FinServ CMOs can benefit from implementing artificial intelligence in the marketing mix, but many seem to think they have to boil the ocean to do it. That’s far from the case. He’ll explain five easy steps to do it, says an enterprise content performance and SEO platform provider leader.
Jim Yu, founder and CEO of BrightEdge, wrote an article that MarTech Today published yesterday. In it, Yu says financial services marketers can use AI for “personalized financial planning, process automation and fraud detection.”
“Across digital marketing, AI is providing intelligent insights to enhance targeted communications, build customer advocacy and connect the dots between online and offline communications. Amazon and Netflix are leading the way, using AI for more intelligent product recommendations.”
Step 1: Be Basic
Marketers don’t have to boil the ocean to implement AI. Yu says even though CMOs have all of the data, it may be more data than they need to properly implement AI.
Yu suggests that marketers do the following:
One of the biggest trapdoors that marketers fall through is misdirected knowledge accumulation. You do not need to know the ins and outs of deep neural networks and the detailed dynamics of robotics. From a CMO perspective, the most important to thing is how AI helps you and your team as the end user(s) and what business outcomes it can impact in the short-, medium- and long-term.
Step 2: ID a Marketing Problem
Yu says the “first use case” should be simple. Low-hanging fruit works best for experimenting with AI by, say, automating a process or adding insights to an existing marketing campaign.
Step 3: Assess Your Current Marketing Technology
CMOs know what’s in their tech stacks. But before implementing AI, Yu says they should take another look to see how well it’ll integration into their marketing solutions. The software company leader says some tech comes with AI “natively integrated” into the platform. If that’s not the case, CMOs can start evaluating vendors from there.
Step 4: Remember, Not Every Marketing Project Is ‘Urgent’
A marketing team member asks the CMO about priority levels on projects. “They’re all urgent,” is a rather difficult response to effectively implement. And so it is with AI.
Yu says CMOs can expand AI use by prioritizing urgent vs. important projects:
“Depending on where your organization is on the digital maturity curve, this could include projects such as audience targeting, anomaly detection, voice search, image recognition, email personalization and lifecycle and customer analysis.”
Step 5: View AI as a Tool Human Marketers Can Optimize
Software aids human marketers, Yu emphasizes. These are simply tools for CMOs, and AI is no different. CMOs should use AI in the blend between machine and human capital, he says.
“In the marketing technology sector, AI is not about replacing human talent, it’s about complementing it. Remember that technology can provide sophisticated relevancy and scale, but it cannot replace infinite human creativity. Look to enhance your marketing team with data scientists and data architects. Work cross-functionally with your CIO and CTO to ensure you work out expectations, roles and overlaps.”
What do you think, marketers?
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