TL;DR:
- Retail marketers use AI and automation to optimize their messaging and streamline tasks.
- CTV and social video are becoming more popular for engaging consumers
- AI-powered tools make video advertising faster, more precise, and less cumbersome.
- AI can address the primary barrier to entry for connected TV advertising: creative.
- AI tools can generate high-quality content and help determine what ads should look and sound like
- The human element remains crucial in determining if creativity is the right fit for a brand or target audience.
- AI will play an increasingly vital role in ad creation in the retail industry.
- Marketers can create more effective campaigns while reducing costs and time spent on manual optimization by embracing these new technologies.
Main AI News:
The world of retail marketing is evolving, and artificial intelligence (AI) and automation are at the forefront of the industry’s transformation. These advanced technologies are making it easier for creative teams to generate high-impact messaging that reaches their target audiences. In a highly competitive retail environment, these tools are critical for streamlining tasks and providing accurate insights into marketing investments.
According to Matt Collins, Director of Product Marketing at MNTN, “Artificial intelligence and automation are already making a difference in the way that retailers market and advertise, specifically addressing those challenges of needing to drive customer acquisition and performance and to accommodate more and more complex product lines.” As a result, AI-powered solutions are helping retailers to save time and money while delivering highly effective marketing campaigns.
To engage consumers and acquire new customers, retailers are increasingly relying on digital video, including connected TV (CTV) and social video. A recent survey of 100 retail marketers conducted by MNTN and Worldwide Business Research (WBR) found that 95% of respondents said CTV would play a significant role in their omnichannel marketing strategy in 2023.
AI-powered tools have enabled retailers to make video advertising faster, more precise, and less cumbersome. Traditionally, creating linear TV campaigns took several weeks, from developing a creative strategy to buying inventory and producing the ads. Now, programmatic solutions use algorithmic tools to automate the buying and selling of digital ad space, including CTV ads. AI tools also allow advertisers to create rules for how, when, and where ads are launched instead of placing ads manually.
Collins explained that this technology’s speed, depth, and capabilities help advertisers earn more value for their investment than manual optimization. Premium CTV platforms that use these automated tools can automatically review factors such as ad placement, network, and previous performance to determine optimal ad placement and make ad budgets more efficient. This is especially crucial as competitive retailers can no longer wait several weeks for ad updates.
The use of artificial intelligence (AI) in ad creation is quickly becoming a game-changer for retail marketers. According to Matt Collins, Director of Product Marketing at MNTN, one of the most significant opportunities for AI lies in addressing the primary barrier to entry for connected TV advertising: creative. He stated, “One of the biggest blocks advertisers have to be able to get on connected TV advertising is creative. It’s being able to get TV-ready, TV-quality creative quickly and affordably.”
Thankfully, AI tools are already available to address this need for quick and high-quality creativity. For instance, Midjourney is a generative AI tool that allows users to conjure images that can be incorporated into storyboards. Copywriters can also use ChatGPT to overcome writer’s block and develop their own ad copy.
These AI-powered tools help creative teams to produce high-quality and emotionally compelling content that brings their ideas to life. They can also generate more volume, not just for connected TV but also for social media platforms such as TikTok and Instagram. As a result, advertisers can leverage AI to determine what their ads should look and sound like.
However, despite the advances in AI, the human element remains crucial. Marketers still need to feed AI and automated tools prompts and review the outcomes. While AI can help streamline tasks and provide more accurate insights into marketing investments, it cannot reliably determine if creative is the right fit for a brand or target audience. Therefore, it’s important for advertisers to remember that they have a significant role to play in determining the rules that AI tools follow.
As the retail industry continues to evolve, AI will undoubtedly play an increasingly vital role in ad creation. By embracing these new technologies, marketers can create more effective campaigns that resonate with their target audience while reducing costs and time spent on manual optimization.
Conlcusion:
The utilization of artificial intelligence and automation in retail marketing represents a significant shift in the industry. By leveraging these tools, retailers can optimize their marketing investments, create more effective campaigns, and reach their target audience with high-impact messaging.
As AI technology continues to evolve and become more advanced, it will undoubtedly play an increasingly vital role in ad creation for the retail market. Ultimately, those retailers who embrace these new technologies will be best positioned to succeed in an increasingly competitive landscape.
