Getting your digital marketing just right is key to growing your business, and that process is becoming easier and easier thanks to the proliferation and development of new technology today – particularly AI.
AI allows for marketers to collect huge amounts of data about their ad campaign efforts in real time, then analyze those efforts in order to see what's working and what's not, and then improve. Machine learning also helps improve promotional efforts, since it can make the already-powerful AI more powerful and lead to marketing campaigns that perform increasingly better over time.
Business leaders today tend to agree that AI is an essential tool for companies that want to succeed. In fact, 72% of execs believe that AI provides a "fundamental" business advantage to those who use it, and 88% of company leaders already harness the power of AI or plan to within the next year.
So, if you're ready to take advantage of more powerful tech tools in order to roll out incredibly effective advertising campaigns that just get better over time, it's time to start focusing on AI. Read on to learn how (and why) AI-based marketing and machine learning might be your keys to unlocking your marketing potential and more easily growing your business.
Bidding with ad inventory is an important step in ensuring you invest an appropriate amount in an ad, and that ad gets placed in a spot where it will make an impact. Real-time bidding happens when there is a real time auction for ad space during the time it takes for a webpage to load – and when ad impressions are bought and sold. Real-time bidding on ads is becoming more and more popular, and experts predict that machine learning algorithms that are used to place ads on real-time bidding networks will help generate more than $42 billion in annual ad spend by the year 2021.
Luckily, you don't have to do this nearly instantaneous bidding as a marketer. Instead, you can rely on AI to do it for you. AI can determine which impressions will be most valuable to your digital campaign, then determine which ones to bid for – as well as how much to bid to make sure you're paying the right amount based on the potential return.
AI and machine learning are extremely helpful tools when it comes to bidding on ads, because they can understand the behavior of tons and tons of Internet users at once, then analyze that behavior and make investment decisions based on it – all in a split second. The technologies can also figure out the best context in which to deliver an ad, so your impressions continue to be meaningful and valuable. This ensures that you get the best marketing ROI and that you spend your ad budget wisely.
A key to making your advertising campaigns work is making sure you're targeting people who will actually want to buy what you're selling. AI and machine learning are extremely useful when it comes to actually reaching potential leads with your marketing content, because they can hone in on specific, individual buyers, instead of appealing to broad, general audiences.
One way to use technology to target an audience of potential qualified leads is to target In-Market audiences, or audiences of people that Google Display Network determines are clicking on and engaging with content and products that are similar to yours. Another is to pursue Lookalike audiences with Facebook ads, which allow you to market to an audience of Facebook users you're not yet connected with that is identical to a group that you specify. By marketing to audiences that you know have an interest in your company, you increase the chances you're spending ad dollars on people who have a higher chance of converting.
In addition to being able to provide precision for ad targeting, AI can also help ensure that specific targets see the ad content that is most tailored to them. Dynamic creative optimization is a type of machine-learning technique that allows you to personalize the creative ad content that an Internet user sees, based on data points about them (e.g. age, location, previous engagement, etc.)
AI, Machine Learning and the Future of Marketing
AI and machine learning can help you reach a precise audience and make sure that you're investing the right amount in your ad campaigns. And, the algorithms that help marketers are primed to get better and more precise as time goes on.
Because AI is so powerful and accurate, some marketers fear that the technology could eventually replace them at their job, In reality, however, surveys show that more than 80% of companies that either currently use or plan to adopt AI in the near future won't actually replace human workers, but instead, will rely on them for skills that only humans have – like their creativity.
Technology – like Google's Universal App Campaigns (UAC) – can get company ads in the right places (even those not well versed in AI), but human creativity is the foundation of great ad creatives. This means that the creative content of ads is more essential than ever before, since so many companies now have access to (and realize the importance of) AI-based optimization tools, and, what will distinguish one campaign from the next is its creative content. Of course, there are AI tools to help with creative tasks; however, most of these tools serve to complement the creative work, not replace it – and, ultimately, the humans that are able to dream up the most creative, compelling, unique and effective ad creatives will be the ones to make their campaigns stand out from the rest.
Technology is one of the most powerful tools at your fingertips as a marketer, and if you're someone who is looking to get precise and effective with your promotional efforts, you shouldn't overlook AI and machine learning. By using the power of computing to see what's working for your campaigns, what needs to be tweaked, where you should focus, and who you should focus on, you can continually get better and better at advertising your business – then spend more of your own time and energy focusing on the stuff that only humans can do.