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Expert: How to use AI to improve ROI
Experts agree that data and artificial intelligence will be key for brands in 2017. I had the opportunity to chat with Rocket Fuel's Randy Wootton about how AI can help brands improve ROI.
Unified consumer profiles
"As the number of channels and touchpoints continues to grow, creating consumer profiles has become increasingly complex. In 2017, predictive marketers will develop strategies to aggregate data from the multitude of different sources, formats and systems. The balancing act between the need to protect consumers from unnecessary or unwanted data collection and the value of building identifiers to provide timely, relevant cross-device marketing will intensify," said Randy Wootton, CEO, Rocket Fuel.
Applying AI in new ways
"Between IBM amping up its marketing of Watson, Salesforce launching Einstein (their AI capability) and the numerous AI startup acquisitions and investments made by large tech companies in 2016, it is clear AI is cool again," said Wootton. "We are on the cusp of the next revolution in artificial intelligence--taking it out of the "lab" where data scientists create experiments and enabling practitioners to apply AI to real-world problems. In 2017, applied AI will start to impact the very way marketers think about marketing. Specifically, predictive marketers will leverage AI computing power to process immense amounts of data to inform marketing campaigns so they can create unique and customize experiences at the individual level in near real time--finally delivering on the promise of 1:1 marketing that we have been talking about for 20 years."
Measuring with algorithms
"As artificial intelligence moves forward in 2017, we'll see the development of algorithms built for ad measurement and more thorough and comprehensive assessment of campaigns. Currently, many marketers rely on simplistic measurements such as click-through rate or last-touch attribution, but in today's multi-channel, multi-device world those measurements don't portray the depth of brand to consumer interactions that may be taking place," said Wootton. "New AI-powered algorithms will be tested to determine entirely new ways to create meaningful experiences and then define and measure the REAL ROI."
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