AI-Powered Marketing - Conversations about AI , and digital marketing
Amara's Law: AI's Long-Term Impact on Marketing | #192
Welcome back to the AI-powered marketing show. I'm Keith Bell. Your guide into today's exploration of a principle that's crucial for making sense of technological innovation. Amara's law. Named after futurist Roy Amara, this law helps us to understand our unusual misconceptions about new technologies and some of the core ideas that it involves. You're not going to want to miss it. Welcome to the digital marketing revolution. This is the AI-powered marketing show where the future of marketing is not just imagined. It's already here. Are you an entrepreneur, a digital marketer, or a tech enthusiast? Then you're in the right place. Every day we explore the cutting-edge tools that help you manifest and monetize your expertise through the power of funnel hubs supercharged with artificial intelligence. Unlock the secrets of turning your expertise into a digital powerhouse. From actionable insights to transformative strategies, we've got you covered. Now let's dive into the world where AI meets marketing, where ideas meet execution, and where you meet success. Your journey to marketing mastery starts here. Here's your host, Keith Bell, bringing the future of marketing to you today. Welcome back everybody. So as many of you know, I have been talking about a book that I'm reading called The AI Marketer by Andrew W. Pearson. And the source of this information, and actually tomorrow's episode where we're going to talk about the Gartner hype cycle of technology and how that applies to AI and digital marketing. And we're going to be applying Amara's Law today to artificial intelligence and its impact on digital marketing. But I have the pleasure of having interviewed Andrew last week. His episode is going to be coming out on this Monday at 9am. I'll be having clips out in the next couple days. So you'll be able to check those out and listen. So what is Amara's Law? So Amara's Law states that we have a tendency to overestimate the effectiveness of a technology in the short run. But on the contrary, we have a tendency to underestimate its effectiveness in the long run. So let's try to talk about and unpack how this principle plays out with artificial intelligence and its impact on digital marketing. So in terms of short-term overestimation, we all remember when AI first hit the digital marketing scene, there was a huge wave of excitement. People expected immediate transformations like hyper personalized ads, automated content creation, and flawless customer targeting. But the early reality was quite different. What we found were that these tools needed a lot of time and data to start making a real impact, which wasn't as instantaneous as many had hoped. Now, in terms of the long-term underestimation, on the flip side, the long-term potential of AI in digital marketing is huge and it keeps expanding. As AI tech gets better, its role in marketing becomes more seamless and powerful. Nowadays, AI is reshaping digital marketing by offering advanced data analytics, predictive insights, and smart automation that boost customer experiences and business growth. Hey digital marketers, entrepreneurs, and tech enthusiasts. Ready to elevate your AI game? Check out the AI-powered marketer newsletter from Keith Bell, host of the AI-powered marketing show. The AI-powered marketer newsletter is your go-to resource, packed with actionable insights, cutting-edge tools, and the latest news in AI and digital marketing. Whether you're optimizing sales funnels, exploring new AI strategies, or staying ahead of industry trends, this newsletter has you covered. Don't miss out on the chance to supercharge your marketing efforts. Subscribe now. Just click the link in the show notes to sign up today, and remember, the future of marketing is here and it's powered by AI. See you in the newsletter. So initially, everyone thought AI would instantaneously deliver these top-notch personalized marketing experiences. And earlier attempts were kind of hit or miss. I know AI has been out for a while, but my first use and adoption of it was hit or miss. I used it like many people where I'd put one or two sentence phrases in until I really understood prompt engineering and the incredible capabilities of the generative AI platforms that I was using. It was kind of hit or miss. But today, AI's powered personalization engines can analyze tons and tons of customer data in real time to deliver super targeted and super relevant content, which improves customer engagement, lead engagement, and conversions. Early chatbots were great at giving seamless customer service. But now, with advances in natural language processing, AI chatbots can provide efficient 24-hour days, seven-day week support, greatly enhancing customer satisfaction and loyalty. Having an employee that can work 24 hours a day, seven days a week, 365 days a year, doesn't ask for a vacation, doesn't call out sick, doesn't complain, doesn't ask for a raise, is game-changing. In terms of the hype around AI-driven predictive analytics, many were disappointed at first. But now, these tools have been an essential tool for predicting customer behavior, optimizing marketing strategies, and boosting ROI. Now, understanding AMAR's law can really help us to handle kind of the hype around new technologies like AI more effectively. And I want to give you a couple strategies to kind of take a realistic approach to artificial intelligence and kind of avoid the hype. So, first of all, be patient. Focus on AI's long-term potential in marketing. Stay informed. There is plenty of information out there to keep you up to date with AI advancements. I think I'm part of like 12 different AI-related newsletters. Now, I can't read all of them all the time, but I always pick up little tidbits of information. I listen to podcast episodes. I watch YouTube's. I hate to say it, but I think I've become an artificial intelligence junkie or an artificial intelligence addict. I was once having a conversation with a guy in a Reddit, and he said he's going to start a 12-step program for me anyway. Embrace change. Adopt a mindset of continuous learning and adaptation. Be flexible. You know, be able to look at things as they come. Don't get frustrated and just have that mindset of openness and learning. Think critically. Evaluate AI tools based on their long-term impact rather than the immediate results. One of the things that I find myself doing very often is that every new AI tool that comes out down the block, I want to try, I want to use, I'm like, oh, that's another tool. And I've talked about this before. It's a concept that I learned probably six years ago, and that's shiny object syndrome. Every time a new shiny toy, new shiny object comes along, we get attracted to it, and we get all hyped up on that, and we get distracted from our main goals. So try to avoid, you know, jumping from tool to tool, and think about how the AI tool is going to help in your particular situation. So in summary, a Mars law reminds us to keep a balanced view of tech advancements, recognizing our tendency to overestimate short-term effects and underestimate long-term impacts. And this can help us to better prepare for and leverage AI's transformative potential in digital marketing. Thank you so much for listening to the AI-powered marketing show. Next time, we will be diving into another key concept called the Gartner Hype Cycle. Until then, keep innovating, keep iterating, and stay ahead of the curve. See you next time. [BLANK_AUDIO]