From self-driving cars to the rise of chatbots, we’re seeing a rapid acceleration in artificial intelligence and machine learning — and it’s changing the marketing world. 

Tech research firm, Gartner, predicts that by 2020, AI will be a $3.9 trillion business. Businesses need to prepare for this inevitability by taking action and capitalising on the opportunities artificial intelligence can bring to their business.

Preparing for the future

When it comes to the future of marketing, opinions are divided. Some experts believe that AI will change the way we live for the better and boost our economy. Others see it as a potential threat to humankind and we can understand why, at a cursory glance. 

Artificial intelligence is getting smarter. It’s approaching the same level of intelligence as human beings, and there’s no question that it will continue to become more relevant as we find new use cases for it in a digital world. 

As it does so, it will continue to have an impact on many aspects of our lives, including on the way we market our businesses and how we interact with brands as consumers. But in a best case scenario, this intelligence will be used to heighten human potential rather than cannibalise it. 

Why is it taking so long?

AI has been a hot topic for years, but it’s only recently become widely accessible and affordable enough to be utilised in business applications as a standard. What’s more, advancements in machine learning technologies and the rise of big data have fueled interest and sparked new research into AI’s potential for democratising access to opportunities and unifying the world with technology. Let’s get down to what it is at its core and why it’s so relevant to us as modern marketers. 

1. What is artificial intelligence?

Artificial intelligence (AI) is the intelligence exhibited by machines. In computer science, an ideal "intelligent" machine is a flexible rational agent that perceives its environment and takes actions that maximise its chance of success at some goal.

We’re already seeing a number of applications for this in the marketing and comms world - particularly in the social listening and monitoring space. This is, in part, why marketing has changed so much over the last 5 years. 

2. Why it’s crucial to your new marketing strategy

Marketing comprises a range of activities that are typically focused around understanding consumers and their interests in a modern context. By simulating or supplementing human intelligence, we have a range of benefits available to us on both sides of the messaging fence. 

• Streamline resources. Internally, AI can support businesses in their process goals. Think of a SlackBot for example that provides useful tidbits of information or reminders to the team. Similarly, word prompts and email suggestions can take some of the mental work out of completing tasks.
  
  
• Target content to specific audiences. AI allows you to get information about individual customers and prospects so that you can then tailor marketing campaigns to them. This is a lot more effective than generic marketing campaigns. So, for example, if you want to know what your consumers are saying online or how they behave, AI can help scan trillions of data points to collate a profile for you - making quick work of building personas or targeting specific demographics.
  
  
• Interact with less manpower. Artificial intelligence can communicate with your consumers on your behalf. And, with the help of machine learning, it can change its behaviour to accommodate their interests and needs. Automated responses can be a useful tool when customers message you on social media platforms. Improved interactive voice systems also hold some efficacy when it comes to supplementing manpower.
  
  
• Delight and engage automatically. While AI technology is still relatively new to consumers, it still has the power to delight them, even in simple applications. Acknowledging their DM with an automated message, can be a powerful way to increase your response time and offer them useful resources for what to do next.
  
  
• Prepare for future advancements in technology. As technology advances, the possibilities for marketing automation become endless. Artificial intelligence can help take a lot of the manual work out of marketing and allow you to focus on the creative aspects of your work. However, there’s another important aspect at play. Brands that want to succeed beyond web 4.0 need to have the infrastructure, skill and understanding to operate in a hybrid world of virtual, artificial and physical environments. 

3.. How to use it effectively in your business

• Use it to intimately know your audiences through media monitoring and social listening
• Integrate AI into new brand activations and media campaigns
• Automate engagement through chatbots and profile growers
• Activate your brand with creative concepts that incorporate new technologies. 
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All told, AI is no longer a far-off concept that may or may not impact our realities in the near future. It’s very much here in familiar interfaces and chat applications that people encounter on a daily basis. Even companies like Google have incorporated it into their document creation, suggesting words and helpful tools when users start to write. However, as the capability and access grows, so does the scope of opportunity to use this technology in more exciting and novel ways. 
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Don’t get left behind

Speak to us about your next AI project or how you can incorporate it into your existing marketing campaigns. 

Augmented reality (AR) and virtual reality (VR) have been synonymous with the worlds of gaming and entertainment over the past decade. And, while using AR has become much more mainstream, it started out as far back as 1968 as this obscure concept that people couldn’t quite get their heads around. Although, the term AR was only invented in 1990.

It is defined as “an enhanced version of reality created by the use of technology to overlay digital information on an image of something being viewed through a device (like a smartphone camera)”. VR, while the more popular cousin of AR, is a more immersive technology, as it completely blocks out the physical world.

Even though we’ve seen the potential of AR to make our lives easier (in tech-focused sci-fi shows like Netlix’s Black Mirror), in the real world, a lot of the big global brands have been rapidly adopting VR in their business models. For the tech-savvy entrepreneur, this is a very exciting opportunity that’s worth investing in and following through with.

