Marketing Theory Articles on Artificial Intelligence

Unlock unprecedented accuracy and insights in Marketing Mix Modelling with artificial intelligence.

Artificial Intelligence (AI) is playing a revolutionary role in augmenting Marketing Mix Modelling (MMM), a methodology utilised by marketers to analyse the effectiveness of various marketing channels. It highlights the drawbacks of traditional MMM, including its dependency on historical data, linear models, and the subsequent inaccuracies these cause. The rapid growth of digital platforms has further exacerbated the complexity of isolating the impact of individual marketing activities. AI emerges as a game-changer, offering advanced data analysis capabilities, real-time adjustments to strategies, and improved forecasting, thereby addressing many limitations of traditional methods. It also underscores the cost-effectiveness of AI in reducing both time and human resource costs associated with MMM.

What are the market research applications of generative AI? Spanning a multitude of industries and with a myriad of uses, generative AI has the potential to augment, maybe revolutionise how market research is conducted.

Generative AI has the potential to revolutionise the way market research is conducted. It offers a range of benefits, including the ability to produce detailed reports at speed, analyse vast amounts of data quickly and accurately, identify patterns and trends that might not be apparent to human analysts, and generate new ideas and insights. However, there are several challenges to consider when using generative AI for market research.