AI In Marketing Presents Both Benefits & Challenges: Experts

The marketing experts collectively advocate that young and upcoming professionals stick to basic principles such as listening to customers and staying updated with market trends

Marketing is one such area where large data sets and analytics are used enormously to place products or services in the right place or to serve the needful customers. The evolution of AI has unleashed seamless data analysis for better coordination, a strategy-focused approach to implementing bigger projects.

Speaking on AI in marketing, Nikhil Mathur, Managing Director – India, GfK – an NiQ company said, “AI provides the opportunity to swiftly understand and respond to customer needs, enabling innovation to occur rapidly and efficiently. It's a catalyser in marketing to deliver better to customers and increase revenue."

Using the right data and tools to understand individual customer behaviour with personalised suggestions will enable a brand to hold a place in this extremely competitive marketing landscape. He added that AI helps us understand and engage with customers swiftly.

Vikas Gupta, Group CEO, VLCC said, “AI helps you is to stitch together. The cohort of customers experience that customer journey and it gives so many tools to construct a marketing place, from an innovation, relationship management and communication standpoint, In overall market mix creation for the consumer segments. Sure, AI is easing the process.”

Customer Data Privacy and Regulation

In the digital age products and services are delivered at the fingertips. Ecommerce companies gather large data and analyse them to show personalised suggestions. This benefits both the customers and business entities. The collection, storage and monetisation of this data raises concerns. Marketing leaders at the 18th edition of the BW Marketing Whitebook Summit 2023, shared their practices to use the data without compromising data privacy and consumer confidence.

Stressing on the importance of consumer data protection Mathur said, “Regular internal check, limited access and adhering to the rules set by the legislation on data privacy will be pivotal to secure the consumer data protection.”

Discussing the application of AI to derive insights from consumer data, Gupta cautioned against open-source AI, pointing out the risk of potential data transfer to other parties without proper knowledge.

AI Replacing the Marketing Roles

The key characteristics in marketing are observation, analysis and innovation which traditionally require a huge workforce. Gupta said with the integration of AI, the process becomes more efficient and enhances consumer engagement effectively. “While AI may not eliminate roles, it undoubtedly contributes to increased productivity and efficiency in executing engagements and maintaining relationships with consumers and might replace certain roles,” he added.

Although the landscape of roles may shift, the human touch, discernment and responsibility for data quality will persist. Mathur said AI requires humans to exercise ethical and lawful practices while maximising business outcomes.

Beyond the evolving marketing landscape, both the marketing maestros collectively advocated that young and upcoming professionals stick to basic principles such as listening to the customers, staying updated with market trends and thinking innovatively. This fundamental practice serves as a compass in business and marketing.