AR in the real world

The two most common kinds of AR involve location-based realities and recognition features. You can easily access these from smartphones that have GPS, cameras and several other built-in sensors. 

An example of both location and recognition-based AR is the popular gaming app Pokémon GO. Since its hyped release in mid-2016, to masses of eager fans, it has continued to grow in user, from 84 million active users in the US (its main market) at launch to over 311 million in 2020, with billions of dollars spent by users on the app.

One of the contributing factors is the rapid worldwide adoption of smartphones over the past decade with over 3.8 billion users estimated in 2021—an all-time high. This number’s expected to keep growing over the next few years.

For entrepreneurs, this is the best time to harness the power of smartphones, by exploring ways to incorporate AR into their brand strategies. Think about how you’d like to see your brand from a user’s perspective, through their phone camera.

Global impact

AR can be applied to almost every sector, healthcare, automotive, industrial and entertainment. It has had a positive impact in multiple sectors, with usage continuing to grow each year in several major economies. The gaming sector continues to have the largest AR adoption share.

The economic impact of AR is undeniable, with its usage estimated to contribute over $450 billion to global GDP by 2030. When you combine this with VR, in what is known as mixed reality, the expected impact is even higher at over $1.5 trillion by 2030. 

The US holds the lion’s share of AR adoption and spending, with AR and VR expected to boost its GDP to the tune of $537 billion by 2030. Jobs will also be impacted, with an expected boost to over 2.3 million jobs by 2030.

Regions, such as the UAE, have seen rapid adoption of AR and VR, where its GDP is expected to be boosted by $4.1 billion by 2030 while enhancing almost 43,000 jobs. There’s no denying that shifting realities will play a major role in the future of our industry.

The world is changing, so take note

Technology keeps getting better each year, with devices becoming smaller, cheaper, faster and more powerful. At the same time, content is more engaging, with ultra-fast internet speeds making sharing easier.

In addition, consumer behaviour is changing, with one global study suggesting that 76% of consumers would rather spend their money on experiences than on material things. There are two major trends happening right now:

• Experiences are better. Consumers want to say they did something rather than bought something. They should be able to remember your brand and the connections they made with other people through the experiences you helped create.
  
  
• Mental health awareness is growing. Around the globe, brands and entrepreneurs have the opportunity to create AR experiences that lift the moods of their consumers, to help them deal with everyday stresses, depression and anxiety.

Consumers are also becoming more socially and environmentally aware.

Benefits of AR

Technology should always be expected to solve challenges rather than be a distraction from reality. Generally, using AR should transform the organisation by cutting costs and increasing efficiency,, making life easier. Let’s take a look at some examples of where AR can be applied in the real world to solve real problems.

• Retail convenience: For salespeople, instead of moving around with printed brochures and catalogues, they can show potential customers a 3D version of their products using AR. This is especially good for products that are hard to move around.

With AR being a mainly informative technology, customers may also benefit through seeing prices and other details of products displayed on their screen, when they walk into a store with their smart device.

• Customised user experience: With the growing emphasis on memories over things, providing personalised experiences becomes more important. People are using AR to watch ads in real-time, or watch shows of their favourite musician, right from their kitchen.
  
  
• Training: This can be expensive, particularly where there’s a lot of equipment involved. AR helps by cutting down the need to travel or move around medical equipment, for example. Difficult medical procedures can be practiced by trainee physicians simultaneously, with limited restrictions.

Future of AR

While AR has been incorporated in the vehicle sector (through heads-up displays in some premium cars), this trend is expected to continue in the near future with adoption becoming more mainstream. New and improved smart glasses, such as rumoured Apple AR Glasses, are expected to enter the market at more affordable prices and stand a good chance of capturing the commercial market if this comes to pass.

Smartphones are expected to continue to lead the adoption of AR as they are found in almost every pocket. Holographic AR is expected to increase, particularly in areas like education. This is useful during a global pandemic, for example, with students viewing their instructor through a compatible device. 

As we can see, the opportunities for entrepreneurs are endless through AR. If you can find a mode of application that fits your business model - the sky's the limit.

Get in touch

Want to know more about how Digital Grind can help you up your AR game and create something your consumers will love? Contact us. 

Lauren Haworth is a business professional who actively invests and works with NFT projects – but her experience is that most NFT projects out there don’t have any real, tangible impact in the world (and many are scams or pyramid schemes). We sat down with Lauren to unpack some of her hands-on experience with NFT investing, and to figure out why and how businesses should incorporate NFTs into their day-to-day operations. Lauren also shares her experience with Green Tokens, some practical insights into an NFT project she’s currently involved in that’s bringing education to underprivileged children, and how she makes sure she invests in credible, profitable NFT projects.

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Resources mentioned in this episode: Investopedia

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