In 2023 AI blew the tech world wide open with new and exciting innovations, but how can advertisers leverage AI’s power for their business in 2024?
When ChatGPT flew onto the scene in 2023, every business clamored to get on board, but what they found is that introducing AI into your organization has more complicated implications than anticipated. That doesn’t mean that they should give up, however. It just means that they need a better starting point.
Advertisers also need to consider that not all AI is good for their business in the long term. By finding the right starting point and focusing efforts on proven AI use cases, advertisers can leverage the power of AI without organizational pitfalls.
What to avoid when introducing AI
When introducing AI to your business, there are right and wrong ways to start your transition. Since the generative AI boom of 2023, the category has earned its place in the controversy Hall of Fame. Not only is it massively unpopular among creatives, art lovers, and readers, but it is rife with scandal as deepfake images continue to plague social media.
This makes introducing Generative AI a major risk for any organization without keen oversight of the output. However, there are low-risk, high-reward forms of AI well worth an advertiser’s time. Predictive AI, for instance, is a proven use case and an ideal starting point for organizations looking to start leveraging AI for their business.
Predictive analytics are the perfect AI introduction
Predictive AI, also known as predictive analytics, is free of much of the ethical baggage Generative AI carries, and it has a much lower barrier to entry. And the predictive analytics market is thriving; it’s forecasted to grow into a $64 billion market by 2025.
Advertisers looking to introduce AI into their business are best to choose a proven and profitable use case as their first step – that is what predictive analytics offer. It automates large-scale processes and has a massive impact on efficiency without over-hauling entire departments.
In short, Predictive AI does the un-fun work so advertisers can focus their energy on the parts of their job – creating. After all, why use AI to generate derivative art, when you can instead use it to crunch numbers and forecast consumer behavior?
Predictive AI is the key to a successful transformation
Predictive AI is not a new technology; it doesn’t have the same spotlight appeal as newer AI innovations, but it remains the most reliable and easy-to-adapt AI technology on the market. This tried and true technology gives advertisers an effective and low-risk method to leverage AI for their businesses.
There are two main methods in which predictive analytics can be used in advertising:
- Forecasting
- Behavior analysis
Predictive AI analyzes data to forecast future trends, risks, and opportunities. Accurate data analytics assist advertisers with planning and decision-making. Forecasting is the most important function predictive AI can perform for advertisers. It takes the guesswork out of campaign planning and makes journey building easy.
This AI can also analyze consumer behavior. In addition to forecasting, behavior analysis lets advertisers understand where and when their customers make purchase decisions so they can better serve them in the future.
Predictive AI gives advertisers an advantage by streamlining planning with accurate forecasting and in-depth behavior analysis. The power of predictive analytics lies in its pattern recognition, cutting down the time and effort it takes to analyze data so that advertisers can invest that time in the creative thinking that requires a human touch.
When introducing AI into your advertising strategy, it’s important to consider where new technology can add the most efficiency with as little disruption as possible. This means weighing the pros and cons and carefully considering the needs of every department before making the dive. Predictive analytics make this transition easy by providing effective forecasting with little organizational disruption.
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