At the event, organized in collaboration with the Club Marketing Barcelona, Manu Monasterio emphasized that there are robots in companies that are going to change the way we work. Artificial intelligence is used to gather data and provide better performance in organizations. Will robots take command of decision-making in the field of Marketing? Manu Monasterio is in no doubt: “Artificial intelligence will not replace Marketing executives, but people who are experts in Artificial intelligence will replace those who are not”. In addition, he explained that the professional who should lead this change and direct artificial intelligence are precisely the Marketing Directors.
Artificial intelligence has only just got started. According to Monasterio, it makes machinery an ally of the company, adding that most professions in the future will be encompassed within smart machines. The President of the China Marketing Center of the Club Marketing Barcelona answered a key question: Which Marketing Director would you attribute more credibility and, as a result, more possibilities in terms of buying their products? He responded by stating that the Marketing executive who adds value is one that, working alongside robots that gather 90% of the information on each target customer, develops products that “in all certainty” fulfil the current needs that exist. “They make it possible to create personalized experiences based around their products or services in the economy of algorithms. Robots contribute the data and we, the humans, add the creativity, strategic vision and soul”.
The 8 Ms of Artificial Intelligence Marketing by Manu Monasterio:
Manu Monasterio created the 8 Ms based on the idea that, with the advance of smart machines and their precise value contribution to strategic marketing decisions, the traditional 4 Ps of marketing needed “a re-work and a rethink”, “because, when they were created 57 years ago by McCarthy, the Internet didn’t exist and obviously neither did smart machines”.
1. M2M. Machine to machine, which refers to machines that work between or with other machines. “Luckily, Artificial Intelligence Marketing is not a matter of robots that, between them, make strategic marketing decisions”.
2. Man to Machine. On this second point, he explains that humans manage the smart machines in Artificial Intelligence Marketing.
3. Managing Smart Data. This refers to the data gathered by smart machines to create the value proposition in marketing. “The trial and error approach, typical when we work with only 10% of information that exists on the target market and customer, is a thing of the past thanks to Artificial Intelligence Marketing”.
4ª. M-Glocal. Mobile Glocal. This brings together the previous points to develop winning Glocal value propositions, as they have been created based on an accurate 90% of information on our target market and via the medium that is currently the star of the show: smartphones.
5. Making Smart Products. It is possible to create Machine Driven Custom Design that is constructed based on the 90% of the information on your target customer gathered by machines.
6. Marketing Dynamic Prices. At this point, Manu Monasterio commented on the ideal of dynamic prices originating from algorithms based on the stock available in the warehouse and the demand at the point of sale, or perhaps being able to identify the predisposition to buy of customers that enter the store thanks to a facial scanner in over 30,000 points of sale (E.g. Amazon Go).
7. Multi e-Channels. Shopping with the goods being delivered by drones to wherever the customer may be. Points of sale are brand showrooms offering the ‘hologram experience’ of the brand.
8. Machine-Generated Communication. Smart machines will analyse different advertising strategies and campaigns to identify clearly which are the most efficient media to ensure that the positioning proposal reaches the target customer.