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The skills smart marketers need to survive the AI takeover

(MARKETING) Quality marketers are constantly evolving, but getting your head around artificial intelligence can be a challenge – let’s boil it down to the most relevant skills you’ll need.

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When Facebook and Twitter were born, a new era of social media was ushered in, opening the gates for new areas of expertise that hadn’t existed before. At first, we all grappled to establish the culture together, but fast forward a decade and it is literally a science with thousands of supporting technology companies.

So as Artificial Intelligence (AI) takes over marketing, doesn’t that mean it will replace marketers? If you can ask your smart speaker in your office what your engagement growth increase was for your Facebook Page, and ask for recommendations of growth, how do marketing professionals survive?

Marketers will survive the same way they did as social media was introduced – the practice will evolve and new niches will be born.

There are 7 skills marketers (like you) will need to adapt in order to evolve. None of these are done overnight, but quality professionals are constantly grooming their skills, so this won’t be stressful to the successful among us. And the truth is that it won’t be in our lifetime that AI can quite process the exact same way a human brain does, even with the advent of quantum computing, so let’s focus on AI’s weaknesses and where marketers can perform where artificial intelligence cannot.

1. Use the data your new AI buddies generate.

In the 70s, the infamous Ted Bundy murders yielded the first case that utilized computing. The lead investigator had heard about computers and asked a specialist to dig through all of their data points to find similarities – a task that was taking months for the investigative team. After inputting the data, within minutes, they had narrowed their list of suspects from several hundred to only 10.

We’re not dealing with murderers here in the marketing world (…right, guys?), but the theory that algorithms can speed up our existing jobs is a golden lesson. As more AI tools are added to the marketplace to enhance your job, experiment with them! Get to know them! And continue to seek them out to empower you.

Atomic Reach studies your content and finds ways to enhance what you’re delivering. CaliberMind augments B2B sales, Stackla hunts down user-generated content that matches your brand efforts, Nudge analyzes deal risk and measures user account health, and Market Brew digs up tons of data for your SEO strategy.

See? Independently, these all sound like amazing tools, but call them “AI tools” and people lose their minds. Please.

Your job as a marketer is to do what AI cannot. Together, you can automate, do segmentation and automation, beef up your analytics, but no machine can replicate your innate interest in your customers, your compassion, and your ability to understand human emotions and predict outcomes effectively (because you have a lot more practice at being a human than the lil’ robots do).

2. Take advantage of AI’s primary weakness.

As noted, you have emotions and processes that are extremely complex and cannot be understood by artificial intelligence yet. Use those.

How? Compile all of the data that AI offers and then strategize. Duh. AI can offer recommendations, but it cannot (yet) suggest an entire brand strategy. That’s where you come in.

And more importantly, it cannot explain or defend any such strategy. One of the core problems with AI is that if you ask Alexa a question, you cannot ask how it came up with that information or why. This trust problem is the primary reason marketers are in no danger of being replaced by technology.

3. Obsess over data.

AI tools are young and evolving, so right now is the time to start obsessing over data. What I mean by that is not to use every single AI tool to compile mountains of useless data, but to start studying the data you already have.

The problem with new tools is that marketers are naturally inquisitive, so we try them out and then forget they exist if they didn’t immediately prove to be a golden egg.

Knowing your current marketing data inside and out will help you to learn alongside AI. If you aren’t intimately familiar, you won’t know if the recommendations made through AI are useful, and you could end up going down the wrong path because something shiny told you to.

Obsess over data not by knowing every single customers’ names, but be ready to identify which data sets are relevant for the results you’re seeking. A data scientist friend of mine recently pointed out that if you flip a coin five times and it happens to land on tails every time, AI would analyze that data and predict with 100% certainty that the sixth flip will be tails, but you and I have life experience and know better.

Staying on top of your data, even when you’re utilizing artificial intelligence tools will keep you the most valuable asset, not the robots. #winning

4. Don’t run away from math (no wait, come back!)

One of the appeals of marketing is that math is hard and you don’t need it in a creative field. But if you want to stay ahead of the robots, you’ll have to focus on your math skills.

You don’t have to go back to school for data science, but if you can’t read the basic reports that these endless AI tools can create, you’re already behind. At least spend a few hours this month on some “Intro to Data Science” courses on Udemy or Coursera.

5. Content is God.

We’ve all said for years that content is king and that feeding the search engines was a top way to reach consumers. You’ve already refined your skills in creating appealing content, and you already know that it costs less than many traditional lead generating efforts and spending on content is way up.

