to operate and think like us.
What is AI Marketing:
Now the next question you may have - how can my marketing team utilise AI? As I mentioned before, consumers are producing more data than ever. This data is coming from many sources such as social media, emails, and web activity among others.
AI can process all of the data faster than humans and provide insights quickly. This is beneficial especially since trends come and go quickly and keeping up can be difficult. Another benefit of faster insights is that your marketing can be personalised and your business can see a faster ROI (look out for a future instalment explaining each of these benefits).
Companies have relied on 3rd party tracking services like Facebook and Google to understand their audiences and conversion metrics for many years. However, recently, companies like Apple and Google are pushing towards a 3rd party cookie-less world. That means that relying on 3rd party trackers to provide the insights companies need to drive conversion and engagement on their platforms is no longer possible. As a result, companies are moving towards other means of managing their audiences with tools that operate within the boundaries of these data regulations. Audience Insights is one such tool.
Audience Insights is a platform built by a team at DotModus. The platform helps businesses group, understand, and execute on their audiences’ behaviour better. Audience Insights provides a set of tools that puts the power of audience analytics and engagement back into the hands of companies that own the audience.
The platform helps you do the following:
- Automatically gather and collate data from various sources across your business.
- Create intelligent audience segments based on behaviour, interests or product preferences.
- Expand these segments with automated “lookalike audiences” on ad platforms.
- Track the performance of these segments against given campaign or company goals and deliverables.
At its core, Audience Insights takes the data about your current customers, identifies their behaviours and then helps you to find new customers just like them. It not only helps you target the right people but more of the right people.
Staying competitive means adapting your marketing strategies to fit these digital times. DotModus knows that implementing new tools to grow your business is important. If you’re interested in learning more about the importance of AI in marketing, look out for our other blogs in the series. Alternatively, you can contact us to speak to us and discuss how Audience Insights can transform your business.