It’s no secret that automation plays an increasingly important role in media buying. While investing in the exact solutions as your competitors may be sufficient to keep up with them, it is insufficient to move ahead of them.
Machine learning’s potential extends beyond improving media and crunching numbers. It also frees up time for firms and organizations to concentrate on improving their teamwork.
What’s the key to using automated technologies to gain a meaningful competitive advantage? The key is using automation in conjunction with good old-fashioned human intelligence. According to the research behind the recent book “The AI Marketing Canvas” and observations from Google’s work with hundreds of Chief Marketing Officers, the best way to unleash the full power of machine learning is to match it with unique insights only you can provide. In other words, unless you use data and experiences unique to your company to feed automation, you’ll end up with the same results as everyone else.
Machine learning’s potential, however, extends beyond optimizing media and crunching numbers. As machine learning accelerates, in-house and agency marketers will have a unique chance to collaborate on more powerful and intelligent work. It also frees up time for firms and organizations to concentrate on improving their teamwork.
𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝘁𝗵𝗿𝗲𝗲 𝘀𝘂𝗴𝗴𝗲𝘀𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗲𝗻𝗵𝗮𝗻𝗰𝗶𝗻𝗴 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗮 𝗵𝘂𝗺𝗮𝗻 𝘁𝗼𝘂𝗰𝗵.
𝟭. 𝗨𝘀𝗲 𝘂𝗻𝗶𝗾𝘂𝗲 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝘁𝗼 𝗮𝗻𝗰𝗵𝗼𝗿 𝗮𝗹𝗴𝗼𝗿𝗶𝘁𝗵𝗺𝘀.
Artificial intelligence (AI) breakthroughs occur when individuals create better algorithms than when machines process enormous volumes of data. Take, for example, AlphaZero, a chess-playing computer program developed by DeepMind, an AI research firm. Because the guys who created it overturned tradition, it became the best AI chess program. While most automatic chess algorithms consider all possible moves before making a choice, they designed AlphaZero to do the exact opposite: play as quickly as possible.
Take a page from this book and use a unique insight geared to your firm to fuel your automated marketing solutions. It may be as simple as selecting a more appropriate key performance indicator. By focusing on profitable expansion rather than efficiency, one popular vacation rental platform, for example, raised income by 115 percent.
Start by asking your team, “What is one piece of data we don’t have that we wish we had?” to get an insight that can help your brand succeed.
Your unique insight could potentially be a new data point, as it was for a store that doubled its Google Ads earnings by incorporating product margin data—which isn’t usually associated with media buying—into the equation. Consolidated data may be the most important factor for other businesses. When a fashion firm consolidated different customer relationship management systems into a unified data management platform, it discovered that some customers were six times more valuable than others.
Work with your chief information officer to gather that data by executing basic tests. You can improve the data over time if you observe good outcomes.
𝟮. 𝗨𝘀𝗲 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘁𝗼 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗿𝗲𝗹𝗲𝘃𝗮𝗻𝗰𝗲.
Ad creative is becoming increasingly crucial to success as automated media optimization becomes the standard. Human storytellers will always beat technology at generating storylines that resonate with people. On the other hand, technology has speed and scale on its side. With techniques like personalization and sequential storytelling, it may enhance and tailor messages.
Machine intelligence can assist in determining what consumers care about, but it is up to actual people to turn that data into attractive advertisements. That’s why a winning campaign requires a combination of automation and human ingenuity. Schedule regular insight sessions with your creative team and agency partners to keep up with the current trends. Then put those insights to work using automated tools like Director Mix, which allows you to create a plethora of personalized video creative alternatives.
For example, Google’s brand marketing team meets regularly to use data like Google Trends to identify new customer passion points and then tailor its product ads accordingly. When the public’s interest in “cloud bread” grew throughout the first year of the epidemic, the team rapidly created Google Home advertising highlighting it, then launched the campaign within 72 hours.
3. 𝗘𝘅𝗽𝗲𝗿𝗶𝗺𝗲𝗻𝘁, 𝗹𝗲𝗮𝗿𝗻, 𝗴𝗿𝗼𝘄, 𝗮𝗻𝗱 𝘀𝗰𝗮𝗹𝗲
Despite all of its benefits, machine learning has one fundamental flaw: it cannot think of new ideas independently. Or, at least not yet. Algorithms require the correct data and instruction to orient themselves toward meaningful goals. This necessitates continuous testing, which for many firms necessitates increased testing capacity. Those who test frequently and scale winning strategies fast, in our experience, virtually consistently outperform their opponents.
Upskilling your team may be required if you adopt a test-and-learn culture. To do so, collaborate with seasoned media partners and choose an AI champion to spearhead experimentation on your marketing team. The good news is that your team can use several tools (like sentiment analysis and image recognition) to move quickly.
Keep track of how many tests you finish each month and attempt to increase that number. Assist your team in gaining access to better testing solutions and accelerating processes like stakeholder approvals and creative reviews. And after you have enough data for a successful test (it doesn’t have to be perfect), get started.
It’s a lovely irony that technology alone can only take you so far in a world undergoing such rapid technological change. Combining automation with uniquely human talents, such as the ability to convert findings into creative ideas and then adapt those ideas based on how they function, can you sustain a competitive advantage. There is no better way to begin than to get started. After all, a sloppy game plan in action is preferable to a perfect strategy in theory.