Content can be blogging, video, audio, or social media posts. Artificial intelligence will step in to skyrocket those efforts, if only you accept that content was once king, but is now God. What is changing is how customized content can be. For example, some companies are using AI tools to create dozens of different Facebook ads for different demographics, which would have taken weeks of human effort to do in the past.

Because content is what feeds all of these new smart devices, feeding your brand content effectively and utilizing AI tools to augment your efforts will keep you more relevant than ever.

6. Get ahead of privacy problems

Consumers now understand what website cookies are, and know when they’ve opted in (or opted out) of an email newsletter, but to this point, humans have made the decisions of how these data choices are made. Our teams have continually edited Terms of Service (ToS), all done not just with liability in mind, but to offer consumers the protections that they want and have come to expect.

But AI today doesn’t have morals, and consumer comfort is not a factor unless humans program that into said AI devices. But it still isn’t a creature of ethics like humans are. Ethical challenges going forward will be something to stay ahead of as you tap into the AI world. Making sure that you know the ToS of any tool you’re using to mine data is critical so that you don’t put the company in a bad position by violating basic human trust.

The takeaway

You’re smart, so you already knew that the robots aren’t taking your job, rather augmenting it, but adding AI into your marketing mix to stay ahead comes with risk and a learning curve. But seeing artificial intelligence for what it really is – a tool – will keep your focus on the big picture and save your job.

Real Estate Marketing

Top reasons people unsubscribe from emails

(MARKETING NEWS) Sometimes promotional emails can cause us to purge our inboxes due to over-inundation. New data examines specific reasons customers unsubscribe from mailing listings.

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I recently registered my work email with a company that shall not be named in an effort to receive a 20% off coupon. While I received the coupon, I also found myself receiving somewhere around 10 emails per week from this company. But after a few weeks, I had no choice but to unsubscribe from this email listing. Though it did give me the option to minimize email settings, the overwhelming amount I already received was such a turn off that I unsubscribed completely.

This has happened time and again with countless other mail listings, and I know that I’m not the only one burdened with email after email. Apparently this is such a common occurrence that eMarketer was able to conduct a survey that complied the top reasons why people tend to unsubscribe from email lists.

The major reasons were broken down into 13 categories.

The additional reasons were as follows: 21% report that the emails were not relevant to them; 19% received too many emails from a specific company; 19% complained that the emails were always trying to sell something; 17%t stated the content of the emails were boring, repetitive, and not interesting to them.

Additionally, 16% unsubscribed because they do not have the time to read the emails; 13% stated they receive the same ads and promotions in the email that they receive in print mail (through direct mail, print magazines, newspapers, etc.)

Furthermore, 11% stated that some emails can be too focused on the company’s needs and not enough on the customer’s needs; 10% felt that certain emails seemed geared towards other people’s needs and not their own. Another 10% did not like the appearance of certain emails, stating that they were too cluttered and sloppy.

An additional 10% didn’t trust the email to provide all of the information necessary to make purchasing decisions. Finally, 1% claimed “other” reasoning as the main cause.

Fully 7.0% unsubscribed from certain email listings because they said emails did not look good on their smartphones. This is important for marketers to keep in the back of their minds.

Assess your email marketing strategy to ensure you’re fitting the needs of consumers, not just your own personal preferences. Data doesn’t lie.

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Real Estate Marketing

The rise of Buy Now, Pay Later (BNPL) systems

(REAL ESTATE MARKETING) The emerging success of “buy now, pay later” (BNPL) systems in the pandemic world has breathed fresh life into consumer confidence.

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Credit card being held out to our point of view, part of a buy now pay later system.

Within the last few years, a new payment option has slowly been rolling out across websites for consumers in the form of “buy now, pay later.” This system gives consumers the ability to split a payment up across a longer period of time and in small increments, and also tends to skip on interest or other standard monetary fees. In essence, this makes them a new style of layaway plan for modern day, and proponents of ‘buy now, pay later’ systems are stating this is one of the best chances to revitalize a worldwide marketplace rocked by the COVID pandemic.

On the European side of things, Klarna has an evaluation of $10 billion, which firmly cements it as the most valuable privately owned fintech firm in the country (and fourth overall globally). Australia’s Afterpay is another big player with its own substantial platform, while the United States based Affirm is looking to start its own IPO in the $5-$10 billion range. Of course, Paypal has long been in this market, and other companies – including Visa – are working with their own offerings.

