ENTREPRENEURSHIP AND MANAGEMENT : PRECISION MARKETING: HOW DO YOU DO THAT?

BY ROBIN GHOSH

( ECONOMIST)

KOLKATA, 9 AUGUST 2023:

Have you heard of ChatGPT? Have you heard of DALI.E ?

If you have not – google – and learn about it.

Marketing of products and services is undergoing a revolutionary development – it is increasingly becoming technology intensive – precision oriented – and hyper personalized.

Here are a few examples which amplify what I am talking about.

1. Tata Motors has used AI to launch personalized ads for Tata Nexon targeting different audience segments.

2. Myantra is using natural language processing (NLP) techniques to generate ad copies and descriptions.

An experiment conducted by an ad agency in Mumbai using ChatGPT and DALL.E to design a campaign covering logos, print ads and product placement – reported better consumer recall and response.

AI ensures precision marketing. How?

Read the following:

1. AI facilitates personalisation and real time pulse – check of public emotion
2. AI creates an intricate data vault of user behavior, preferences, and demographics.
3. AI helps advertisers pinpoint their messaging so that the right person gets the right message at the right time.

To cite an example of how AI helped to design micro personalisation marketing campaigns – here it is:

An ad agency was entrusted to create an advertising campaign to market hand-woven and hand-knitted garments.

Let us hear what the Agency head has to say:

“We used AI to create five to seven combination of products and user profiles based on age, gender, and spending power”

” The combination not only helped us to identify which kind of products will sell better with which group as also how the branding narratives could be woven. ”

The power of AI is bountiful. AI can process information like user behavior and purchase history to hyper- personalized ads leading to higher engagement and conversion rates”.

Another substantive advantage of using AI is automatic management of ad campaigns and adjusting the story line as per real -time data.

To summarize: AI will provide support plank – human creativity will still be required to get optimal results.