What’s good and what’s not good about big data and AI?
In this blog, we are going to look at how marketers use big data and AI and also the pros and cons of using them. Big data and artificial intelligence have become the new wave of times and any marketer wishing to be top of his or her game need to implement these methods in their operations.
Let’s start with big data. This is massive amounts of data produced by people and organizations which grows over time; an example is social media databases such as messages and videos uploaded to Facebook every day. Big data gives marketers a better understanding of their marketing initiatives. Marketers can use it to capture details of customers and prospects accurately and faster. You can influence customers in real-time to get desirable outcomes from them and bring about satisfaction. Big data can also be used to create an efficient way of keeping track of business records throughout the financial period and that too at a reasonable cost.
Advantage of Big Data
Big data has its advantages in marketing. It helps marketers to identify new customers thus helps in the identification of the target audience easily and new marketing opportunities through the provision of data of marketing patterns. Besides, it helps in product recommendation thus increasing customer interest in the particular product being marketed. This also makes customers appreciate the effort of the marketer to recommend products. Information from search engines makes it possible for the marketer to make relevant advertisements since he has a better knowledge of the customer’s preference. It accurately measures campaign results and identifying the most relevant one thus there will be a better direction of the allocation funds which will be to the most relevant one. Marketers can also use big data information to fine-tune their decisions and focus their strategies necessarily.it enables the identification of risks to the products and improves efficiency.
Challenges of using Big Data
Challenges to the use of big data in marketing include; the use of disparate systems of data which bring about disconnect time making the process of customer personalization especially difficult for the marketer. Disconnect time may be caused by the different acquisition of data from different sources at the same time. The second is streaming data; the marketer needs to invest in reaching a greater audience through IoT services because of the many sensors which might make it impossible to acquire the data. lastly is inter-departmental cooperation. Successful marketing can only be possible if different groups and teams of the organization are involved. Pieces of information must therefore be efficient and easily available to all departments.
Advantages and Disadvantages of AI
Artificial intelligence is machines that perform duties that require human intelligence. Marketers can use AI-enhanced advertising for their products. This is to test platforms for advertising which competitors might not yet have discovered. It requires little human input since the AI does the analysis and optimizes the ad campaigns. Secondly, a marketer can use AI to personalize the website experience by analyzing hundreds of personalized data and suggesting from the analysis the best possible suggestions for the customer.
Some disadvantages of using AI are that they cannot 100% replace humans In terms of feelings and emotions and the human subjective way of thinking. The AI makes your marketing stack to be disconnected and complicated thus making it an obstacle in the gathering of data. Another setback is the uncertainty of the reliability of the predictions and analyses. one needs a rich set of data whereas the AI is limited to the availability of data. The AI cannot think for itself and requires human supervision. Also, AI might have a high cost of purchase and may later bring about maintenance costs and upgrading costs to cope with the changing demand and competition.
To summarize, though the use of big data and AI might have its drawbacks it is an essential part of the marketer if he or she is to be on top of his game in his sector and push down the competition.
