By Anil Somani, Chairman, FOSTIIMA Business School- Delhi
As the world is evolving towards technological advancements, concepts like ‘AI’ and ‘Data Analytics’ are beginning to emerge as transformative forces. These technological tools are now becoming an essential asset in the world of marketing, they not only enhance the efficiency and effectiveness of marketing strategies but also enable brands to connect with their audiences in numerous ways. Today, as businesses strive to stay competitive, it has become more than important to understand AI and Data Analytics and their significance in the future of brand marketing. Here, Mr. Anil Somani, Chairman of FOSTIIMA, has shared his insights on how we can shape the future of brand marketing through the use of AI and data analytics.
Personalised customer experience
Through advanced algorithms and machine learning techniques, today AI can analyse huge amounts of data which gives businesses the ability to deliver personalised customer experiences. To explain in detail, recommendation engines which are powered by AI are extremely common in e-commerce. These systems analyse a user’s browsing and purchase history and accordingly suggest products, enhancing both customer satisfaction and sales.
Advanced audience targeting
With data analytics and AI targeting, the audience has become more easy and efficient. It segments audiences with remarkable precision and also identifies niche groups that are usually used to get overlooked by conventional marketing methods. For instance, AI can analyse social media activity to identify micro-influencers who align with a brand’s values and have a high engagement rate within specific communities. Collaborating with these influencers can help brands reach highly targeted audiences more authentically and effectively.
Adoption of real-time analytics
The ability to analyse data in real time is another game-changer brought about by AI and data analytics. Brands can monitor the performance of their marketing campaigns as they unfold, allowing for immediate adjustments to optimise outcomes. This agility is particularly valuable in today’s fast-paced digital environment, where consumer preferences and market conditions can change rapidly.
AI and data analytics are undeniably reshaping the future of brand marketing and as they continue to evolve their impact on brand marketing will only grow, making them essential tools for any forward-thinking business. Embracing these innovations will not only help brands stay competitive but also foster deeper, more meaningful relationships with their customers.