Marketing is one of the areas where the use of artificial intelligence (AI) and machine learning (ML) is growing rapidly. This marketing revolution is happening due to many reasons, but mostly because of a growing amount of customer touchpoints, combined with increasing data volumes that make it hard for humans to crunch the numbers. Secondly, micro-moments and fractured buying journeys make it necessary to optimize the marketing message in real time, something that simply cannot be done manually.
AI and ML augment already existing marketing technology, and at the same time, create completely new ways to make marketing more efficient, from real-time personalized merchandising to chatbots that can answer customer questions and take orders. The use of AI and ML within marketing is evolving and is rapidly shifting from early adoption to broad acceptance. Most modern "searchandizing engines," eCommerce platforms, and e-mail marketing tools already use some AI and ML to optimize marketing and sales effectiveness. Voice recognition services like Amazon’s Alexa, Apple's Siri, and Google Home are already assisting us with everyday tasks, including shopping.
Most companies want to sell more products and increase revenue. To do that they need to be more relevant than their competitors when presenting their products to customers in each micro-moment. Relevancy is no longer just about adapting to customer personas; it is about the person. What makes things even more complicated, it is also about the customer’s intent, as some shoppers are prepared to buy and some are only in research mode; some are looking for a birthday gift, and others a solution to a problem. You have to be relevant and tell the right product story to all of them, in their context, in real-time.
The answer to achieving real-time relevancy is not to simply just buy all the new shiny pieces of hyped-up software—especially if you do not have the content in place that can act as the fuel for the AI and ML engines. If you do not already have the content, you need to start by producing it before you can create better customer experiences by reaping the benefits of the new marketing technology. To keep up with new product launches and increasing customer expectations, creating the content is not a one-off thing either. It needs to be an ongoing process that continues to churn out high-quality product stories.
This constant production process of product stories, continuously improving itself to produce more content with higher quality is what I call a "content creation factory." Its sole purpose is to create better customer experiences, fuel all the new initiatives and take advantage of the enormous possibilities that the new AI-powered marketing technology brings. So the time has come to say goodbye to "Product Information Management" because it is no longer enough just to manage information. It needs to evolve into "Product Marketing" as the new purpose is telling better product stories that increase the customer experience by fueling and taking advantage of an AI-powered marketing tech stack.
Johan Boström, Co-founder and Evangelist, inRiver