AI Myth Busters: AI Will Usher In An Era Of Extreme PersonalizationAI Myth Busters: AI Will Usher In An Era Of Extreme Personalization https://c-suitenetwork.com/wp-content/uploads/2017/10/ai-myth-busters-ai-will-usher-in-an-era-of-extreme-personalization.jpg 960 640 C-Suite Network https://c-suitenetwork.com/wp-content/uploads/2017/10/ai-myth-busters-ai-will-usher-in-an-era-of-extreme-personalization.jpg
Remember when traditional marketing was overwhelmingly successful? Neither do I.
In an era of great innovation, marketing still largely operates with legacy mindsets and technologies. Time, however, isn’t on the side of those who follow convention. Digital Darwinism is only accelerating, and those marketers who defy convention will shape the next generation.
The good news is that natural selection favors anyone willing to learn and experiment. There’s also a shortcut: artificial intelligence (AI).
Technology, and all it disrupts, continues to evolve. Society, markets and customer behaviors — preferences and values, too — are evolving. Now, consumers expect personalization — real, know-who-I-am personalization.
Businesses either understand this and invest in the future of consumer-centered evolution, or they don’t. Continuing with outmoded perspectives of customers and technologies or following a path of business as usual isn’t going to help.
AI represents the ability for marketers to almost instantly make up for lost time, leapfrog competition and more effectively engage customers in ways that they prefer, value and reward.
AI, though, faces its own set of challenges. In everything from stealing jobs to taking over defense systems, AI could benefit from greater understanding and adoption.
So, why isn’t everyone jumping on AI? Turns out there are several myths impeding marketing’s ability to hasten change.
Myth #1: AI is too complex and expensive to add to the marketing mix
Artificial intelligence is at its very core complex and expensive. The same is true for the technology that’s driving autonomous vehicles. Yet today, everyday consumers are already starting to experience the marvel of self-driving vehicles.
In a 2017 study of marketing and AI, Forrester Consulting found that 48% of marketers assume that AI integration would cost too much, and 29% and believe it’s too difficult to integrate.
In reality, AI isn’t as complex, scary or confusing as James Cameron and “The Terminator” would have you believe. Many of today’s AI-powered platforms are designed to plug and play into existing martech stacks, eliminating the need to rip and replace incumbent technology systems like ESPs (email service providers).
Myth #2: Marketers believe they are already using AI-powered systems
A whopping 40% of marketers think they’re already using AI-powered systems, according to the Forrester study. At the same time, 40% also believe that they’ve adopted AI-driven marketing initiatives.
In an article related to this study, Albert.AI CMO Amy Inlow told Information Age:
“The common denominators driving these challenges were marketers’ willful lack of knowledge about the tools they’re working with and the tools available to them.”