AI for Marketing and Product Innovation

1 Major Challenges Facing Marketers Today

Our mind is capable of passing beyond the dividing line we have drawn for it. Beyond the pairs of opposites of which the world consists, other, new insights begin.

– Hermann Hesse, Quotation.io

As much as we marvel at all the new and transformative electronic devices, social media platforms, apps, games, and digital avenues that make our lives better, more productive, more informed, and more fun today, certain basic truths about marketing and new product development persist.

Marketing is still about reaching consumers effectively, informing them, persuading them, motivating them, and ideally bringing them back for more.

New product introductions are still risky, essential, and potentially hugely rewarding.

And true innovation, in both fields, is still as alluring and elusive as ever.

Some of the major issues facing marketers today are the same as they have always been (such as deploying a marketing budget for best effect), while others are newer challenges (such as connecting effectively with consumers in an ever-fragmenting, fast-moving media environment).

Today, the emerging and critical issue for marketers is not whether to use AI to address these challenges and many others, but which AI technologies and methodologies to use. The imperative is clear: marketing professionals today must integrate AI into their marketing strategies if they expect to keep up with, much less beat, the competition.

This presents a tall order. Creating ...