Back in 2018, Salesforce report stated that about 30% of marketers in Australia and New Zealand were using artificial intelligence. Two years later, the area is still growing, and total revenues for AI platforms in these two countries are expected to reach $30 billion by 2024. If this is true, we can expect nearly 27% of compound annual growth between 2019 and 2024.
It’s clear to see that artificial intelligence continues to rise in this part of the world. It has the support from the governments in A/NZ too. For example, Australia has introduced various government policies and initiatives to help those in this sector. In 2019, nearly AU$30 million was dedicated to artificial intelligence (alongside various other emerging technologies). Across Oceania and Asia, AI infrastructure is improving and helping businesses expand.
Less than two years ago, Salesforce included the Australian and New Zealand markets in their State of Marketing annual report, gathering information from 300 marketers in this region. Over 85% said that personalization would be an important part of their marketing strategies moving forward.
However, the report also brought up a challenge we’re all familiar with—privacy. Of the surveyed marketers, almost one-third said that the balance between personalization and privacy was a delicate one.
We know that three in ten A/NZ companies are using AI, but what are they using it for? For most, the priority is personalization of the customer journey. This technology makes it easier for marketers to guide consumers through the buying journey, allowing for reallocation of valuable time to more pressing areas. Others areas where AI can help include:
The improvement of artificial intelligence solutions in recent years and the various implementations above have put AI in line with other emerging technologies. Here’s a breakdown of who is using what:
Artificial Intelligence = 30% of A/NZ marketers
Augmented Reality/Virtual Reality = 25%
Voice-activated Personal Assistants= nearly 33%
Internet of Things devices- almost 45%
AI is quickly transforming the marketing world. Companies are increasingly adopting this technology, whether it’s for a website chatbot feature or acquiring data to improve a service. There are many reasons why companies are harnessing this technology. Now that we know the ways we can implement AI, let’s explore the benefits.
Most businesses spend a significant amount of time on tasks that could be simplified with the addition of AI. Trapica and other AI solutions will optimize your ad campaigns on Facebook, Instagram and other platforms. After assessing performance and data, the tools will optimize your ad for bidding, targeting and creatives. This enables you to act in real-time and manage your ad campaigns more effectively.
As previously mentioned, the use of AI in chatbot features has tremendous value. At the moment, you might have your customer support team answering basic questions. Not only is this frustrating, it prevents them from focusing on more important tasks. With chatbots, you have a respondent that will answer simple questions on your behalf and point customers in the direction of real team members when necessary.
Now that we’ve simplified repetitive tasks and answered questions with a chatbot, we have more time to spend elsewhere. We can focus on bigger picture tasks, such as expanding into new markets. With more efficient systems below them, companies can grow into new markets without making huge changes to their business model. AI will increase overall productivity to the point where it’ll seem like you’ve increased your staff.
AI filters vast amounts of data faster and more efficiently than previous systems. Traditionally, we would assess data ourselves and try to spot patterns to make recommendations for the future. With AI tools, you can assess data and performance in real time and get recommendations instantly. In fact, some will even make changes automatically.
As AI increases the overall efficacy of a business, customer experience goes through a refinement process. If customers have a question, they can get an immediate answer from a chatbot rather than waiting for a representative. If the chatbot decides the customer needs more help, they’ll be redirected to a person. The benefit is that those with simple queries will get answers even if they reach out at 3am.
AI enables marketers to better understand their customers so they can deliver more valuable content, products and services that better match their needs.
With all of the benefits we’ve discussed, companies that leverage AI have more room for growth. They gain a more effective system that results in faster scaling and improved customer experience. Marketers will learn insights which improve advertising, product development and overall strategy.
As artificial intelligence contributes to all these areas, many are finding it easier to expand into new markets—whether it’s a different city, state, country or region. For eCommerce services in particular, AI could be the next step towards becoming the best in the market. The AI tool will do all the hard advertising work so that you can focus on the slew of emails and orders pouring in. In A/NZ, the growing popularity of artificial intelligence offers a valuable opportunity for marketers.
We’ve mentioned the phrase ‘ad optimization,’ but what exactly does this mean? With the right tool, you will have access to the following:
Ad targeting has been an essential component of advertising for a long time. Even in the earlier days of marketing, you could post a leaflet in the wrong location and no potential customers would see it. Although most of us have expanded to the digital space, the premise is still the same. However, optimizing targeting manually is a long and arduous process. Not only will an AI optimization tool quickly analyze and make judgements regarding targeting, it will do so across multiple campaigns all at once. With real-time conversion events, your ads have the best chances of success.
Automation tools are perhaps the best feature of AI because they redirect our focus to big picture ideas and overall strategy. The right tool will analyze and automate actions such as bidding, creative A/B testing, scale and targeting. You maintain the control to set parameters and goals, but AI helps with several decisions instantly.
Every aspect of your ad is followed closely with little need for manual work. If a campaign is wasting your budget, the bidding will adjust slightly. You might even get a recommendation to drop the campaign completely and focus resources elsewhere, which is of equal value..
One last important function of AI is that it can help brands who are looking to expand. You’ll still need to steer the ship in the right direction, but AI and machine learning will measure the success of your ads in different markets and advise when changes are necessary. Although we shouldn’t rely on these tools entirely, it gives a good indication for those who want to test new ideas and reach out to new audiences.
If you’re considering an AI ad optimization tool, we have a few tips to get you started:
We hope this guide gave you a good understanding of AI optimization and how it can contribute to your marketing efforts and free up your time. Check out tools like Trapica to see how they can help you run more successful ad campaigns.
Discover valuable tips, tricks, and industry news with a specific focus on the role of artificial intelligence in social media advertising.