Marketing effectively in today's world is a minefield. Standing out from the crowd becomes steadily more and more tricky as, according to market research firm Radicati, by the end of 2018, the total number of business and consumer emails sent and received per day will reach more than 269 billion. This is expected to grow at an average rate of 4.4% over the next four years, just one example of the competitive chaos the industry has descended into.
One of the few ways marketing agencies can hope to stay ahead in this world is to embrace the latest technologies into their strategies and perpetually stay on the cutting edge of what's new and innovative within the marketing space. And AI is one tech that is set to recreate the wheel, so to speak.
The results have already been very promising. For businesses already utilizing AI, top-performing companies said they are more than twice as likely as their peers to be using the technology for marketing (28% vs 12%) according to Adobe.
That's why many companies are turning to AI in marketing (AIM). With this in mind, we look at four companies that are turning the industry on its head with the use of AI.
Headquartered in Seattle and founded in 2016, Amplero works with B2C companies. With $25.5m secured in funding, it has huge names such as Virgin Mobile and Microsoft already under its belt.
Amplero's AIM platform aims to "make brands human again" by enabling "business-to-consumer marketers at global brands to optimize customer lifetime value at a scale that is not humanly possible".
Amplero's AIM platform uses machine learning and "multi-armed bandit experimentation" to optimize every customer interaction. It achieves this by individually analyzing the huge quantities of datasets established over the years of brands interacting with consumers over a number of platforms to help brands create genuine, individualized interactions with their customers.
According to the Harvard Business Review, it is between five and 25 times more expensive to gain a new customer than to retain an existing one, which is exactly what Amplero helps brands do. It's effectiveness in doing so is why is has been voted one of the "Top Five Most Promising Startups" by Venturebeat.
Established by 26-year old entrepreneur and "Instagram King" Steven Bartlett, Like-Wise is a project set up by social media marketing agency Social Chain tackling the problem of influencer fraud, what Bartlett considers to be "one of the most widespread scams in the history of marketing".
Like-Wise's software identifies fake accounts and the influencers that have purchased them. "In simple terms, the tool collects data from all of the largest bot farms and builds a database of tens of millions of fake profiles," Bartlett explains. "Then simultaneously scans hundreds of thousand so influencers to see which influencers are getting engagement from these apps."
When the tool identifies suspicious activity from an influencers account, it uses AI technology to map out an engagement graph to analyze their engagement over time when compared with real organic graphs. "It understands what paid promotion looks like, shout outs and other known algorithmic factors," he added.
The tool helps companies identify influencers that are buying followers, which is around 25% of them, according to Like-Wise's research.
Steven Bartlett, CEO of Social Chain and founder of Like-Wise, is speaking at Innovation Enterprise's Content Marketing Summit in New York on December 6–7, 2018.
Narrative Science is an AI-powered writing platform that uses Quill, its natural language generation (NLG) platform, to transform data into written, authentic-sounding narratives. Used by big names such as Deloitte and Mastercard, Narrative Science is attempting to help companies transform how they interact with their customer's information.
"Its various learning mechanisms are designed around interactivity so every time a user works with Quill, it gets smarter by learning about specific domains and how to describe them," explains Katy De Leon in an interview with Marketing AI Institute. "For example, Quill can capture and integrate the nuance of how a particular company talks about its business. This type of learning results in new ways for Quill to describe and characterize the area of the business it is being asked to write about (e.g., sales performance, customer communications, employee feedback, etc.)
"Quill also tracks edits made to the autogenerated narratives in order to create a set of language preferences that can be easily reused by an individual or across an organization," she adds.
Narrative Science was founded in 2010 as an academic project and soon after went public, headquartered in Chicago. It has so far raised $32m over its lifetime.
New-York based agency Dynamic Yield utilize its "omnichannel personalization engine" to help companies personalize each customer interaction across a range of platforms on the web, mobile, apps or email.
According to Dynamic Yield's site, "the company’s advanced customer segmentation engine uses machine learning to build actionable customer segments in real time, enabling marketers to take instant action via personalization, recommendations, automatic optimization and real-time messaging – in a single platform".
Founded in 2011, Dynamic Yield has raised a total of $77.3m over six rounds and it has so far personalized the marketing experiences of 600 million customers.