AI in Marketing: Unleashing Opportunities - the Boon vs Bane Debate

Is AI just another social manipulation tool? Or a breakthrough development?

Here is another boon vs bane debate/ controversy.

The 'Godfather of AI,' Geoffrey Hinton, quit Google. Yes! Hinton, who played a significant role in developing the artificial neural network foundation of the most potent AI network, including Chat GPT, left Google because of the "existential risk" posed by the creation of superintelligence.

He said AI is advancing faster than he and other experts expected. Hinton even predicted that AI might outsmart humans within the next 5 to 20 years.

Let's understand it with a scenario.

Imagine if we have a group of 1000 people sent into a maze. Everyone will go on different routes. One found a dead end and moved back to the starting point; the other also moved on to a different path and found a big fire in the way; another found a valley of snakes. In an ideal scenario, the information is stored in the individual minds of different people and can only be shared when they meet.

Right?

But now consider all this information instantly transferred to all 1000 people.

How fast will they find the way out of the maze?

They'll be able to finish any job a thousand times faster, which is precisely what happens.

Multiple Shadow clone Jutsu? (Naruto ref)

The people we discussed above are bots; even if one finds a roadblock, the rest also know. 

Elon Musk, Wozniak, and over 1000 other tech leaders have even signed a petition to halt further AI development.

Google Chief Scientist Jeff, in a statement, said, "We remain committed to a responsible approach to AI. We are continually learning to understand the emerging risks."

Industry experts claim various potential threats, but ones that will directly impact marketing could be:

Dis-information campaigns / Identity theft: There are AI bots who can successfully replicate the voice of celebrities, or anyone for that matter, with the right prompts. This advance in AI can potentially exacerbate the volume, velocity, variety & virality of automated disinformation.

Privacy: AI can be used to collect and analyse large amounts of personal data.

Job loss: AI can also automate tasks & processes, leading to job displacement.

Security: It can also be used to create autonomous weapons and other malicious applications, posing a threat to global security.

All of the above points call for a regulatory authority real quick to monitor the negative impacts of AI; otherwise, it could lead to domestic or even political warfare. 

You must be thinking that we are here to impose fear, but no, there are good use cases as well. It’s like when the internet came, everyone was sceptical about it, and even now, some use it for good & some for evil. This balance will always be there.

Let's talk about some of the good use cases.

Personalisation: By utilising AI, businesses can personalise messages and content based on individual customer data, including demographic information, online behaviour, and preferences. This enables the creation of targeted campaigns and offers that are more likely to resonate with each segment of customers, improving the likelihood of conversion and customer loyalty.

Predictive Analysis: AI algorithms can analyse customer data to predict future behaviour, such as purchase intent, the likelihood of churn, and customer lifetime value. This empowers marketers to anticipate customer needs and tailor their marketing strategies to address them in real-time, delivering personalised experiences that improve customer engagement and retention.

Chatbots: By employing AI-powered chatbots, businesses can provide highly personalised customer service and support, resolving issues and answering real-time questions. Delivering immediate, helpful, customised support enhances customer satisfaction and loyalty.

Recommendation Engines: AI can analyse vast customer data for personalised product recommendations. Businesses can increase the likelihood of cross-selling and upselling by offering highly relevant suggestions to each customer's preferences and interests, driving incremental revenue. 

Content Optimisation: AI can analyse customer behaviour to optimise website and content design, improving engagement and conversion rates. By tailoring website and content design to the preferences and behaviour of each customer, businesses can create highly personalised experiences that keep customers engaged and loyal.

There are enough good points, if not more, that support that AI is a true superintelligence.

But Eliezer Yudkousky, in a recent Ted talk, claimed that AI is on course to kill everyone on Earth.

Far-fetched? Or not?

You have to decide.

We have to decide.

Let us know what you think in the comments.