Two of the most disruptive industries that the world has ever seen are both coming to prominence at the same time. Artificial Intelligence (AI) and blockchain are making huge waves in the worlds of technology and finance, as well as marketing. Big name brands such as Netflix, Amazon, and Airbnb are already using new technology to offer tailored services and products to their client bases.
These businesses have incredible amounts of data at their disposal such as customer preferences, purchases; and behaviours and in-depth data analytics allow them to target their audiences much more accurately. Data-driven decision making has the power to replace long-term marketing plans with specialized one-to-one engagement programmes completely meaning that marketing is truly becoming a science.
Whilst old-school companies are still thinking about the “Four P’s” and hedging their beets on traditional digital marketing, it is those that leverage AI and blockchain that will get a lions-share of the market.
For some individuals, the ideas of AI and blockchain might seem a bit daunting but once they get to grips with the terminology, it really is quite simple. The benefit is that business able to collect large amounts of data can then use AI to optimize their marketing dollars and engage with their clients in a very different way. By using blockchain they are able to eliminate intermediaries and get better insights into where and how their adverts appear. This created drastically enhanced transparency within an industry that is shrouded in a lot of unaccountability.
AI and blockchain technologies that can be used in marketing include:
- Chatbots that can answer customer queries, process orders, and give information.
- Decentralized tracking of clicks that caters to affiliate marketing, therefore lowering costs and speeding up the payment process.
- Tailor-made marketing campaigns that use AI to redefine target segments and algorithms to decide which demographics should or should not receive marketing messages.
- Probabilistic Data Modelling that will infer what customer profiles will like and then market to them accordingly. For example, Netflix could use AI to predict what someone would be more likely to buy at Amazon, thus providing previously unheard of cross-industry marketing opportunities.
In an era of heightened attention on customer privacy, it is also possible to issue individuals with private keys to their data or even allow them to issue tokens so that companies can pay to see their tastes and preferences.
There is no doubt that marketing professionals need to get up to speed with AI and blockchain as well as familiarizing themselves with the new techniques, tools, and platforms that can enhance their marketing strategy.
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