AI and Technology: The FOMO Trigger of 2023 in the PR and Marketing Industry
Back in 2013, Oscar-winning movie “Her” had depicted a world where humans could form emotional connections with an artificial intelligence (AI) operating system. The film’s portrayal of AI as a sentient being capable of complex emotions and communication contributed to a broader discussion on the potential of AI in society. Cut to ten years later, our professional services industries are coping with the reality that AI will be a reliable collaborator and partner in our lives and organisations. The PR industry is no different.
In recent years, the PR and marketing industry has been rapidly evolving, driven by technological advancements and the adoption of AI tools. The global pandemic further accelerated this shift, with companies increasingly relying on digital channels to reach their customers. As we move into 2023, AI and technology are poised to become the FOMO (fear of missing out) trigger in the PR and marketing industry.
A report by ResearchAndMarkets stated that the global AI market is expecting growth from $58.3 billion in 2021 to $309.6 billion by 2026. This growth is driven by increasing demand for AI-powered solutions in various industries, including PR and marketing.
How is AI making a difference in PR?
AI is being used to analyze consumer behaviour, optimize advertising campaigns, and personalize customer experiences. Therefore, companies that fail to embrace AI are at risk of falling behind their competitors.
Efficiency in data analysis: One of the key benefits of AI in the PR and marketing industry is the ability to analyze large amounts of data quickly and accurately. This allows companies to gain insights into consumer behaviour and preferences, which can inform their marketing strategies. According to a survey by Salesforce, 67% of marketing leaders are using AI to improve their understanding of customer needs and preferences.
Media Monitoring: In Public Relations, AI is making a difference through effective media monitoring. AI tools can quickly scan through millions of news articles and social media posts to identify mentions of a brand or product, helping PR teams to stay on top of the latest trends and consumer sentiments.
Crisis management: Another area where I think AI is proving invaluable is in crisis management. AI-powered algorithms can analyze large amounts of data in real-time to identify potential issues and provide insights to PR leaders into how to mitigate them before they escalate into a crisis.
Personalised Consumer Experiences: AI is helping in creating personalized customer experiences. For example, chatbots can provide customers with instant support and answer common questions. This expedites customer service leading to greater satisfaction and also cuts down on the stress of customer facing teams. According to a report by Juniper Research, chatbots are expected to save businesses $8 billion annually by 2022. On the creative front, AI is also being used to improve the effectiveness of PR campaigns that are emerging with ideas on what is trending and how they can add value to customers. By analyzing data on consumer behaviour and preferences, AI can help PR teams craft more targeted and personalized messaging that resonates with their target audience. This leads to higher conversion rates and a greater return on investment for both customer and PR organisations.
Can there be limitations?
The increasing use of AI in the PR and marketing industry, like everything else, is not without its challenges. Bias in AI algorithms is a big concern which could lead to discriminatory practices in areas such as recruitment and advertising. It is therefore important for companies to ensure that their AI tools are built using diverse and representative data sets. Since AI tools often learn a lot of information that is fed into it, there could be potential security threats which should be taken care of by being mindful of confidential client information.
On the automation front, AI can complete work and provide information quickly but there will always be a need for human creativity and empathy in its results, especially in the PR and marketing industry. As such, companies should view AI as a tool to enhance, rather than replace human employees who will always bring emotional intelligence and creativity to the table. All said, most companies will have to leverage AI for gaining an edge over the rivals. According to a study by AdRoll, companies using AI for their campaigns saw a 28% increase in click-through rates and a 50% decrease in cost per acquisition. This isn’t surprising given that AI can boost growth in any organisation if used mindfully.
As the famous quote by William Pollard goes, “Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” I think companies that adopt AI and newer technologies will be better prepared to adapt to the inevitable changes in the future of PR and marketing industry.
Read Also: Navigating challenges: 2023 Roadmap for digital marketing leaders
About the author:
Neha K Bisht, Founder and CEO, Blue Buzz