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GettyUnderstanding how artificial intelligence and automation can help propel your business is, in my mind, paramount to staying ahead of the curve as a business leader in today’s society. Automation will affect countless industries, but today, let’s discuss how it will benefit those in the world of digital marketing.
At my affiliate marketing agency, we have gathered nearly a decade of data on e-commerce, and specifically on managing affiliate programs for a wide array of clients. We recently developed new proprietary technology that will serve as a game-changer in helping us optimize our workflow and ultimately create more revenue opportunities for more clients using our data.
Today, I’d like to share some ways AI and machine learning will benefit the digital advertising industry in 2020 and for years to come:
1. It can improve decision-making processes and increase returns on ad spend and investments. Perhaps the most compelling reason to implement AI is that as a marketer, you will immediately become less susceptible to human error. It should allow for the complete elimination of guesswork and will have the ability to speed up analyses that might have otherwise taken a lot of time. The decisions made algorithmically will objectively be more data-driven, and ad spend should decrease, while also enabling a more substantial return on investment.
2. AI can help to improve margins and bottom-line revenue. Companies typically strive to improve the bottom line by increasing revenue or cutting costs, and AI can help with both. Of course, while some people are looking to “set it and forget it,” I don’t recommend approaching AI with that mentality. At my company, through machine learning and constant tinkering by data analysts, we are constantly monitoring and optimizing. Remember, it's still important to have humans on the back end.
3. You’ll be able to create optimal campaigns. With more accurate projections, better decision-making by the AI and the fact that the system will automatically get better and better with time, campaigns will be more efficiently managed than in a system without AI.
4. AI can help you discover new optimization opportunities. Examples include, but are not limited to, applying data from a similar client to another, past -performance of advertisements, demographic breakdowns and e-commerce trends and projections. These different ways to parse through data to make decisions can happen faster and more efficiently. In the end, you're able to place the right ads in front of the right potential customers.
5. AI can help with buffering anticipated seasonal trends. AI will be able to anticipate seasonal dips and suggest ways to effectively optimize during that time to maximize performance and soften the seasonality blow (which will hopefully be reflected in your year-over-year numbers).
Of course, applying AI and machine learning to the fabric of your business is not something to take lightly. It's important to implement some best practices. For example, you'll want to go about training your staff on how to use the new innovative technology that I've mentioned.
You might consider either promoting from within or hiring a head of automation who can track and monitor the success of your program. Also, they can act as a point person for all things AI and flag any inconsistencies in data output as well as have a good handle on what needs to be done whenever there is an issue surrounding the new technology.
A human touch, in general, is required to establish AI technology at your firm. Constant tinkering and optimization of the tech will greatly benefit your analytics strategy.
You'll almost certainly come across challenges when attempting to utilize AI. Upfront costs, for example, are going to be high, so you'll want to buckle in if you decide to build proprietary technology. Whether that comes in the form of an outsourced group of engineers, staff hired for the project or an outright purchase of tech that already exists, it will take time and money to get there. Consider it an investment in something that will pay off for years to come.
You also might need even more time than you thought to let the tech teach itself how it should work. Like any intelligent being, AI requires maturation and a lot of experience to garner its ability to problem-solve. Give it time, and again, consider this all a very well-calculated investment in your company and your team.
I hope these use-case scenarios for AI will get you and your digital marketing team fired up. I look forward to my company benefiting from AI in the future, and I hope yours does, too. Stay tuned for more updates and good luck out there. Remember, AI is nothing to fear. (Unless, of course, robots take over the world. I think that’s a separate article, though.)
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January 08, 2020 at 07:00PM
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Five Ways Artificial Intelligence And Machine Learning Can Benefit Digital Marketers - Forbes
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