Say Hello to your AI marketing guru
A complete revolution in the marketing industry is around the corner.
Dubbed by some as the “fourth industrial revolution,” AI bots will dominate this new marketing landscape in every conceivable way. Equipped with advanced machine learning technology, they will come up with holistic, data driven digital campaigns. From effective copywriting to lead scoring and churn prediction, bots will do it all.
Marketing of the future
So huge are the marketing potential, that tech giants are betting big on this new technology. At the recently held f8 developer conference, Zuckerberg talked about Facebook’s next big bet on smartphone camera augmented reality (AR) platform as the company’s “Act two.” Amazon, Uber, and Google have all big investments into AI as well.
Even smaller companies now want in. The American Genius already covered how Whisper, the anonymous messaging app launched “Perspective,” AI powered bot to provide readers with easy access to additional articles or videos of unique relevance when they are on a certain site.
In other words, bots will guide humans in every aspect of life.
Tesla’s Elon Musk went a step further. Humans must merge with AI machines in the near future, he said, or risk becoming irrelevant in a data-driven world.
Marketing strategies will be the first step in this merging process: future ads would merge many customers with their product experience in an effort to lure them into buying it.
Tech-tonic shifts will destroy employment
Technology will affect 30 percent of all marketing jobs in the next several years. Many jobs will simply dry up. For the few roles that do survive, performing the tasks would require highly specialized skills—in a drastic paradigm shift.
Experts predict increased leverage of two types of candidates —
1- those who are very good at mathematics, i.e., physicists, mathematicians and computer engineers;
2- neuroscientists with research work in human psychology or speech & language patterns.
The AI Achilles’ heel
But here are two important things to realize for employees who stand to lose their job to automation.
First, Very few people in the world can come up with sophisticated machine learning algorithms and the process is often inaccurate. The AI system requires constant tweaking of formulas, testing of parameters, and research into better metrics. Those require analytical skills beyond the computational capacity of bots.
Secondly, by no means shall this bot-powered, data driven world be foolproof. The ethical ambiguities and social implications of machines manipulating human emotions remain especially uncertain.
Here is one instance. Facebook researchers carried out a simple psychological test, unannounced. They tweaked their word count software to manipulate the News Feeds of 689,003 users. The goal—to secretly experiment whether simply viewing positive posts vis-à-vis negative posts could alter viewer’s emotional state.
The after-the-fact revelation led to this experiment being highly derided as manipulative, and the company apologized.
It underscored the inherent dangers of machine learning.
According to Carl Schmidt, Co-Founder and Chief Technology Officer at Unbounce, “Where we are really going to run into ethical issues is with extreme personalization. We’re going to teach machines how to be the ultimate salespeople, and they’re not going to care about whether you have a compulsive personality… They’re just going to care about success.”
The bot-resistant jobs
That is where the new era of non-technical marketing jobs would mostly be concentrated in—jobs that require strong cognitive and analytical thinking.
Do not freak out about the future if you are not a “math person.”
The industry would still require human emotional input at some level, and judgment calls based on complex sociological considerations and cultural sensibilities. That is where you would show your magic.
Thinking like a human would be the greatest asset for a marketing landscape driven by machine-learned bots.
How a Facebook boycott ended up benefitting Snapchat and Pinterest
(MARKETING) Businesses are pulling ad spends from Facebook following “Stop Hate for Profit” social media campaign, and Snapchat and Pinterest are profiting from it.
In June, the “Stop Hate for Profit” campaign demanded social media companies be held accountable for hate speech on their platforms and prioritize people over profit. As part of the campaign, advertisers were called to boycott Facebook in July. More than 1,000 businesses, nonprofits, and other consumers supported the movement.
But, did this movement actually do any damage to Facebook, and who, if any, benefited from their missing revenue profits?
According to The Information, “what was likely crumbs falling from the table for Facebook appears to have been a feast for its smaller rivals, Snap and Pinterest.” They reported that data from Mediaocean, an ad-tech firm, showed Snap reaped the biggest benefit of the 2 social media platforms during the ad pause. Snapchat’s app saw advertisers spending more than double from July through September compared to the same time last year. And, although not as drastic, Pinterest also saw an increase of 40% in ad sales.
As a result, Facebook said its year-over-year ad revenue growth was only up 10 percent during the first 3 weeks of July. But, the company expects its ad revenue to continue that growth rate in Q3. And, some people think that Facebook is benefitting from the boycott. Claudia Page, senior vice president, product and operations at Vivendi-owned video platform Dailymotion said, “All the boycott did was open the marketplace so SMBs could spend more heavily. It freed-up inventory.”
Even CNBC reported that Wedbush analysts said in a note that Facebook will see “minimal financial impact from the boycotts.” They said about $100 million of “near term revenue is at risk.” And for Facebook, this represents less than 1% of the growth in Q3. However, despite what analysts say, there is still a chance for both Snapchat and Pinterest to hold their ground.
