The Future Of Advertising Lies In The Hands Of Artificial Intelligence
The Future Of Advertising: 10 years ago, advertising was certainly not like how It is today. Social Media Advertising wasn’t even a thing 10 years ago. We will witness the fourth industrial revolution phase with artificial intelligence after the first one – steam power, the second – electrical power, and the third – digitalization.
What lies ahead of us is a plethora of automated data-driven advertising, automated computation within the digitalized sphere and humans are going to be the ones driving the creative forces behind these machines but in a more organized way. What can we expect from the next advertisement age that is lurking around the corner, still being tested for its abilities?
The term ‘Artificial Intelligence’ was first coined by John McCarthy as “The science and engineering of making the intelligent machine”. However, after realizing the limitations of computer hardware at the time research halted, not seeing the second burst of interest until the ’80s. Fast forward to now, and technology has reached a point where AI appears to be within reach, driven by key advancements:
- Big Data – “Data to AI is what food is to humans.” With the onset of new apps, social platforms, email marketing tools, the scope of gathering data has been on the rise. Data has seen an annual growth rate of 50% since 2010 and the tempo has picked up ever since.
- Computing Power – Ongoing improvements in GPU computer capacity, ever decreasing costs for that power and the advent of cloud-based services, have begun to democratize AI, in turn boosting opportunities for mass research and development.
- Deep Learning – Deep learning is a subset of machine learning, both of which are integral to AI progression. Machine Learning focuses on giving computers the ability to learn without being explicitly programmed. Deep learning expands on that, instead utilizing our ever-expanding understanding of the human brain to create artificial neural networks that mimic the activity of neurons to better abstract information from large datasets.
This brings us to our next question i.e. How are these 3 key advancements going to shape the future of advertising?
1. Search Advertising
We’ve come along way from getting results that match our queries on google. Search advertising involves billions of data points and decisions right from keywords to inventory sources. Google has already offered to run search advertising campaigns where all that you have to do is enter your budget!
2. Targeted Advertising
AI has been influencing the choices we make on Netflix, shopping on Amazon, music streaming sites with data in the form of user behaviour. With the current pace, advertising in the future will need data as minute as a name and city.
3. Speech Recognition
“Alexa”, “Hey Siri” and “OK Google” are being uttered a million times all over the world. These AI driven devices are using data and user behaviour combined to make decisions for us based on our commands. Speech advertising has already picked up with podcasts on the rise and it will get more refined in the coming years
4. Machine Vision
Google as usual has gone ahead and introduced this google lens on some of its smartphones. This machine vision lets a user click a picture of a certain product and the search for information on that item will be taken care of by AI of course.
5. Content generation
Written content will be produced on a much larger scale and all that humans will have to do to generate this content is attach a device to their brain or use voice recorded data that will then be produced into written content.
Artificial intelligence will simplify life for humans. We need standards and best practices for efficiency, effectiveness and real safety with how the industry operates. AI leaders all have a responsibility to keep our collective commons safe, secure and thriving.
AI will have a profound effect on how brands talk to consumers and will deliver better, smarter and more relevant conversations and experiences. Consumers will get better and more relevant ads that they actually want. Everybody wins at the end of it, if we get it right.