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Today, the exponential growth in data and increasing complexity in consumer behavior render traditional marketing approaches inadequate. Where once hindsight and insight sufficed, today foresight is imperative.
To illustrate, imagine visiting a doctor for a chronic backache. If the doctor could only analyze your medical history and speculate on potential causes without offering treatment guidance, it’d be rather unsettling, right?
We find ourselves in a pretty similar place when it comes to AI in marketing today. While not as dire as the earlier example, gleaning legitimately useful prescriptions from AI is often an effort in vain – with it often dishing generic, cookie-cutter recommendations on how to achieve ‘success’. Hence, the allure of fully realized Prescriptive AI. But first, let’s delve into the semantics.
Descriptive, predictive, prescriptive – what’s the difference?
Descriptive AI will tell you what’s really going on. It’s adept at rummaging through large volumes of otherwise esoteric data and presenting them in a far more palatable way.
Predictive AI will tell you what will happen given certain input conditions. This is great for forecasting trends, anticipating customer behavior, and making data-driven decisions in real-time.
But, Prescriptive AI will tell you how to influence the future in your favor (given certain success metrics). It goes beyond simply predicting outcomes by providing actionable insights and recommendations to achieve desired results. A subtle yet important differentiator. With it, businesses can optimize their marketing campaigns, allocate resources more effectively, and drive better outcomes with precision and confidence. With the right processes in place, it allows for decision-making based on thoroughly analyzed facts from data rather than instincts.
Prescriptive AI can be immensely useful in a variety of applications, especially several data-intensive workloads – think loan/credit risk analysis, infrastructure budget allotment, etc. But perhaps one of the most profound ways it will impact us will be via marketing; a field that practically shapes the way we perceive the world today.
Prescriptive AI in marketing
In terms of creative/content prescription, Prescriptive AI will leverage data to predict which content will have the most impact with specific customer segments. This predictive ability will enable brands to develop deeper connections and drive engagement. For instance, imagine receiving recommendations from Prescriptive AI on not just which content to create, but also how to optimize it for maximum impact. You could go from simply knowing that a marketing campaign will result in 300% ROI, to gaining insights from a dashboard on how to take it to 350% instead. Additionally, AI will assist in creating fresh, audience-specific content while optimizing existing material. This curated content library will cater to diverse preferences, maximizing engagement. Platforms like Swiggy already leverage GenAI based tools to synthetically generated content that’s more likely to compel users. Flexible experimentation, empowered by AI, will allow brands to scale beyond traditional A/B testing. This agility in experimentation will enable brands to quickly discover optimal solutions, enhancing campaign performance and customer engagement.
Then, there will be a major shake up in the way we conceive customer engagement strategies. Prescriptive AI’s ability to analyze vast amounts of data will uncover hidden patterns and trends, revealing valuable opportunities for brands to capitalize on. With dynamic segmentation, brands will target messages, offers, and experiences precisely to resonate deeply with each customer, fostering loyalty. Unified predictive analytics will enable brands to anticipate customer needs and behaviors, forecast revenue impact, and optimize customer interactions to drive sustainable business growth.
A Prescriptive Utopia? Coming soon
While the idea of a fully realized Prescriptive AI may seem like a distant dream, rapid advancements in AI technology may suggest otherwise. The journey towards this prescriptive utopia may have its challenges, but with each stride, we’re inching closer to a world where data-driven decisions truly shape our success.
Once it’s here, brands will unlock unprecedented levels of efficiency and effectiveness in their marketing endeavors. With Prescriptive AI guiding most decisions, campaigns will resonate more deeply with consumers, driving engagement and loyalty to new heights. Businesses will operate with unparalleled foresight, anticipating market trends and customer needs with precision. The days of uncertainty and guesswork will be long gone, replaced by a new era of data-driven clarity and confidence. So, while the journey may be challenging, the destination promises to be nothing short of revolutionary. So buckle up, because we’re soon landing in Prescriptive Utopia.
In the world of car advertising the focus often lands on technical specifications and raw horsepower. But what truly resonates with the average consumer? While features and figures are important, the ultimate desire is often a simpler one: a reliable and enjoyable journey. In a special arrangement with Quilt.AI and Langoor Digital, we decided to see how creativity could be a driving force in car advertising.
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