🟢 Love it or hate it, AI is here to stay…
Spring 2022 saw the arrival of Midjourney, a groundbreaking platform which creates images from text prompts. As I am not a designer this has certainly helped me to up my game. I use it to create all of my images for my blog posts – makes a change from seeing another pic of me or a random baby goat amirite? With Open AI becoming available to all, AI is here to stay
November 2022 suddenly social media is awash with posts talking about Chat GPT which enables you to write anything from website copy to social media posts, articles to marketing plans. Now this one is a real game changer…
So, as technology continues to advance, more and more businesses are turning to Artificial Intelligence (AI) to enhance their marketing efforts. Whether this is for image creation or copy creation, what exactly can AI do for your marketing strategy, and what are the pros and cons of using this technology?
🟢 Pros
Ability to personalise and target your audience with precision – By analysing data on consumer behaviour and preferences, AI can help businesses create customised content and campaigns that are tailored to specific groups of individuals. This can lead to higher engagement and conversion rates, as well as increased customer loyalty.
Automation of repetitive tasks – This can free up time and resources for your marketing team, allowing them to focus on more strategic and creative projects.
Analytics and performance tracking – The capacity to quickly handle infinite amounts of data and then interpret them for you will enable you to identify areas of your marketing strategy that needs tweaking to ensure greater ROI.
🟢 Cons
Data Privacy and Security – AI relies on large amounts of data to make decisions and so businesses must be careful to protect sensitive information and comply with regulations. Eg if you work in the Finance Sector you need to adhere to the regulations set by the Financial Conduct Authority
Human to Human connection – marketing serves to sell products and services, if we purely rely on AI we are at risk of losing that personal touch. Let’s think about the effect of AI if you worked in customer services for an insurance company. Mr Smith contacts the company as his wife has passed away and he needs to change the name of the policy so that it is just in his name. How would Mr Smith feel if he was handled by a ‘robotic’ phone system? AI hasn’t got the ability to genuinely show emotion, to feel like a human, to react like a human.
The Cost – In the past AI has been viewed to be an expensive investment for companies and organisations. However with accessibility to Midjourney and Open AI, this is all changing. Whereas in the past AI would have been completely out of budget for smaller companies it is now going to be a game changer.
Overall, the use of AI in marketing can be a powerful tool for businesses looking to personalise their efforts, automate tasks and improve their performance tracking. But as with any technology, it’s important to weigh the pros and cons, and consider whether it makes sense for your business. As always, it’s important to stay informed and educated about the latest trends and best practices in the field of AI to make the most of this technology.
If you would like to find out more about how AI can help you to market your business, get in touch with the team at Kennedy Woods.