Decoding Marketing with AI-driven insights in a post pandemic world
AI & MARKETING
The COVID-19 pandemic has impacted us in more ways than we could have envisaged. A year ago, one could never have anticipated that this viral infection would turn out to be one of the worst crises in modern human history – impacting human lives and disrupting economies across the world.
Now, more than a year into the pandemic, we are still struggling to cope with it. But amid this chaos and uncertainty all-around, one thing is certain, the world is never going to be the same again. As we ride through the “new normal”, we need to understand, irrespective of the industry we represent, only the ones who are willing to adapt, agile, and receptive to the changing environment, will survive and emerge stronger.
Marketing cannot be an aberration to this change.
So what has changed since the pandemic?
What does the customer want?
According to leading reports, the key takeaways can be summarized as follows:
- Customers are now looking for flexible, agile partners, who can deliver the hybrid strategy.
- Experience is going to be a key driver in the purchase decision of consumers.
- Digital will be the key, but not the only solution.
- Data-driven analysis is important, but having tools to refine that data and deliver value adds can be a game-changer.
In all these aspects, the role and the importance of AI are going to be crucially important as we enter the new world. Syncing AI with human talent will go a long way in harnessing the true value of technology in the post COVID era.
SO WHAT IS AI?
AI or Artificial Technology uses computers to make automated decisions based on data. It provides solutions to problems involving complex algorithms by analyzing the data. In the marketing world, AI is used to generate trends using various customer data that can help in understanding and predicting future consumer behavior.
AI has its usages in automation of complex tasks, data analytics, and supporting automated decision making, content support, predicting trends and real-time customizations, and various others applications.
WHAT WILL BE THE KEY DRIVES AS WE IMPLEMENT AI:
Invest in talent: The next normal will require data-storytellers. Ability to understand data and dissect trends will be the key, as marketers try to weave in a story for the consumer to buy. Investing in the right talent and upskilling the existing talent will be imperative. Marrying the best talent with technology can be a winning formula.
Personalization and segmentation: The marketers should move away from the notion of one-size-fits-all or category, budget-based campaigns to customer-need-based campaigns. It may sound cliché, but in the name of customization most of the firms still devise their offerings based on budget and industry. In the next norm, marketers need to treat each client as new and offer strictly need-based solutions. This is possible when the marketing team will be more empowered to experiment with different concepts resonating with the needs of the clients and demographics. Look for micro more segmentation and create a niche within.
As we embark on the future, companies should invest in people and technology. This will enable them to deliver solutions to new-age customers who are looking at the differentiated value proposition. The use of technology will help develop cost-effective solutions based on superior data analysis and agile minds.