Artificial Intelligence (AI) has a long history dating back in the 1970s it has steadfastly evolved with advancements in technology. AI is simply the recreation of human intelligence into machines and computers in particular. The human processes simulated in machines include the acquisition of knowledge, reasoning, as well as self-corrective mechanisms. This paper attempts to outline instances where AI is actually involved in B2B marketing while simultaneously describing the pros and cons of it.
Artificial Intelligence in B2B Marketing
In the contemporary financial world, artificial intelligence studies have been used in various segments of businesses and especially in business-to-business (B2B) marketing. A B2B scenario is whereby businesses sell their product to other businesses just as the name suggests. Businesses here use multilayered approaches that entail online platforms of communications such as emails, social media, web relationship management, and online campaigns all aimed at converting fellow businesses into customers.
One area where AI is already making an impact is on data sources. Marketers spend so much of their time on reviewing data as well as cleaning it to get the perfect picture of their prospects and existing customers. The data extracted from company’s Customer Relationship Management applications, websites, and campaigns is limited and only entails that information from the businesses’ customers’ interactions. A lot more is to be extracted from raw data that is found in the public domain platforms such as social media networks, blog forums, news feeds, various databases, and much more. Marketers can actually tap into these data sources and provide a more accurate and relevant picture of a company’s customers and prospects.
Account selection is another area where AI has significantly brought improvements in the B2B marketing scenarios. Long before AI, marketers used to sell to accounts in total disregard of whether a past relationship existed or it was an inherited prospect from a former marketer. Currently, these marketers collaborate with the sales representatives to select and pick the candidates or accounts they intend to sell to. With the help of AI, all that identification of prospects to target based on set criteria by the sales team has become easier. Spamming messages unknowingly is one big problem for B2B marketing that AI comes in sharply to solve through hyper-personalization. Most of us often receive annoying messages that are misdirected to us from various platforms. With AI, companies can target the right prospects and convert these million businesses into buyers.
Pros and Cons of Using AI in the Communication of Businesses
One great advantage of AI is the ability to carry out the mundane duties by way of complicated automation processes that increase efficiency. AI can eliminate these repetitive and boring tasks thereby allowing people to attend other important tasks. Also, AI in collaboration with other cognitive systems makes it easier and faster to process decisions. Another good thing about AI in communication business is the elimination of the “human error” in the execution of duties. AI makes processes flawless and therefore guarantees perfect results. AI also takes risks on behalf of human beings in the business. In a way, AI minimizes the exposure to the risks that businesses face in when undertaking researches and market studies.
Needless to say, AI has its disadvantages in that it leads to job losses or downsizing. AI cannot sense the emotional aspect of business processes at times, like humans, and therefore can result in poor decisions that require this element. In AI, there is lack of judgment calls since it acts like a robot. Lastly, purchasing and implementing AI for business communication is an expensive exercise that requires huge budgets for the company.
Clearly, AI has enormous potential advantages in the field of B2B marketing and business communication. Creating artificial intelligence is probably one of the biggest inventions particularly in the world of business. The developers of AI argue that it was created to help the human beings and not take over the world. Majority of companies in the business industry are striving to have AI implemented despite the few cons related to it.