2 Letters – AI
What does it mean for marketing, business, and the planet?
Thanks for heading over to have a listen to our key takeaways from the ADMA Global Forum Sydney 2017. Our whole team was blown away by the 2 days of insights and thought leadership from companies such as Uber, eBay, Paypal, CommBank, Red Balloon, Burger King and more.
In this video I want to talk about our key takeaways from the event, that talked about marketing and technology that’s empowering us now.
And most noteworthy, what’s to come in the immediate future – I’m talking the next 5 to 8 years.
The one common thread from all of the speakers was AI, and how artificial intelligence is being used to hone the customer experience.
I think it can be summed up very succinctly – every time you use the internet, such as a Google search or a Facebook property – your data is generating more than just an online footprint.
Using machine learning combined with artificial intelligence – the “internet” is learning everything about you. Consequently your likes, dislikes, preferences and therefore our emotions, and how we react to certain things – written or imaged.
With Uber now running ten million trips a day and Facebook serving over 2 Billion humans, the data being collected is vast – it truly is the size of a planet.
Think about how quickly computing power operates and how quickly processing power is advancing?
For instance, if you are watching this on your iPhone 6 – your device is 32,600 times faster than the computers used to send Apollo to the moon.
Consequently, you get an idea of how machine learning and artificial intelligence will be used to create a marketers dream. As a result, delivering the right message to the right people at exactly the right time.
According to Adam Stewart a digital evangelist speaking at ADMA, if you’re planning your website around mobile, you’re behind the times.
Therefore with artificial intelligence growing at an unprecedented rate, you should be thinking about how you could provide a better customer experience through AI.
According to research, there will be 20.4 billion connected devices by 2020 and 61 percent of U.S. homes will be smart, Stewart pointed out.
In order to keep up with technology, businesses must look at changing existing models and look at new growth opportunities.
Naomi Simson highlighted the amazing potential of AI, going far beyond chatbots. Bringing IBM’s Albert to Australia, The Big Red Group has managed to drastically reduce ad spend by tracking customer journeys.
They did this by looking at first-party data and producing large-scale creative on the fly.
On its first day, Albert produced 6,400 pieces of creative.
Key takeaway: AI is growing and cannot be ignored. The companies that will come out winning will be those who embrace AI and think about ways of empowering and delighting consumers through the use of machine intelligence
Build your strategy around what won’t change.
“I always hear the question, ‘What’s going to change in 10 years time?’,” mused Commonwealth Bank Australia’s Group Executive of Marketing and Strategy, Vittoria Short. “Rarely do I hear what won’t change.”
For her, this question is far more salient for brands and businesses that want to not only endure but thrive in a future marked by instability and flux.
Digital disruption is threatening to undermine the established orders. Consumers are finding new ways to both engage in media and evade advertising reach. Artificial intelligence (AI) and automation present their own exciting possibilities and worrisome risks.
Midway through this decade of ‘turbulent teens’, it is incredibly easy to get distracted by the competition. And it is easier still to mistake strategy for a concussive series of tactical responses, which – forum speakers agreed – can never deliver you value at scale.
“To build a business and brand for the long-term future,” argued Short, “you have to focus on things that are stable in time.” What does this come down to? Essentially: being absolutely clear about your organisation’s unique selling points, understanding your customer’s underlying and consistent expectations, and always keeping their best interests at heart.
Marketing Director of Paypal Elaine Herlihy told us Take a transaction – make it easier – create a relationship – relationships are driven by emotion.
Research has now clearly shown that emotions affect the part of our brain that makes decisions quickly – a part that advertisers want to influence the most.
According to Tom Ewing of System1, marketing to this part of the brain requires a creative focus on three things:
FAME – your brand should come to mind quickly.
FEELING – your brand should evoke emotion.
FLUENCY – your brand should be recognised quickly through every touch point.
With the new universal language of emojis, we’re seeing a world where we are starting to communicate in emotions.
The key to keep in mind however, is to ensure that your emotional strategy is long-term, as short-term activations are driving down effectiveness.
Perhaps the most exciting piece which closed the 2-day event was Matt Britton best-selling author of YouthNation – where he talked about Millenials mixing it up once they get into the C suite.
Voice, for example, will be bigger than people think and that our young children won’t need to know how to write or even use a keypad.
In fact, typing will go the way of hieroglyphics… and the Status Update – is the new Status symbol.
It was a very inspirational 2 days and if you were there I’d love to hear your thoughts on where you see marketing and technology heading over the next few years. My name is Simon Gould – we are Sydney Digital Marketing – If you’d like to talk with me our my team regarding your own marketing challenges and opportunities you can call us on 13000 LEADS or email us at email@example.com