Are you ready for the Fourth Industrial Revolution?
The Fourth Industrial Revolution (sometimes called the 4IR or Industry 4.0) may sound like science fiction, but in some ways, we’re already living in it. The term is used to describe a combination of technological advances which have revolutionised the way we live and work. Robotics, the Internet of Things (IoT), quantum computing and even your smartwatch are all examples of these advances, but the one we’re most excited about and will be exploring in this post is AI.
The global AI technology market is growing rapidly, with the market set to reach over $15.7 trillion(!) by 2030. This growth is driven by the increasing adoption of AI in marketing to improve customer experiences, increase efficiency, and drive revenue.
What is AI?
Artificial Intelligence, or AI, is a type of technology which enables computers to think like humans. Just like us, it can recognise patterns, understand information, and make decisions. AI is used for all sorts of things, from self-driving cars, to facial recognition technology, to the autocorrect function on your phone. The global AI technology market is growing rapidly, with the market set to reach over $15.7 trillion(!) by 2030. This growth is driven by the increasing adoption of AI in marketing to improve customer experiences, increase efficiency, and drive revenue.
So, how can we use AI in marketing?
Believe it or not, AI is already being used in many businesses’ marketing strategies to improve the customer journey from start to finish, and its use is only set to increase as the technology develops. To get you started, we’ve pulled together six key trends to keep in mind in for 2023 and beyond:
Personalisation has become a major focus for businesses looking to improve their marketing strategies. According to a survey by Epsilon, 80% of customers are more likely to do business with a company that offers personalised experiences. AI can help businesses tailor their marketing messages and offers to individual customers based on their preferences and behaviours, resulting in higher engagement, conversion rates, and revenue.
Chatbots are becoming increasingly popular in marketing, 80% of marketers already using chatbots as part of their customer experience strategy. These AI-powered chatbots can provide 24/7 customer support and answer common questions, freeing up human agents to handle more complex issues.
3. Predictive analytics
The global predictive analytics market is expected to reach $35.45 billion by 2027. AI-powered predictive analytics are being used to analyse customer data and make predictions about future behaviour, allowing marketers to make data-driven decisions.
4. Voice search
With the rise of smart speakers and voice assistants, optimising content for voice search is becoming increasingly important to help drive conversion and drive revenue. By 2024, the number of digital voice assistants in use is projected to reach 8.4 billion – meaning there will be more voice assistants than people in the world!
5. Visual search
Visual search technology is becoming more advanced, allowing customers to search for products by uploading images or taking photos. In 2022, popular visual search function Google Lens was used over 8 billion times per month! Companies are using AI-powered visual search to enhance the customer experience and increase sales.
6. AI-powered analytics
AI is also playing a growing role in social media marketing, with the global social media analytics market is expected to grow from $3.6 billion in 2020 to $15.6 billion by 2025, and AI-powered analytics will be a major contributor. AI can help marketers analyse data to decide the type of content and platform for their audience, better target their PPC ads, and scan other social posts to see what’s trending.
We’ve already seen the success of AI in marketing, and it’s only set to continue growing. That’s not to say bots will take over completely any time soon, but they will become integral to our marketing processes and we can expect to see more innovative solutions that improve the customer experience and drive business growth. By keeping up with the latest trends and implementing the right AI-powered strategies, businesses can stay ahead of the competition and succeed in today’s digital marketplace.
Speak to us to find out more about how you can use AI to optimise your marketing today!