If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Artificial intelligence (AI) is getting real in the marketing suite. When asked where they planned to invest this year, marketers ranked AI as their #1 priority, according to our most recent State of Marketing Report. AI adoption is surging: 84% of marketers reported they use AI somewhere in their acquisition and retention engines, up almost three times over just two years ago. What are these intrepid marketers doing with AI? Reported uses are expanding rapidly, from enhanced personalization to improved segmentation, insight discovery, predictive modeling, and process automation. Advertising technology also rode the wave of big data-driven AI adoption, as programmatic platforms revolutionized the process of buying and selling digital ads.
Adobe on Tuesday announced a slate of new capabilities for the Adobe Experience Cloud that aim to help retailers utilize first-party data as part of their customer acquisition and engagement strategies. With the end of third-part cookies on the horizon, Adobe said marketing teams will be challenged to find ways to scale personalized consumer experiences without the use of cookie data. Part of the solution to that problem, according to Adobe, is for retailers to focus on the data they already own and optimize it for insights. "Scaling personalized experiences in a world where customers have control over how brands use their data is the next big thing for marketers in any business to tackle," Adobe said in a blog post. "To succeed, brands must put quality first-party data at the center of their customer acquisition and engagement strategy to build trust and deliver brand experiences with only the information customers choose to share." With that in mind, Adobe is announcing the beta release of Adobe Experience Platform Segment Match, which lets brands collaborate to expand first-party data sets via partnerships.
CMO at Mobilewalla, helping grow the business by building brand and driving demand. Artificial intelligence is more than a buzzword when it comes to marketing. While there's still plenty of unfulfilled AI promise (no robotic creative directors in sight), it's also true that sophisticated marketers are using AI right now -- and delivering results. Sure, we all know about AI-powered tech, like chatbots, voice recognition and automated ad bidding. But there are other, more direct applications of AI in marketing quietly driving the decisions of some brands.
Silicon Valley headlines often report on the size of venture capital raised by a startup -- the bigger the funding, the bigger the story. But this is a poor way to understand the startup community. Startup success isn't determined by how much you raise; it's about how much you keep. Arena.im is a great example. It recently raised a seed round of $2.3 million -- a tiny amount by local standards.
As more online brands look for ways to move beyond third-party cookies as a way of gaining more direct insights about their users and customers, a startup that has developed a platform to help them has raised a big round of funding. Bluecore, a marketing technology firm that uses data gained from direct marketing like email, social media, site activity and combines that with machine learning to make better predictions about who might want to buy what among its customers, is today announcing that it has raised $50 million. The funding will be used to build the next generation of the Bluecore platform, expected later this year, which will tap into aggregated engagement data (but not actual browsing individuals) from "hundreds" of brands, which customers can combine with their own first-party data -- based on consent-based, first-party customer IDs -- to develop better targeting insights. "There are a lot of systems that focus on customer data and transactional data but no system that focuses on the product and product catalogue, which we think is the key asset," said Fayez Mohamood, the co-founder and CEO, in an interview. He says that the company manages over 200 million products and SKUs, second only to Amazon's and bigger than Walmart's, that companies can matches with consumer identities (from email and other direct channels).
Businesses are often sitting on mounds of data that are not utilized. John Kelly, IBM's "father of Watson," says that 80% of data is "untouched," meaning it's never actually used to make improvements or changes deemed necessary by the customer. You might have state-of-the-art martech tools sitting in your martech stack- but how can you use all these data sources to see the bigger picture, and unlock the full potential of your marketing and media investments? Instead of keeping your customer data siloed, with different data sets spread out across different ecosystems, businesses need to start recognizing the value of connecting these data sources. Having one integrated customer intelligence platform that helps businesses understand their customers' conversations from all data sources can be a real game-changer.
"Data-Driven Thinking" is written by members of the media community and contains fresh ideas on the digital revolution in media. Today's column is written by Jacob Beck, programmatic media specialist at DWA Media. Already, the AI ecosystem has grown crowded, especially as it relates to managing programmatic spend. Demand-side platforms (DSPs), supply-side platforms, dynamic creative providers and others are all working together to bring AI into the mainstream of programmatic, where it promises to make advertising more relevant for both consumers and brands. Companies, particularly those in the B2B space, are only beginning to grasp the scope and scale of how AI can influence their marketing programs.
New technologies and advanced analytics have the potential to create an exceptional customer experience. Unfortunately, most banking organizations continue to use the same outdated, siloed processes. Understanding the customer journey is at the foundation of being able to deliver the type of experience expected by today's consumer. Disconnects occur when organizations are unable to link online and offline customer engagements, and when internal silos create communications that don't reflect a customer's needs and behaviors in real-time. The New Marketing Reality report, produced by Econsultancy in association with IBM Watson Marketing, is based on a survey of more than 1,000 marketing, digital and ecommerce professionals.
"Today is the slowest rate of technological change you will ever experience in your lifetime," wrote Shelly Palmer in his e-book Data-Driven Thinking (Digital Living Press, 2016). As one of the world's premier voices on the accelerating pace of digital technology, he is increasingly preoccupied with helping companies and individuals prepare for the dramatic changes he sees coming, particularly in entertainment and media. Palmer started his career at age 12 as a musician, playing the clarinet, saxophone, and flute in the 1970s in venues around New York. He was also an early experimenter with analog and digital synthesizers. He holds patents for two major interactive television technologies, one of which -- a method for syncing broadcast TV with server-based text, known as enhanced television -- was adopted by Monday Night Football and Who Wants to Be a Millionaire? His background also includes writing the theme music for Spin City and Live with Regis and Kathie Lee, and conducting the London Symphony Orchestra. Currently, he is Fox 5 New York's on-air tech and digital media expert and the proprietor of a popular and prescient email newsletter that covers the impact of technology on media and daily life, with a special focus on smart cars and smart homes. For the past decade, as a venture capitalist and CEO of his own consulting firm and marketing agency, the Palmer Group, Palmer has focused his attention on the evolution of advertising, marketing, and related businesses, along with leading-edge technologies such as smart home systems and data analytics. We recently talked with Palmer in New York. Conscious of the intertwined trajectories of trends in technology and media, we sought to explore how artificial intelligence (AI) and the churn in business models could affect advertising, media, and related fields over the next few years.