With the evolution of technology bringing an abundance of data into the hands of millions of companies around the world, failing to utilize this opportunity can seriously hinder a company’s ability to be successful.
The same thing can be said for the marketing field; marketers failing to take advantage of the mass amount of data relating to every area in marketing can cause a huge set back.
Luckily, Artificial Intelligence (AI) has made it easier now more than ever to make sense of what a company’s data truly means.
According to a 2018 report by McKinsey, AI could potentially unlock a value of $2.6 trillion in the marketing and sales sector, as well as 18 others.
Yes, you read that correctly…$2.6 trillion dollars could be generated if companies fully utilize AI in their marketing endeavours.
Although AI is not nearly as widely used as it can be, revenue from global AI software is estimated to increase by $90 billion in the next five years, pointing to more companies getting behind this innovative trend.
While AI can open new doors for businesses, one of the most interesting ideas is how companies are using in-depth data analytics to predict buying behavior and to push custom generated content to each consumer.
Increased Return on Investment (ROI), conversion rates, and sales are only a few of the things resulting from proper AI use.
This also creates an exciting opportunity for those people looking to enter the world of marketing.
Understanding data and making use of it is a hot skill that not enough people appear to be taking advantage of.
Sure, a seemingly endless Excel file filled with numbers and letters may look daunting, but the willingness to learn how to transform that into desired results helps you stand out among the rest.
The ever-evolving world of technology is not slowing down, which means marketers need to stay on their toes and adapt to these constant changes in marketing methodology.
I could write page after page on predictions for AI use or how much a business can improve with AI, but that isn’t needed.
Next time you’re watching Netflix or shopping on Amazon, take a second to think about how your recommended shows or products generally match your preferences.
This isn’t some sort of magic that those companies possess; it’s concrete proof of how a company can harness the capability of AI and use it to create a positive consumer experience.
So, if you’re a young marketing professional not sure of what you want to do, research AI and data analytics in marketing.
This doesn’t appear to be a fad that is going away any time soon, and if technology continues to advance as quickly as it is, those who learn what data is vital for success, are going to be the pioneers of the marketing field.
Justin is a graduate student and member of the
BU AMA Club