Yesterday, Snap reported their surprising Q3 results. Compared to the prior year, Snap’s revenue increased to $679 million, up 52% from 2019. Its net loss decreased from $227 million to $200 million compared to last year. Daily active users increased 18% year-over-year to 249 million. Also, Snap’s stock price soared more than 22% in after-hours trading. Take that Facebook!
In a prepared statement, Chief Business Officer Jeremi Gorman said, “As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values.” As in, hint, hint, Facebook’s summer boycott did positively affect their amazing Q3 results.
So, Snapchat and Pinterest have benefited from the #StopHateForProfit campaign. Snapchat’s results show promising optimism that maybe Pinterest might fare as well. But, of course, Facebook doesn’t think they will benefit much longer. Back in July, CEO Mark Zuckerberg told his employees, “[his] guess is that all these advertisers will be back on the platform soon enough.”
Facebook isn’t worried, but I guess we will see soon enough. Pinterest is set to report its Q3 results on October 28th and Facebook on the 29th.
Cooler temps mean restaurants have to get creative to survive
(BUSINESS MARKETING) In the midst of a pandemic and with winter approaching, restaurants are starting to find creative and sustainable ways to keep customers coming in… and warm.
Over the last decade we have seen a change in the approach to clientele experiences in the restaurant business. It’s no longer just about how good your food is, although that is still key. Now you have to give your customers an experience to remember. There are now restaurants that feed you in the dark, and others who require you to check all your clothes at the door. Each of these provides an experience to remember alongside food that ranges from good to exquisite, depending on your taste.
Now, however, the global pandemic has rearranged how we think about dining. We can no longer just shove people into a building and create a delectable meal. If you’ve relied mostly on people coming into your restaurant, you may struggle to survive now.
The new rules of keeping clients safe means setting things up outside is the easiest means of keeping large numbers of them from crowding inside. Because of this, weather has become a key influence in a company’s daily income. Tents that were a gimmick before, only needed by presumptuous millennials, are now a requirement to keep afloat. People are rushing to make their yards into lawns that bring some in some fancy feeling.
The ties to the sun in some areas are so strong that cloudy days have been shown to drop attendance as much as 14% for the day. This will become the more apparent the colder it gets. For me, I always mention hibernation weight in the winter, when all I want to do is curl up and eat at home. Down here in Texas we are already finding cooler weather, drops into the 70s even in August and September. We are all assuming a cold winter ahead. So, a bit of foresight is finding a means of keeping your guests warm for the winter ahead.
San Francisco restaurants have started with heat lamps during their cooler evenings. Fiberglass igloos have also been added to outdoor seating as a means of temperature control. A few places down in the Lonestar state keep roaring fires going for their outdoor activities. While others actually keep you running in between beverages by encouraging volleyball matches. This is the new future ahead of us, and being memorable is the way to go.
Healthcare during pandemic goes virtual, looks to stay that way
(BUSINESS NEWS) Employment-based health insurance has already been through the ringer with COVID-19, but company healthcare options are adapting for long term.
Changes in employment-based health insurance may end up costing employers more, but will provide crucial benefits to workers responding to the healthcare challenges presented by the COVID-19 pandemic.
According to a recent survey by the Business Group on Health, a member-driven advocacy organization that helps large employers navigate providing health insurance to their employees, businesses will increase access to telehealth, mental health resources, and on-site clinics in the upcoming year.
Besides the obvious impacts of the coronavirus itself, the effects of the COVID-19 pandemic have also rippled out to affect other aspects of public health and how we engage with medical care. With so many people staying home to reduce their in-person contacts, there has been a significant increase in the use of telehealth services such as virtual doctor’s visits. According to the survey from Business Group on Health, whose members include 74 Fortune 100 companies, more than half of large employers will offer more options for virtual healthcare in the upcoming year than in the past.
The pandemic, resulting economic fallout, and dramatic changes to our lives have inevitably exacerbated peoples’ anxieties and feelings of hopelessness. As we move into cold weather, with no end in sight to the need to socially distance, this promises to be a particularly dreary, lonely winter. Mental health support will be more necessary than ever. In 2019, 73% of large employers provided virtual mental health services. That number will increase to 91% next year, with 45% of large employers also expanding their mental health care provider networks, making it easier for employees to find the right the therapist or other mental health service provider, and making it easier to access those services from home, virtually.
In addition, there will be a 20% increase in employers offering virtual emotional well-being services. Altogether, 9 out of 10 of the employers surveyed will provide online mental health resources, which, besides virtual appointments, could also include apps, webinars, and educational videos.
There has also been a slight increase the availability of on-site clinics that provide coronavirus testing and other basic health services. This also included an expansion of resources for prenatal care, weight management, and chronic health problems such as diabetes and cardiovascular disease.
These improvement won’t come free of charge. While deductibles will remain about the same, premiums and out-of-pocket costs will increase about 5%. In most cases, employers will handle these costs, rather than passing them on to employees.
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