How Predictive AI Is Powering Marketing Strategies
Artificial intelligence (AI) is no longer a buzzword tossed about by tech-savvy individuals, and the technology is becoming increasingly more common as it’s being rapidly adopted. From generating online content and images to helping power autonomous vehicles, AI is popping up across industries.
While generative AI, like the platforms creating content, is no longer raising eyebrows, predictive AI is a little different. Predictive AI uses past data to predict future trends, and this is an invaluable tool in marketing. We’re exploring the power of Predictive AI techniques and how the technology can benefit your marketing strategies.
Benefits of Predictive AI in Marketing
You may already be using generative AI in your advertising campaigns. The technology quickly generates usable content and images, saving businesses time and money.
Instead of paying a content creator and someone to hunt down copyright-free relevant images, the technology takes care of everything often in only a few seconds. This means that you always have a marketing campaign ready for release.
While generative AI is a good start, predictive AI can take your marketing strategies a step further. Before you set your generative AI tech to work, you start by predicting what consumers will be searching for in the future. Think of it as a way of ensuring your advertising campaigns always hit their marks.
So, what are the benefits of using predictive AI beyond planning future marketing campaigns? Here’s a look at some of the reasons why you may want to add the technology to your toolbelt.
Boost Efficiency
Efficiency is one of those buzzwords that’s frequently tossed around. Employers are always looking for new ways to boost efficiency without sacrificing quality. While seminars provide countless tips on how to boost efficiency without overworking staff, they often leave out an obvious solution.
Predictive AI quickly analyzes past data to provide more accurate forecasts. This allows you to delete repetitive tasks that are needlessly typing up employee time. With a relatively accurate prediction of future market trends, it’s easier to streamline your processes to meet upcoming consumer demand.
Streamline the Decision-Making Process
Even experienced CEOs can have trouble pulling the trigger on a decision affecting the business. They may need more time to review past data or see how it all fits together. When decisions need to be made quickly and accurately, there isn’t time to pour through years of data.
Closing your eyes and picking an option while hoping for the best also isn’t a viable solution. Yes, you may get lucky occasionally, but more often than not, your hasty decision may hurt the business. Thankfully, predictive AI helps ensure you have the data you need to make effective decisions quickly and efficiently.
Forecast Upcoming Trends
Some trends are pretty easy to predict. If your business is selling shoes, you know you need to stock up on sandals for the spring and summer. You don’t have to analyze data from previous years to know sandals are huge sellers in the warmer months.
While some consumer trends are a breeze to predict, others can take you by surprise. For example, is this the year bell-bottom pants come back into style? Is gold-tone jewelry in or out? Clothing and fashion industries aren’t the only ones who can benefit from getting a head start on future market trends. If your business deals with consumers, you want to stay ahead of the latest trend.
Predictive AI uses mathematical algorithms combined with data mining and machine learning to produce analytics that make it easier for you to predict consumer trends and purchasing behavior. You can create a targeted marketing campaign before a trend becomes the next big thing.
More Easily Identify Patterns
Identifying and keeping track of consumer patterns can easily be a full-time job. Yes, you can always hire a team whose sole purpose is to track these patterns. While it can be effective, it’s not efficient and this solution is also expensive. A better option is using predictive AI technology.
Once again, you’re using the technology to analyze past and current data to recognize patterns that can shape your marketing strategies.
Using Predictive AI Across Industries
Retail, automotive, healthcare and financial services are only some of the industries that are benefiting from using predictive AI.
The technology can forecast consumer behavior and trends, giving businesses a head start on their upcoming marketing campaigns. When advertising more accurately reflects a consumer’s wants and needs, it’s more likely to turn into a sale and even repeat business.
If you’re struggling to connect with your consumers, predictive AI may be able to identify workable solutions.
