Artificial Intelligence - A Marketing Trend You CAN'T Ignore in the 20's
In the 80’s it was all about print advertising; newspaper ad revenue hit $25 billion in 1985. IN the 90’s, TV advertising and the internet became the wave of the future. In 1990 – 1998, total advertising revenues on cable television grew from $2.4 billion to an estimated $8.3 billion. Yahoo and AltaVista Search Network were among the first search engines to lead the web in 1995, followed by Google and MSN in 1998.
The age of inbound marketing began with the turn of the new millennium. Unsolicited emails became a nuisance for many users. That’s why in 2003, George W. Bush established the U.S.’s first national standard against sending unsolicited commercial email by signing the Controlling the Assault of Non-Solicited Pornography and Marketing Act or CAN-SPAM Act. I’m not a fan of this acronym because to me it’s completely the opposite of what we are trying to explain here.
In the new decade, the 2010’s were the Social Media age. In 2012, Facebook will reach 143.4 million U.S. users. About two-thirds of web users will use social networks. Three-fourths of the total U.S. population will be online in 2012. About 239 million people.
It’s amazing to think how far marketing has come from the 80’s to today.
Make no mistake: We live in a time when marketing technology moves fast and consumer interests and behaviors are hard to predict. Marketers can no longer stick their heads in the sand and hope that educated guesses and the same old methods will work forever.
The dominance of artificial intelligence (AI) is just mind blowing! It will be the center of most global businesses in the future – and it’s already taking over many simple jobs. Microsoft and Uber are using Knightscope K5 robots to “patrol parking lots and large outdoor areas to predict and prevent crime. The robots can read license plates, report suspicious activity, and collect data to report to their owners.” For $7 an hour, why do you need a human security guard at a higher wage?
AI is being used in healthcare. AI’s imaging capabilities are promising for cancer identification and screening, including breast cancer. According to Forbes, a group at Mount Sinai used dep learning-based AI algorithms to predict the development of diseases with 94% accuracy, including cancer of liver, rectum, and prostate.
Huawei used AI and augmented reality to create StorySign, a free mobile app that helps deaf children learn to read by translating the text into sign language.
In a research report by Cognizant, 57% of executives believe that AI will enhance the ability to introduce new products/services or enter new businesses over the next twelve months. 73% of executives believe this will happen over the next three years. Two out of three consumers are already using AI without even knowing they are interacting with chatbots.
AI will grow into a $190 BILLION industry by 2025.
AI will soon be the driving force behind many services and, currently, we already see it implemented in such areas as:
· Content Creation
· E-commerce transactions
· Product recommendations
· Basic communication
· Email personalization
Adopting AI in 2020 will help businesses cut staffing costs and accelerate growth, getting an edge over their competitors.