Put another way: It’s big business. Big, big business. Forbes estimates as much as $24 billion annually. That’s definitely something. There are millions of users globally for these apps, with millions of purchases annually, and more are growing by the day.

Traditionally, consumers were relegated to using credit cards to facilitate purchases that they needed additional time, giving them the ability to obtain funds while retaining their ability to bring home goods and services. This comes with interest so that merchants and vendors have an incentive – they still make a sale, gather money over time, and get a little extra on top.

By contrast, ‘buy now, pay later’ systems are geared differently, aiming instead to address a growing digital market where sales are primarily online (or steadily getting there). Consumers may window shop even on websites, and ultimately abandon their carts when the purchase screen finally appears. This is where BNPL shines – it suddenly gives these shoppers a way to still move forward while lessening the initial monetary blow and giving them a way out of dreaded interest. Especially in these uncertain times, this has become a lifesaver for customers and vendors alike. The former gains the ability to purchase more with few penalties (if any), and the latter sees greater conversion and increased sales.

Meanwhile, the BNPL merchant is able to charge a higher percentage commission to the vendors – more so than credit cards even – to net themselves their own piece of the pie. Even with BNPL’s higher merchant fees of 4-6% in revenue compared to credit card companies, the pure numbers emphatically prove that this system is beneficial to everyone. As pointed out by Fintechtris, “Even though higher fees are being paid, retailers are able to take advantage of: an increase in shopping cart size (up to 30%), decrease in abandonment at checkout (down up to 25%), and repeat customers (up to 20% more). In particular, Affirm, Afterpay, and Klarna (some of the largest BNPL fintech companies) saw average order value (AVO) rise 85%, 30%, and 45% respectively.”

Further, BNPL users have a variety of reasons for choosing this method over credit cards, including avoiding interest, the ability to borrow without a credit check, and being able to go outside of an existing budget without straying into troubled territory.

BNPL graph: growth is being driven by people who can't or don't want to use credit cards

Image source: PaymentsSource

Perhaps even more interesting is that BNPL companies are suffering lower delinquency rates compared to credit cards, with problematic payments at around 1.1% compared to 5.7% elsewhere. BNPL – with its lack of punitive measures – seems to attract all kinds of customers; it’s not just for those that might represent risk.

There is still something to be said about the dangers of overborrowing, with the possibility of charges sneaking up on someone. It should also be noted that avoiding using a credit card means that someone might build their credit history more slowly and sluggishly, and this could have negative ramifications long term.

Everyone is looking for ways to improve their cash flow right now, and as such, evaluating each and every option out there is vitally important. We might even see an accelerated push toward a cashless society following the pandemic. BNPL is still in some early stages, but it’s likely to see increased acceptance and usage as we continually push toward online sales.

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Real Estate Marketing

Retargeting: are you really getting the most bang for your buck?

(MARKETING) Retargeting cookies can eat up more budget than you would expect, but these simple code solutions will help cut that cost down.

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Retargeting ad graph

Up to 80% of visitors to your site will leave within seconds. Are you wasting time and money retargeting this demographic — one that has shown no interest in your services or products? If so, you may be able to save a substantial amount of your retargeting budget by adding a simple script to your website’s code.

Retargeting is a massive part of any marketing endeavor, but it has its downsides—chief among which is that retargeting cookies are indiscriminate and thus are often applied to clientele who aren’t spending enough time on your home page to warrant the attention. This in turn leads to overspending on underwhelming conversion results.

One solution, proposed by Kevin Ho of Wishpond, involves adding a simple script that delays retargeting cookies for the first 45 seconds (or so) to your website’s overarching code. In doing so, your cookies will not be wasted on anyone who bounces from your site within moments of arriving at it.

Of course, your site may have nuanced clientele which require you to adjust the parameters around the retargeting delay code. Given the relative simplicity of JavaScript and HTML coding, you should be able to change the amount of time for which cookies are restricted with ease.

Variations of the retargeting delay code itself can be found on sites such as GitHub and SlideShare. Once you’ve edited the code to accommodate your needs, you can paste it directly into your website’s home page file to prevent people who leave your site within your specified timeframe from receiving retargeting emails or ads.

Using a this code has a couple of huge advantages. Since the code itself is open-source and easy to modify, you don’t need to outsource to a web developer or spend extra cash trying to implement your delayed retargeting cookies. On the flip side, you could easily (and cheaply) commission a custom version of the code should the open-source version not work with your site.

Either way, cultivating and installing a retargeting delay on your website is quick, painless, and about as cost-effective as a marketing strategy can be.

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