Reinventing The Role of Marketing

This document provides an outline for a course on AI Marketing and Predicting Consumer Experiences. Week 2 focuses on reinventing the role of marketing. It discusses the evolution of marketing from a traditional approach to a new approach using technologies like AI. It introduces the customer relationship mental model and the four stages of acquisition, retention, growth, and advocacy. It also examines the three forces of technology advances, customer connections, and information abundance that have made customer relationship management difficult without AI.

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Reinventing The Role of Marketing

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therezia.ryu

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Course Name: AI Marketing and Predicting Consumer

Experiences
Effective date: 1 September 2022

Week 2
Reinventing the role of marketing
LEARNING OUTCOMES
LO 1 : Each student should be able to explain the basic concept,
principles, and scope marketing areas nowadays and how to relate the
leading technologies in business
OUTLINE
- Evolution of Marketing

- Mental Model

- Technology and Artificial Intelligence

Evolution of Marketing
Changing Trends
• McKinsey Global Institute published “A Future that Works: Automation,
Employment, and Productivity,”
• The institute offered five factors affecting pace and extent of adoption:
1. Technical feasibility: Technology has to be invented, integrated, and adapted into
solutions for specific case use.
2. Cost of developing and deploying solutions: Hardware and software costs.
3. Labor market dynamics: The supply, demand, and costs of human labor affect
which activities will be automated.
4. Economic benefits: Include higher throughput and increased quality, alongside
labor cost savings.
5. Regulatory and social acceptance: Even when automation makes business sense,
adoption can take time.
Traditional Approach
• Traditional Approach happens when asking specific questions by
whom wants to know the buying patterns of customers.

• Marketing with AI requires a process more like software development

than like traditional of long-term campaign planning.

• Traditional marketing, at least before the advent of digital marketing,

was about conducting extensive primary research and planning every
detail before launching a campaign.
New Ways of Marketing
Approaching
• Distribution.
• Exposure.
• Impression
• Recall
• Attitude shift
• Response
• Lead qualification
• Engagement.
New Ways of Marketing Approaching
• Sales
• Channel
• Profits
• Loyalty.
• Customer lifetime value
• Advocacy
• Influence.
Rapid Experimentation
• Conducive medium to experiments online.
• Marketing began to shift from a researching, planning, and debating
discipline to a test-and-learn discipline.
• With digital marketing, marketer generate reasonable hypotheses and
quickly test them, expand on the approaches that work better, and
pull back on the approaches that work less well.
New Ways of Understanding and
Connecting with Customers
• Marketers are using customer analytics (also known as Big Data),
predictive analytics, and customer experience mapping to deliver
integrated experiences that are compelling, personalized, and
consistent across all the points the firm touches their customer.

• In addition to major platforms for customer relationship management

(CRM), content management, and marketing automation, there are
many new platforms for social media management, content
marketing, and customer-facing applications.
Exploring Data
• Have a method for figuring out what the paying customer wants to know.
• Have broad enough knowledge about the subject to recognize potentially
interesting details.
• Are sufficiently open minded to be receptive to details that might be
relevant.
• Keep in close communication with the petitioner to guide the
conversation.
• Understand the underlying principles well enough to push the boundaries.
• Are curious by nature and enjoys the intellectual hunt
Mental Model
The Mental Model
• Based on the Customer Relationship Moments “Mental Model,” which
is a widely known and universal model for the customer decision
journey.
• Customer relationships are composed of four distinct steps:
1. Acquisition
2. Retention
3. Growth
4. Advocacy
The four Customer Relationship Moments
1. Acquisition: Customer encounters advertising or marketing that
gains their attention or raises their awareness of the brand.

2. Retention: Customer Retention begins at the “shelf” or point of sale,

where the customer encounters the product either online or in-
store and decides to buy your product
The four Customer Relationship Moments
3. Growth: As the relationship progresses, customers can grow the
relationship by purchasing new products or upgrading their service
levels.

4. Advocacy: Once the product or service has been procured, the

customer experiences the product and then shares information with
others about it.
The Four Customer Relationship Moments
Technology and
Artificial Intelligence
THE THREE FORCES
There are three forces now at work that have made customer
relationship management difficult if not impossible to navigate without
the assistance of AI and machine learning or deep learning:
1. advances in technology
2. customer connections
3. information abundance
Business Vs. Technology Person
• Business Person: What have you got?
• Technology Person: What do you want?
• Business Person: What can it do?
• Technology Person: What do you need it to do?
• Business Person: Can it solve my problems?
• Technology Person: What are your problems?
Business Vs. Technology Person
• Business: So which data should we collect?
• Technology: That depends, what problem are you trying to solve?
• Business: What sorts of problems can I solve with AI?
• Technology: That depends on what data you have.
Choosing The Right Marketing Strategy
Integrate Digital Technologies In a Digital
World
• Software is the chief vehicle for engaging prospects and current
customers, and recapturing defectors.
• The choice of software and its configuration and deployment can
dramatically affect how the firm is seen by customers.
• Everyone wants the same scarce set of skills to undertake data
analytics, utilize knowledge-sharing technologies, and deploy social
media methods.
REFERENCES
• Raj Venkatesan and Jim Lecinski (2021). The AI Marketing Canvas: a five-
stage road map to implementing artificial intelligence in marketing.

• Day, George S. (2016). Reinventing Marketing in the Digital Era. Taken from:
https://www.bbvaopenmind.com/wp-content/uploads/2015/02/BBVA-Open
Mind-Reinventing-Marketing-in-the-Digital-Era-George-S-Day.pdf.pdf