How AI can become a powerful marketing tool to mitigate economic impacts of COVID-19
Over the years there have been numerous discussions on the usefulness of AI as a tool to take technology to another level, and its repercussion on the workforce, as it may be imperative that it causes people to lose their jobs.
According to a report by Accenture, AI has the potential to add $957 billion, or 15 percent of India's current gross value, by 2035. While still debatable, many are now considering the use of AI as a potent means to fight the COVID-19 pandemic spreading like fire.
The novel coronavirus pandemic has also led to a steep decline in many sectors including travel, sports and construction, due to the economic fallout of restrictions and lockdowns. According to NASSCOM, the business continuity and growth of IT services have been disrupted due to COVID-19, costing $190 billion.
Though a huge percentage of IT companies are switching to work from home (WFH), efficiency of work is under question. This is where AI can come to the rescue by automating the task while minimising manual intervention, thus, ensuring quality work.
Artificial intelligence (AI) is an area of computer science that emphasises the creation of intelligent machines that work and react like humans. Computers with AI are designed to ease human activities by categorising the tasks concerning the operator’s taste. The categorisation is dependent on previous searches and areas of interest.
AI can also be extremely beneficial in terms of lead generation for businesses in terms of marketing, so that while you are working from home, your business doesn’t get affected. With uses like improved marketing efforts and increase in sales using the right quality lead, AI intervention can boost your businesses.
AI can help process large fractions of data in split seconds which is incomparable to the time an individual takes to complete the same task. Right from analysing and processing data for customers, understanding customer behaviour pattern, to zeroing on the right platform to carry targeted communication, AI can be a boon for businesses at this crucial time of worldwide paramedic, while ensuring optimum utilisation of funds in terms of Return on Ad Spend.
Below are some of the ways AI can be a potent weapon to fight COVID-19 in the marketing sphere:
1. Forecasting Sales using AI-enabled Marketing and Sales Suite
Marketing Suite powered by Artificial Intelligence is the right platform for your business to boom. Brands can now run multiple campaigns through a unified platform with ease. The platforms are designed to consolidate ad campaigns and also integrate with the likes of Google, Facebook, Instagram and Taboola.
Right from automating the ad-buying process to optimising your campaigns, these suites take care of time-consuming tasks 24x7. All you need to do is, feed the campaign parameters such as target audience, KPIs, location, desired devices and channels, and ad creatives onto the platform with minimum human intervention.
2. Chatbots as personal assistants
Chatbots are truly a game-changer. Many websites are using chatbots as they are great for answering general FAQs asked by the customers, without the requirement of personnel. Chatbots can impact customer experience and be of great help to employers who are short-staffed.
Smart chatbots are going to be all the rage. They are powered by AI and can communicate with humans in real-time. In the future, chatbots are expected to help in engaging sales prospects and lead generation. These personalised bots can be developed for your website, SMS, Facebook and WhatsApp Profile, to generate automated responses using pre-defined keywords, Q&A and categories.
3. Identify the trends
AI’s integration into marketing allows marketers to analyse and observe huge amounts of data that you can use to detect the upcoming trends through real-time discussions or curating events for the users. Thus, one doesn’t require large teams to analyse this data manually because of AI.
4. AI-powered business marketing
With the entire country under complete lockdown, it has indeed become a task to know if any large size grocery store or pharmacy is available near you. This is where AI-enabled tools can help to market your business on Google search or Maps. The listing set up process is one of the easiest and most effective means to set up your business online. One can even get notified on emails on new searches.
5. Improved digital advertising
AI-based delivery systems can also power electronic billboards. These systems can function autonomously by placing the customised ads in front of target customers. All of this is based on complex algorithms and big data.
Use of AI algorithms can enable marketers to establish better connections with customers and, in turn, help build better brand value and user experience, while at the same time ensuring predictive marketing and analytics.
Predictive Analysis is becoming gradually refined due to advancement in technology, and this can help in creating better brand awareness, and ensuring that businesses function in their best capacity, without hampering sales. Switching to AI can also ensure that organisations rely on technology to foresee conversions.
These services can also be extremely useful in the healthcare sector where bots can be created for various mediums like Facebook, WhatsApp etc, to help respond to the general people. Thus, COVID-19 can be mitigated by equipping ourselves with AI and using it as a potent weapon in the time of need.
(Edited by Kanishk Singh)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)