In another sign that the future of work is already here, JPMorgan Chase has signed a five-year deal with a software startup that uses artificial intelligence to write marketing copy, following a successful pilot with the technology. In tests, JPMorgan Chase found that Persado's machine-learning tool crafted better ad copy than its own writers could muster, as measured by the higher click rates--more than double in some case--on digital ads for Chase cards and mortgages. In one such matchup, an ad written by a human read, "Access cash from the equity in your home." The more successful version, from Persado, read, "It's true--You can unlock cash from the equity in your home." "Persado's technology is incredibly promising," Kristin Lemkau, chief marketing officer at JPMorgan Chase, said in a statement.
Despite rising calls for more regulation of how companies like Google, Amazon, Facebook, and the platforms that run on them harvest, manage, and deploy consumer data, the actual use of artificial intelligence and the data that powers it in marketing remains in the early stages, a Forrester report outlines. The report, Artificial Intelligence Will Spark A Real Marketing Renaissance, notes that Only 36 percent of global marketing decision makers say they use AI. Meanwhile, 42 percent of marketers don't see the need to use AI as another 41 percent say they don't know how to use it. Even when they do, 38 percent concede they lack the resources to make the most of AI tools. As such, "few brands -- even those in media, insurance, and retail -- have a mature AI approach," concludes the report's main author, Forrester VP and principal analyst Thomas Husson.
As we step into 2017, we find ourselves face to face with that familiar sensation that often accompanies a change. It's equal parts uncertainty, hope, energy, and anxiety, a combination of the feeling of trying to fall asleep before your birthday as a child, and trying to fall asleep before a big presentation as a business professional. Late last year, while I was diving deep into research for my machine learning series, I found myself faced with the questions that many marketers have been asking themselves, especially as we head into what will almost certainly be a big year for artificial intelligence. What does this actually mean for me and my company? Is my career at stake?
As a kid watching Star Trek, I was thrilled by this machine that could deliver food on demand. My childhood sweet tooth was delighted with the immediate gratification I witnessed on the Starship Enterprise. If only I had a replicator, I could have candy bars, chocolate cake, and hot cocoa whenever I wanted. Oh, to be a space traveler living in the world of advanced computers, bubble-light transportation, and holographic people. What seemed so far-fetched in my childhood doesn't seem that much of a stretch today.
According to recent research by IDC, the total global spending on Artificial Intelligence (AI) systems will touch US$98 billion by 2023. Nearly 61% of marketers also say that AI is the most important aspect of their data strategy. This impact can be felt directly in the marketing communication of brands, helping them understand their key consumers while tailoring their offerings and messaging accordingly. There is a new intelligence in people's midst; chatbots, recommendation engines, algorithms, language processing, etc., are just the tip of the iceberg. AI is helping brands create engaging stories and campaigns.