What Exactly Is AI? What Marketers Should Know
In the field of marketing, Artificial Intelligence is gaining a lot of traction. 80% of industry professionals, according to Statista, include AI in some capacity in their online marketing efforts.
Defining Artificial Intelligence (AI)
Artificial intelligence is the use of computer systems to carry out operations such as speech, translation, decision-making, and problem-solving that ordinarily need human intelligence.
How does AI Function?
To learn from patterns and features present in the data being studied, AI combines big datasets with sophisticated, repeated processing methods. The AI processes data continuously and gains knowledge from it. The AI system evaluates its performance during each round of data processing to gain more experience. AI can run through thousands, perhaps millions, of tasks repeatedly – enhancing its performance in a short amount of time. Yet, there are various varieties of AI, each with its powers and limits.
Types Of AI
Reactive, limited memory, theory of mind, and self-awareness are the four subtypes of artificial intelligence.
1. Reactive
A reactive AI can only respond and react to the environment around it. It is unable to store memories, hence it is unable to use prior experiences to guide current decisions or problem-solving. Reactive machines are limited in the number of specific jobs they can perform. Even though it could seem like a negative, this offers benefits. Reactive AI is trustworthy and dependable because it responds consistently in the same manner to the same stimuli. Deep Blue, a supercomputer developed by IMB in the 1990s that defeated chess champion Garry Kasparov, is one of the most well-known examples of reactive AI. Deep Blue was able to recognize the chess pieces and the possible moves for each one following the rules of the game. Unfortunately, the AI was unable to attempt to predict the next move of its opponent or come up with strategies for positioning its piece more advantageously.
2. Limited Memory
AI with a limited amount of memory saves previous information and forecasts and uses it to make decisions by analyzing the past to foretell the future. When a machine learning model is continuously trained to analyze and utilize fresh data, limited memory AI is being used. There are six steps to limited-memory AI.
- Establish the training data.
- Construct the machine learning model.
- Give the model the ability to predict.
- Give the model feedback from people or the surroundings.
- Save the responses as data.
- Cycle through each of the aforementioned steps.
Self-driving automobiles are an example of AI with limited memory. To improve driving judgements and prevent future accidents, self-driving cars may recognize pedestrians crossing the street, traffic lights, and other information.
3. Theory Of Mind
Theory of mind AI is theoretical, just as it sounds. This sort of AI is still in its infancy, hence the theory of mind is still in its infancy. This kind of AI communicates human thoughts and feelings. Theory of mind will help people engage with other beings more effectively by helping them comprehend their wants, convictions, emotions, and mental processes. For instance, we now understand that limited-mind AI is used in self-driving automobiles. These driverless cars would develop into Theory of Mind AI if they could assess and comprehend the mental and emotional states of their drivers to increase safety.
4. Self-Awareness
The next form of AI to appear will be self-awareness once the theory of mind becomes a reality. Machines will thereafter not only be aware of human emotions and mental states but also of their own. A self-aware AI will have a human-like consciousness and be aware of its place in the world and concerning other beings.
AI can handle some aspects of the marketing process, such as task automation, campaign personalization, and data analysis, allowing you to focus more on strategy and less on tedious activities.
Benefits and Drawbacks of AI
Now that you are aware of what AI is, how it functions, and the four different forms of AI, let’s discuss the benefits and drawbacks of AI technology.
Benefits
- Fewer mistakes
It’s human nature to become sidetracked or burn out occasionally. You can reduce the possibility of errors by implementing an automated system run by AI.
- 24/7 Availability
AI can work continuously and doesn’t require sleep. AI’s can operate continuously and reliably for as long as they are programmed to. Because of this, AI is better than humans at performing repetitive jobs, freeing up marketers and business owners to concentrate on other activities.
- Can Quickly Evaluate Massive Data Sets
Humans occasionally make mistakes, as was previously indicated, particularly when analyzing huge data sets. The answer would be to work more slowly to avoid mistakes, but in marketing, time is money. Thankfully, AI computers can analyze massive volumes of data and information quickly, outperforming people in a time crunch.
Drawbacks
- No Imagination
As AI is designed to respond to stimuli purely based on data from the past, it is currently unsuitable for developing novel solutions. While historical data can be used to forecast future events, it isn’t always sufficient to account for unknown variables. Hence, “grunts” or routine tasks would be more suited for AI. From a marketing standpoint, humans can create a unique marketing strategy, while AI can handle the monotonous duties that go along with putting the strategy into action.
- Superficial
The easiest method to establish a more personal connection with your audience is occasionally through human contact. Future self-aware AIs are conceivable, yet existing AI technology falls short of accurately simulating human experience. Using AI in each client interaction could distance you from your audience from a marketing standpoint. There’s a reason why many of us can remember yelling, “Speak to a representative!” when we get frustrated talking to a phone robot.
AI in Marketing: What’s Next?
Grand View Research predicts that the worldwide AI market would grow from $136.6 billion in 2022 to $1,811.8 billion in 2030. Theory of mind, self-aware machines, and artificial intelligence all sound like concepts from the far future. Yet, the truth is that AI already exists, and in the years to come, its influence across industries will probably increase. While AI has advantages and disadvantages, marketers should be aware of its developments and open to employing it to automate some tasks to stay competitive.
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