With the digital space increasingly monopolised by a small number of companies it’s easy to forget that it wasn’t always this way. Not so long ago, the internet was far more decentralised with a wide array of providers all vying for market share as millions of new users dialled up to the internet for the first time.
Excite, Hotbot, WebCrawler, Ask Jeeves, Dogpile, AltaVista, Lycos, Infoseek, Netscape & MetaCrawler. At one point these were all major names in the search engine space, now you’d be hard pressed to find anyone who even remembers they existed. What happened? Google invested in user experience, prioritising page quality, number of links & ad relevance in order to become the world’s most used search engine with 90% of global search share in 2022 despite stiff competition from Bing.
Search engine technology saw a wide playing field eventually narrow to contain only a few dominant competitors. Market preferences, smart use of technology and a deep understanding of user needs meant that Google was able to rise to the top of a crowded field and become the main name in search. This wasn’t just limited to search engines either with web browsers, ecommerce businesses and streaming services all seeing a competitive landscape eventually come to be monopolised by just a few winning companies.
Looking at the current AI landscape, it’s hard not to draw parallels between the two time periods. Rapid technological expansion and user uptake couple with a vast number of companies all vying to be the leader in their field is setting up the digital space for another gold rush followed by a significant contraction as the clear winners emerge. With this in mind, how can marketers set themselves up for success with AI in a turbulent, uncertain period?
1) Embrace Change & Uncertainty
Accepting the unknown is tough, but in digital marketing it’s almost always a useful strategy. When no one knows what the landscape will look like in six months, choosing the best solution in the current moment is a winning strategy. Smart marketers will embrace new AI technologies and be willing to experiment with new platforms and marketing strategies that incorporate AI.
While it’s true that a particular AI tool may not be around in a year’s time as competitors come and go, using that tool to its full capacity while it’s available will ensure that your campaigns have a competitive edge & you stay one step ahead of the competition.
2) Test & Learn
A particular tool might not be around in a year’s time, but the learnings and experience that you’ve gained from it will be. Whatever AI tool you’re using, take note of the features you like and the things that could be improved.
As an example, there are currently dozens of AI tools that automatically join meetings, take notes and provide a summary of actions listed by the people responsible. They all achieve this in slightly different ways so test several and work out the one that’s best for you. If your preferred tool doesn’t end up making it through the competitive contraction, you’ll still have a clear idea of the features to look out for in the next iteration of your AI strategy. Along with looking at features you like, work out what’s missing from your favourite tool. When it’s time to pick a new one, you’ll be clear on what additional features to look out for.
3) Transparency & Communication
When working with a new client, open and transparent communication is always a winning strategy. No one knows what the AI landscape will look like in a year’s time, let alone further down the road, so being open about the potential for change and the necessity of an evolving AI strategy is crucial for a positive client relationship.
When recommending a specific AI tool, or a general AI based approach, be clear about the potential for change and the possibility that tool won’t be around forever. Clients will appreciate the honesty & be more willing to adopt an iterative approach as new opportunities emerge. Expertise isn’t about predicting the future, it’s about being open to change and making the best possible decisions based on the currently available information.
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