Technology is evolving at such a rapid pace that disruption is now the new normal. Cognitive Computing is the latest disruptor that has gained positive attention in 2016. This technology seeks to achieve sentience in machines by replicating the human brain. Furthermore, these machines can be modeled to suit different business scenarios. As a result, this has led to the emergence of Cognitive Marketing.
Cognitive Marketing technology is the latest buzzword that is capturing the minds of CMO’s across the globe. These technologies can “think” by themselves and provide insights to Marketers. This is especially made possible by integrating Cognitive Computing with Big Data, Cloud, Machine Learning, IoT and other cutting edge practices. However, Cognitive Marketing relies on human interactions, to transform insights into action.
Cognitive Marketing would be used to deliver the most compelling value to the best of customers, the fastest
– Gerry Murray, CMO of IDC at MarTech 2016
There is no denying it. Cognitive Marketing is here and it is very real! Due to its huge scope, there are endless possibilities where technology can be leveraged for more meaningful engagement with stakeholders. Cognitive Marketing is already taking shape around us. Below are few live examples of how Cognitive Marketing is being implemented in B2B contexts.
Real Time Personalized Content
Most Analytics companies claim to offer real time solutions. But the question is, is this real time or near time? There is a time delay between gathering, analyzing and delivering insights from data. This is due to current limitations in computing power that make it impossible to process Big Data in real-time. A delay of an hour could mean a missed opportunity, since trends pass away in the blink of an eye! However, Cognitive Marketing technologies has the potential to overcome these limitations and deliver real time value to businesses. The most noteworthy innovator in real-time Data Analytics is IBM with its powerful cloud computing service called Watson.
Live Event Monetization
Brands can use Cognitive Computing to get accurate information about their audience. Consider an example of the music festival Tomorrowland, which brings audiences from across the globe together. Audience members of Tomorrowland might not pay attention to hashtags or keywords while making posts, due to their excitement while attending the event. This improper use of hashtags or keywords might lead to a loss of informative customer feed for Businesses. Brands using Cognitive Marketing, would be able to process User feeds on the basis of the language of the post, and not by relying on hashtags. Thus hashtags would become obsolete in the near future. Ampsy is a great example of the future of live event monetization.
Augmented Intelligence for Sales Enablement
Augmented Intelligence systems use machine learning on decades of customer interactions. This has the potential to revolutionize Account Management since these systems would be able to predict customer interactions before they are even made. Augmented Intelligence systems would deliver valuable insights to Account Managers to help them convert prospects to long time returning customers. As a result, Augmented Intelligence acts as a tool to enhance human decision making, unlike Artificial Intelligence which seeks to replace the Sales person. Altify are currently pioneering augmented intelligence for sales enablement.
The fear associated with the future is machines replacing humans completely. However, Marketing is, and will always feed on a symbiotic relationship between technology and human interaction. By harnessing the power of Cognitive Marketing, Marketers will have access to more accurate and insightful data, without ever having to worry about being replaced!
Ray Kurzweil, in his lecture series titled “The Coming Singularity”, suggests that scientists will have successfully reverse engineered the human brain by 2029. Making a wild assumption on this theory, it might be possible to replicate the minds of Steve Jobs or Elon Musk in the near future. It is almost downright blasphemous to consider the fact that one day, we as Marketers could have Steve Jobs in our pockets. This is nothing but a pipe dream that would definitely excite any Marketer getting ready for the year 2029.
Therefore the future looks daunting yet exciting for Marketers as we enter a new era of Cognitive Marketing.
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