What is Artificial Intelligence?
Intelligence in human beings is the ability to do tasks using a variety of complex structures embedded in their brains. The ability to collect, store and retrieve information is a part of intelligence. Reasoning, building relationships, solving problems and recognizing complicated notions as also the ability to read, write and speak different languages is a part of intelligence. Humans acquire intelligence from birth by perceiving their environment. They add to their intelligence as they grow towards adulthood and beyond. When machines exhibit intelligence exhibited by humans as described above, it is artificial intelligence (AI). While human beings learn from the time of their birth machines start learning intelligence from the time when we create them.
Applications of Artificial intelligence in B2B segments
In the B2B segment, a company tries its best to acquire paying customers for its products and services. The journey of attracting a customer from building awareness, generating interest, creating desire and finally taking action is not only arduous but also very expensive. The decision-making process in a business is complex involving several participants. The organization trying to acquire such a customer needs to operate at different levels.
- Companies generate leads based on lists. They accumulate leads and sift them to make a list of prospects. They then tap these prospects through focused communication often supplemented by personal visits. During the course of this exercise, they generate a huge amount of data. In today’s world of mobile phones and Internet, wading through this data is impossible for humans. It is here that AI plays a big role. Using machine learning algorithms, AI can predict behavior exhibited by customers in the various stages of the customer acquisition cycle. This prediction enables the company to focus on customers that have a higher probability of becoming paying customers. AI is a powerful tool in the hands of companies to back sales representatives to perform in a more efficient manner.
- AI can go far beyond the mundane demographic parameters to target customers. It can map the behavior of prospects and tailor make messages and contact points to hit them when they are hot. AI can sift through thousands of prospects and create actionable lists that provide a much higher probability of success. They can also target specific members of decision-making teams in prospective customer companies.
- AI is a powerful tool to use when sifting through responses to an existing campaign. AI helps to identify campaigns that draw more responses. It can help planners to tweak the campaign to deliver better results. This kind of analysis is impossible with existing manual data analytics.
- The beauty of AI is that it is smart and it learns from each interaction and data point. It becomes smarter and provides better insights as more data flows in. When companies use AI more they tend to reap more dividends from the smartness of AI.
In the short time that AI has made inroads into the B2B marketing arena, it has become the powerful backup support for frontline salespersons. Since the final push towards closing a sale depends on the salespersons’ relationship with the customer, AI provides significant insights about the customer that would help to increase the chances of closing the sale.
Applications of Artificial intelligence in B2C segments
The experience and success of giants such as Google, Amazon, Facebook, Pinterest or Netflix tell a remarkable tale which B2C businesses can ignore at their own peril. With the progress made in artificial intelligence over the last few years, every B2C marketer – small or big – can use the powerful tool that it has become to market their products and services to end consumers in an efficient manner and on time.
- The most important marketing tool for digital marketing is pay per click (PPC) advertising, which is a call to action through landing pages or clicking on advertisements appearing on search results. AI changes the contours of PPC strategy by its ability to handle large amounts of data in quick time and without errors. AI helps to evaluate many advertisement platforms based on which the advertiser can implement an optimal PPC advertising program. Nowadays, AI manages paid advertisement campaigns without much human intervention.
- The impact of AI and big data is enormous on the B2C marketing space. The volume of data, the velocity and the myriad formats in which data are available are impossible to handle by humans or by existing data analytics. AI comes in handy to learn and solve marketing and advertising issues in real time. AI finds uses in bioinformatics, fraud detection, and language processing and speech recognition. For instance, a financial institution granting loans can hasten the loan application processing time and store and dissect data in an effective way. It can improve customer experience by providing customized responses through the use of chatbots. AI can also detect fraudulent transactions and minimize the effect of frauds.
- AI is now used in the creation of structured content such as financial reports and hotel descriptions. AI created content looks more like content created by humans. This has the potential of standardizing content for the brand, seen in social media content.
- From content to image is a short hop. Brands such as Pinterest use AI to recognize and identify objects and humans from videos and images. AI can help better coordination between images and content.
- AI finds uses in conversion rate optimization (CRO) where AI-powered customization helps converting website visitors into paying customers. Increased conversion happens because AI delivers better website experience as also the right message at the right time.
The possibilities of using AI by B2C companies are immense, and the benefits will only multiply because of the enormous capability of AI to become smarter with new learning.
Artificial Intelligence (AI) is making waves in the digital space.
- As more and more activities are becoming digitized AI plays an important role in the way B2B and B2C businesses run. AI impacts both businesses and customers. Through AI, businesses become more efficient and profitable.
- Customers enjoy much better interaction and experience with brands. Customers will receive content and images that suit their preferences thereby increasing the chances of engaging with the advertiser’s brands.
- Active game players will welcome the unique structure created for them especially in terms of levels and playing conditions.
- Through technology such as chatbots, AI relieves the human being from the boredom of monotonous repetitive tasks. To the customer, there is consistent and undistorted messages leading to better information flow and customer experience.
- The benefits of AI will percolate to the healthcare sector especially in the care of elders through robots. AI will allow seniors to stay at home rather than in hospices. AI will also permit handicapped people to regain some of their lost abilities. AI’s wide reach not only ensnares augmented reality worn on humans but also helps in recognizing images in MRI scans and X-rays missed by doctors.
- AI is revolutionizing transportation through autonomous vehicles. Car users can use commuting time for other tasks while the autonomous vehicles drive them around.
- AI’s biggest contribution to humanity is in the area of dangerous jobs wherein humans get exposed to toxic waste, radiation, injuries, heat, light, arc light and crowd disturbance. Robots and AI systems can now do these jobs and relieve humans of these dangerous tasks.
- AI helps agricultural productivity through automation of farming equipment, machine learning of crop yields to deliver optimized crop patterns and pest control.
- AI is helping the large manufacturing industry in a big way and will percolate to smaller manufacturing entities.
- AI is making inroads into new frontiers such as emotional intelligence. AI can play a large role in the education field. Relationships are complex between human beings and AI can contribute towards understanding relationships better and using the knowledge to create more harmonious relationships. AI is already creating waves in the emotion of shopping to target customers. Two other areas where AI is playing a role are the art field and the news media. AI will help create new art and in all probability the next Monet or Leonardo da Vinci or Shakespeare will be a robot. Today, news reaches listeners, viewers or readers through multiple devices supported by AI.
These are exciting times and AI is only touching the tip of the ice berg. There are many more AI supported activities that will make their entry in our lives. They may come sooner than later.