What is marketing?
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service of the company. Marketing includes advertising, selling, and delivering products to consumers or other businesses. The traditional ways of marketing and advertisements have taken a huge turn after the AI and ML in the industry. Programmatic advertising and chatbots have changed the game and made marketing quite cost-effective. No one could have ever imagined Artificial intelligence and machine learning changing the world a century back, where having a computer was like a dream. Travelling Space, Artificial intelligence, bots all can be thought of in science fiction movies just 20 years back. But today artificial intelligence is a very common piece of technology. Think about the Amazon Alexa in our drawing-room, Siri, or our google search engine and the advertisements we receive. AI has become a go-to for just about every industry under the sun—including digital marketing. And as technology advances, it will continue to occupy a larger role in every industry- including digital marketing. 53% of buyers are more likely to buy from a business they can message and approach easily. So if one is looking for ways to make marketing strategies more effective and enhance them in this age. Live chat is the way to go. But how do you ensure a live chat for your marketing without ballooning the headcount? By using chatbots! There are way too many applications of AI in the world of digital marketing and chatbots are definitely one of the most stirring. Chatbots offer the best of both sides. Chatbots are known for their great customer service abilities and minimal manpower required to execute and deliver the service a customer would want. Chatbots have to be incorporated into the marketing strategy if one wants to survive in the marketing world.
But first, what exactly are chatbots?
Sending high-intent leads directly to sales. Visitors who spend minutes on your pricing page or click the “Get more info” button likely have a serious interest in the product. Chatbots can instantly qualify and book a call with your sales team. Chatbots are a great help for managing the initial steps of the marketing process. May it be gathering contact details and information for a sales call, answering general customer service questions, or providing direction on common and frequent tech issues.
The benefit of chatbot marketing is that one can never miss a lead!
They are available 24/7, unlike humans. The beauty of chatbots is that they’re constantly running. They’ll keep your marketing engine going when your team members are unavailable and save them time when they’re hard at work.
How a Volvo dealership uses bots to provide custom quotes- an example of how bots can bring up the sales drastically
One of the coolest examples of chatbot marketing that are available comes from Volvo Cars Amberg, a German car dealership. More and more potential car buyers visit dealership websites these days to research prices. The company placed a chatbot with an integrated Typeform survey on its marketing site. It provides an instant, totally customized price quote based on visitors’ choice and input. “We were able to increase lead generation on our website by about 300%. We are also able to prioritize high-quality leads and offer them an even more personalized experience”
The machines that drive programmatic advertising understand where your customers come from and what are their interests based on how they found you, and which keywords or ads they deem most relevant. It’s all about embracing the power of data science to learn how to better target your campaigns . Surely, humans are pretty good at managing data analytics, but when you put machines in the driver’s seat, there’s an entire world of digital behavioral data that will allow you to personalize messages in completely new ways. The softwares can do an exceptional job and open up so many new opportunities and paths to growth.
How does programmatic advertising create value?
Programmatic advertising creates value for marketers by allowing them to target advertisements for maximum impact. For example, a company advertising de-icing salt might focus its ads on users who live in areas experiencing cold weather. By focusing advertising on their target consumers marketers can increase their return on investment. They also save valuable time.
Programmatic advertising also creates value for publishers by ensuring that their inventory (i.e., ad space) is maximally utilized. Through the real-time bidding mechanism, programmatic advertising ensures that inventory is most efficiently allocated to the highest bidder. The shift to programmatic advertising has benefitted a number of sectors involved in measuring, analyzing, and optimizing advertising spend.
Better efficient marketplace
Programmatic advertising represents a new, more efficient process for buying, placing, and optimizing advertisements. In just a few years, programmatic ad-buying has become the majority of the online advertising market and shows little sign of slowing. Over time I feel confident that the opportunities created by expanding programmatic advertising will unlock new ways for marketers and consumers to interact.
Programmatic Advertising Takes The Lead Data is every marketer’s best friend. There was a time, not long ago, when “advertising” simply meant utilizing the creative side of one’s brain to come up with interesting spots that would pique audiences’ attention. That’s certainly no longer the case. Today’s advertising is driven by data, analytics, and everything marketing experts can use to truly get to know their consumers. Despite programmatic advertising’s dramatic impact on the marketing world, there remains a major disconnect between media buyers and marketers. Media buyers have built the greatest understanding of this technology, while many marketers don’t even know such a tool exists. This disconnect causes certain obvious obstacles, which can be overcome with the right strategies in place.
PROGRAMMATIC: A NECESSARY PART OF DIGITAL ADVERTISING
Programmatic is only going to grow in the future. The concept offers a far more effective and efficient way of buying and selling digital ad space. The limiting factors for programmatic advertising are the technologies themselves, however, these are only going to improve as time goes on – as mentioned above you only have to look at what the programmatic ecosystem looked like 10 years ago to appreciate how refined and powerful the modern programmatic ecosystem is. The world of programmatic is more than complex. Nothing about the internet is simple anymore. In that scenario, using AI in the ad buying process is only going to optimize impressions in the real-time bidding process. AI can also help brands become more targeted with their messaging and make the ad deliver more bang for the buck.
Blockchain and AdTech look like new allies
Issues of transparency and fraud were a big cause of concern for advertisers in 2018. Ad fraud cost U.S advertisers almost $20 billion in 2018. And to bust out of this, advertisers are looking at Blockchain-based products and ads.txt. The kind eases and benefits offered by programmatic advertising are hard to ignore. And given that the age of the watered-down metric is long over, all agencies have to become programmatic agencies.