The CEO of Watermark and Victoria, Victoria Adewumi has highlighted the predictions of AI and what it does for marketers and brands when they leverage it.

Victoria was one of the panelists at the recently concluded MARKETING EDGE first quarterly virtual summit in 2024.

This year’s edition featured three topical themes which include: Reshaping Marketing Communications: Leveraging The Vast Opportunities in AI For Brands’ Sustainability; Strategic AI Integration: Why Brands In Emerging Markets Should Upgrade Infrastructure & Upskill Workforce To Stay Ahead, and Golden Age of Data: Mastering Data-Driven Marketing For Growth.

Highlighting the predictions of AI, she said, “There’s a recent study from Pricewaterhousecoopers that estimates that by 2030 artificial intelligence will generate more than 15 trillion US Dollars for the global economy. It also predicted that it will boost local economies by 26% of their revenues and their GDP. Importantly, AI is going to be driving the entire future.”

According to the marketing expert, the world is ever evolving and technologies are shifting. She emphasized that what AI does for marketers connects both the economics of AI, the creative benefits of AI and the needs of the consumers.

“AI helps us intensely with delivering customer insights and automating marketing decisions. We want to make decisions as marketers, that will drive purchase or the use or adoption of consumers to make a specific product or a specific campaign. AI comes with the power of predictive analysis. AI takes a lot of past history, past behaviour using machine learning, natural language processing, all of those background tools to help give you predictive analysis of where a consumer is, what a consumer wants, what his needs and preferences could be.”

She further explained that AI helps professionals in the marketing field make a decision based on the data analytics and these specific marketing related decisions will further help streamline efforts and drive efficiency.

“AI helps streamlines the efforts that a marketing individual would be playing or with to deliver targeted campaigns or targeted specific user generated contents to the consumers that we will be engaging. It helps us to deliver consumer insight or to make critical decisions by using predictive analytics tools. From consistently observing the usage patterns of the consumer or the history of the consumer, we are then able to help that consumer make future marketing decisions and future purchase decisions that will be tailored to his needs. As the consumer evolves, AI helps us save the history of the consumer, save the patterns and helps to predict that what the consumer preferences would be like in the future.”

Another use of AI noted by Victoria is how AI helps with audience segmentation. She stressed  marketing was no longer one size fits all based on the needs of the consumer.

In her submission, “We are very used to using demographics, psychographics and other analytic tools to create classifications for our consumers. Although, all those methods are still very relevant, but they may not be specifically channeled. We still have a lot of guesswork or estimations. AI helps us with intelligently and efficiently dividing our customers or classifying our customers according to similar traits patterns, interests and behaviors that would be more laser focused than we would have if we were using just the general psychographic.”

Commenting on how AI has boosted consumer engagements in marketing, she mentioned that AI has helped marketers result in stronger consumer engagements and very improved ROIs where they have very targeted audience segmentation.

“It also helps us with programmatic advertising. AI helps us to enhance the abilities of organizations to conduct programmatic advertising using the history preferences and context to deliver relevant ads to our consumers and have much higher conversion rates.”