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Essay / The Opportunity AI Technology Offers to Marketers
The line between the real world and the digital world is becoming increasingly blurred. Perhaps Joaquin Phoenix's relationship with the Samantha OS in the acclaimed sci-fi film Her is starting to feel more like science than fiction! The truth is that consumer behavior is changing, with a rapid shift from trusted brands to trusted platforms. AI is now more of a partner/advisor, and no longer just a “servant” of the consumer. Making intelligent recommendations based on consumer needs and behavior offers brands the opportunity to elevate themselves through AI relevance, hence the importance of access to behavioral data. Building and using these platforms in your marketing strategy is therefore essential to acquiring customers. However, the opportunity VAD/AI offers marketers extends beyond customer acquisition to customer retention. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Today, satisfied customers are loyal and act as brand advocates. VAD/AI platforms have the potential to disintermediate this brand loyalty, by anticipating the customer's need and making recommendations based on that need. Here is an example. Using internet-connected health tracking devices, an AI platform can see that a consumer enjoys running. They can then recommend the best running shoes on the market today, at the best price and where to buy them. The brand of this running shoe may be different from the brand consumers typically purchase, but the recommendation itself offers a compelling alternative option. Brands must therefore use the data created by these VAD/AI platforms to mitigate the threat provided by the platform itself! This is already used to some effect in promotions to ensure that the customer does not go astray. For example, consider whether you want to reorder laundry detergent since you usually buy it every 4 weeks and as a regular customer of, say, Tide, we will ship it to you today with a 20% off - oh and would you like to try a free sample of this new fabric softener? In this example, both the consumer and the brand win. Business is retained and the consumer benefits financially. AI is an enabler, bringing value to the provider, the consumer and itself. Whether this is true brand loyalty or AI affinity is an interesting consideration. All of these capabilities are supported by the most valuable asset created by VADs: data. Data is the foundation of digital marketing. VAD/AI is a direct source of on-the-ground contextual data that can be used in multiple ways to drive marketing strategy for customer acquisition and retention. As more VAD “skills” come online, more data will be generated, creating a self-reinforcing loop and a gradual transition to a seamless, fully digitized sales experience. VADs will inevitably become ubiquitous (Alexa goes everywhere with you: your home, your car, your office, other people's VADs automatically recognize your voice on "your Alexa", whatever the device). As voice recognition and AI technology evolves and data security and privacy issues are addressed, VADs could very..