each revolution in history is marked by a drastic change from the regular resulting from a new innovation like the industrial revolution steam-powered railroads and centralized electricity plans artificial intelligence or ai as is widely known is driving the next revolution and rapidly reinventing the world in which we live in not only will this technology-driven movement have significant implications on the future of the global economy but it will also change the way we live.
Work and communicate with others, according to a report published by the global consulting firm, pricewaterhousecoopers ai, could contribute up to 15 7 trillion dollars the global economy by 2030, making it the biggest commercial opportunity in todays fast-changing economy, but before exploring how ai can play a crucial Role in business marketing lets define what ai means. According to the oxford dictionary, ai is the theory and development of
Computer systems able to perform tasks normally requiring human intelligence, such as visual perception speech, recognition, decision making and translation between languages. In essence, ai is a machine that is capable of solving problems typically done by humans, with our natural intelligence to understand what form of ai is predominant in business. We need to dive a little bit deeper. Specifically, we need to take a look at
Machine learning, which is one of the most common types of ai used for business purposes today, machine learning is more or less the ability of computers to use algorithms to learn from data and then use the information at learn to make human-like decisions. One of the critical features of machine learning is that it gives computers the ability to learn and self-improve, which is especially useful for businesses, analyzing, vast troves of data companies, using machine learning and ai
algorithms can analyze past data and predict future outcomes which can be particularly helpful in the context of business marketing lets take a look at how motorcycle company harley davidson used albert in ai field marketing platform to increase its new york sales leads by 2930 percent in the case of harley the company began working with albert in ai-driven marketing technology that utilizes machine learning to generate new leads and increase sales quick to work albert began analyzing existing customer data from harleys customer relationship system to isolate defining behavioral characteristics of former high-valued customers such as those who either.
previously completed a purchase placed an item to an online shopping cart visited the website or were among the top 25 percent of people who spent time on the site having ingested this data albert identified new leads that closely match these past customers albert then created small sample groups to run test campaigns before ultimately scaling its efforts into a widespread campaign albert employed the data collected through these tests to predict which variety of possible headlines and visual combinations along with many other campaign variables would be most likely to convert different audience segments across.
various channels once albert recognized what was working and what wasnt working it quickly got to work in autonomously allocated resources from channel to channel making content recommendations along the way so what did albert figure out albert learned that ads featuring the word calls such as dont miss out on a pre-owned harley with a great price call now performed 447 better than ads featuring the word buy such as buy a pre-owned harley from our store now albert then immediately changed buy to call in all ads across all relevant channels further once albert discovered that facebook ads.
with product reviews produced a conversion rate eight and a half times higher than other harley ads it autonomously discontinued low performing ads and applied a similar user experience flow across new ones so what were alberts results after a 48 hour test run albert increased harleys motorcycle sales from one to two motorcycle sales per week to selling 15 motorcycle sales on the very first weekend after that alberts continued efforts led to catapulting the companys qualified leads from one per day to 40 per day after three months harley.
increased its leads by a staggering twenty nine hundred and thirty percent fifty percent of which matched behavioral characteristics similar to those of former high-value customers ai powered technology like albert can work 24 7 365 days of the year without ever taking a break and unleash actionable insights that would otherwise be buried within large sets of data as always if you enjoyed this video please give it a like or a share if you have any questions or suggestions on.
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