Chart of the Day: McKinsey Analysis rates machine learning marketing applications highly
I thought this was an interesting chart and article from McKinsey on 'What’s now and next in analytics, AI, and automation'.
McKinsey outline the range of opportunities for applying artificial intelligence in their article. They say:
'For companies, successful adoption of these evolving technologies will significantly enhance performance. Some of the gains will come from labor substitution, but automation also has the potential to enhance productivity, raise throughput, improve predictions, outcomes, accuracy, and optimization, as well expand the discovery of new solutions in massively complex areas such as synthetic biology and material science'.
At Smart Insights, we've been looking beyond the hype to look at specific practical applications for applying AI in marketing. Our recommendation is that the best marketing applications are in machine learning where predictive analytics is applied to learn from historic data to deliver more relevant personalization, both on site, using email…
6 implications for selecting and managing today's and tomorrow's marketing technology
We've been sharing the latest Marketing Technology Landscape map by Scott Brinker,[email protected]
several years now. You've almost certainly seen one of the earlier iterations since it has been widely shared. I love it because it's a USEFUL infographic - it prompts marketers to review their current Marketing Technology and take action to improve their Marketing Technology Stack.
When I discuss it with marketers when speaking or training, it certainly has a big impact, not always in a good way... It prompts that "OMG how do I cope?" fear amongst marketers and business owners due to its complexity. But, for me, it shows the opportunity of the many tools we have available to deliver more relevant, more personalised communications today. It's inspired the Smart Insights team to create our own Martech infographic which includes both insight and operational tools across our RACE planning framework.…
Mapping the most effective AI technologies for marketing across the customer lifecycle
AI technology is a hot topic in marketing at the moment, but AI is a broad term covering a wide range of different technologies. Artificial intelligence means any technology that seeks to mimic human intelligence, which covers a huge range of capabilities such as voice and image recognition, machine learning techniques and semantic search. Marketers like to wax lyrical about the latest exciting technologies and bang on about AI for image recognition, speech recognition, preventing data leaks, or even targeting drones at remote communities. All well and good. But how the bloody hell are marketers supposed to do anything with that information? It's just hype, you can't implement it.
That's why we've identified fifteen artificial intelligence techniques that businesses of all sizes can implement, rather than techniques which only major tech giants can devote resources to. We've also plotted the…
The 14 top rated digital marketing techniques for 2017 according to Smart Insights readers
In this article, I'll take an in-depth look at what I see as the most significant trends in digital marketing for the year ahead. But, it's not only my view, since I have 'crowdsourced' the importance of the different trends rated by the popularity of each trend.
For all members of Smart Insights, we also have a more detailed free download of the marketing megatrends for 2017, which are 9 digital marketing and martech megatrends will help give you an edge in 2017. In the download we discuss machine learning and artificial intelligence, which for me is the biggest trend in marketing right now. Machine learning techniques apply across many of the techniques we discuss in this post including Big Data, Marketing Automation, Organic Search and Social media marketing. If you want to know more about the defition of digital marketing…
Key lessons from the Strategy and Innovation World Forum
Robert Jones, our research analyst and I headed off to London last week to go to the Strategy and Innovation World Forum, set up by World Forum Disrupt. The Innovation Directors were attending in force, and with talks from the global heads of innovation from Santander, BT, UNICEF, Vodaphone and other world leading businesses there were plenty of interesting lessons to be gleaned.
With over 32 different speakers over the two days of the forum, it would be a bit of an information overload, if I tried to convey everything that was discussed at the event. But it did offer some great insights into the cutting edge of innovation strategy, so I've tried to distil the top 8 talks into just a few bite-sized takeaways that you can learn from and implement when developing your own innovation strategy.
Setting Strategies for uncertain times - …
Key Findings from a survey of 500 European fashion retailers
Retailers are undoubtedly enthusiastic about innovation, with more than half viewing it as a priority for their business. But when it comes to actually delivering innovation, retailers face a variety of challenges.
To find out how retailers are approaching innovation in 2017 and beyond, we surveyed 500 retailers from across Europe. Here, in a summary of our full report, we share five key findings.
9 in 10 retailers take innovation seriously
Almost all retailers surveyed recognise the value of innovation, highlighting the growing importance of innovating in order to stay ahead in an increasingly competitive market. UK retailers in particular, place great emphasis on innovation, with 76% of respondents saying that it is a priority for their business.
A lack of time is the #1 barrier to innovation
Fashion retailers cite several barriers to…
Blockchain has revolutionary applications in marketing, and will be good news for both publishers and advertisers.
Blockchain has been a hot topic in the tech world ever since Bitcoins emerged from obscurity to become the obsession of nerds the world over around 2013. Marketers love finding shiny new technologies to distract them from their day jobs and have enjoyed hopping on bandwagons to prove their down with the latest trends ever since some bright spark realized that newfangled printing press things could be used to churn out flyers to promote the latest in powdered wigs and ruffs.
But whilst marketers have been all over other trends, such as the growth of Snapchat or Live video, like a rash, they've yet to properly 'get' what the blockchain can actually do for them.
I think this is in large part down to two key reasons:
Blockchain is the result of mind-bogglingly clever cryptography and thus…
Examples showing how Products become media and a service
Marketers love new tech and new trends, sometimes they don’t get them quite right at first, or sometimes they nail them (e.g. Buzzfeed on Snapchat). One of the biggest technology trends right now is the Internet of Things, which promises to bring the connectivity of the Internet into every facet of our lives. Making our devices and homes smarter and more efficient. The internet of things promises to be a revolution on par with the original connectivity revolution that the internet has unleashed over the past twenty years.
There are expected to be 75 billion connected devices by 2020, meaning there will be ten times as many devices able to talk to one another as there will be people on the planet! The implications are huge and far ranging. All this sharing of data will transform the way we live our lives. Yet…
Plan your use of new marketing technologies to future-proof your business
Digital Marketing is constantly playing catch up with the latest new tech trends. This means that the only way to get great results from digital marketing and execute a successful digital marketing strategy is to be aware of the latest technology and be actively innovating by putting cutting-edge techniques into practice. Not doing so is a sure fire way to fall behind the competition.
The pace of technological change is not just relentless, it is constantly increasing. Where once it may have taken 10 years for a platform to achieve 50% adoption, now it may only be two or three- as you can see from the chart below. As these trends accelerate we could soon enter a time well new technologies decelerate so fast we measure the time for them to reach the masses in weeks and months rather than years and decades.
On average only one-third of businesses have a process for funding tech innovation across the whole business
Our quarterly focus on digital transformation is soon to end, as we pivot to a new focus on eCommerce marketing. But whilst we're on the subject I thought it was important to highlight the lack of process in place for even larger businesses when funding technology innovation.
Technology innovation will be what brings in the customers of tomorrow. Those businesses who've used the latest tech to create the best products and the most seamless customer journeys will be the ones winning in the years ahead.
Yet only a minority of businesses actually have a formal process in place across the business for funding technological innovation. The best performers were businesses with a turnover of over 250 million dollars, but even they had only a minority of 45% that were using formal processes established across the business. Smaller businesses had…