The AI revolution is well and truly here.
Businesses are increasing spending on AI-powered platforms, while big tech is investing heavily in the sector. But while AI’s star is on the rise, there is still one major obstacle standing in its way – our perception of what AI really is.
Here, I’ll explain just how the potential of AI goes far beyond simple time-saving and can drive better performance, boost revenue, and enable smarter decision making. And you have my guarantee that no humans were harmed in the writing of this article.
Moving beyond the first step
AI is a broad category that includes technologies such as deep neural networks, machine learning, large language models, Generative AI, and many more. And this collection of technologies can be applied to a multitude of use cases.
Of course, AI can – and is already – helping businesses streamline processes and drive efficiencies across many different industries. Conversational AI tools such as ChatGPT are becoming more common in customer service functions, dealing with queries so human operatives can turn their attention to other tasks.
Other processes that are standard for most businesses – paperwork, monitoring, reporting and so on – can also be automated using AI. And for organisations taking their first steps with AI technologies, this is a good place to start. But it’s the next steps on this path where they’ll really begin to realise AI’s potential.
Thinking strategically with AI
The application of AI to more strategic tasks can help companies make tangible progress towards their ultimate business goals. One area it can make a particular difference is in marketing and advertising; technologies such as Kantar’s MBox utilise machine learning to evaluate past campaign performances to recommend optimal media buying strategies.
Advertisers, then, can use AI to find better media placements that are more likely to lead to desirable outcomes; meaning better Return on Ad Spend (ROAS) and sales uplifts that lead to higher revenues. AI’s capability to enable smarter decision-making means it is a powerful tool for marketers working with tight budgets; the speed and relatively low cost at which it can deliver these insights also allows smaller brands to be more competitive.
Beyond media buying, though, AI can also be used as a creative tool for advertisers. And while there used to be a certain amount of fear-mongering in creative industries that AI
would ultimately take jobs away from humans, the narrative has fast changed as many have come to realise that AI can actually enable human operatives to do a better job.
AI as an enabler of creativity
AI can enhance creativity in a number of ways. Let’s first think about the process of coming up with creative ideas. AI systems that have been trained on past campaign performance data can be used to quickly assess which approaches and elements of an ad campaign are likely to work best with certain audiences.
Creative ideas that pass the initial assessment can then be brought to life by building templates of the ad, whether they are static ads or video. Each aspect of the ad can be customised so they fit perfectly to the environment in which they will be seen; format, sizing, aspect ratios, colours and so on can all be adjusted. AI means that generating creatives to suit every situation can be done at scale in a very short space of time.
Ads can be localised to give the ads real relevance to their audience. It’s also possible to generate personalised creatives that address consumers by their first name. The result is a bespoke, placement-specific advertising experience that can be delivered at a low cost but with maximum impact.
Once the campaigns are live, real-time performance data can be analysed by AI so marketing teams quickly know what is working, and what isn’t working. Using these AI-generated insights, creatives can adjust campaigns while they are still live to optimise performance.
Marketers that can constantly refine their approach based on the data and insights they generate from each campaign will deliver better results for the business as a whole. And with AI doing the heavy lifting for the more time-consuming tasks, marketers can spend more time doing what they do best – using their emotional intelligence to tell compelling stories that resonate with their target audience.
Takeaway: AI might be a time-saver, but it can do so much more
With the power to optimise the performance of every aspect of every campaign – media placements, creative ideas, formating, personalisation – AI-enabled advertisers can do so much more than just save time. They’re putting themselves in a position where they can supercharge their marketing efforts by coming up with better ideas, scaling their campaigns to their requirements, and – crucially – ensuring they put the right ad in the right place at the right time.
About the Author
Sinisa Rakovich is CEO and Founder of Hunch, a marketing technology company focusing on creative intelligence. They partner with leading global brands and agencies to consistently drive operational efficiencies, revenue uplifts, and faster go-to-market initiatives using intelligent creatives. Their automation platform combines unique data-driven creative performance workflows with automated media buying processes to help today’s marketers focus on growth.
