In a recent Twitter chat hosted by B2B Marketing, I suggested there is a need for marketers to do the unexpected - to be different. If marketers all did the predictable (or followed best practice), the result is average at best - more likely you’ll disappear into the noise and be passed by.
Yet as Artificial Intelligence invades marketing, it threatens to create exactly that environment. The best marketers will need to understand how to take the benefits of AI without sitting back and letting it do all the work for you. Creativity will remain a key human activity in the short to medium term.
In a similar vein, The Economist last week looked at the use of price-bots for comparison websites and its unintended consequences. There is a clear transparency advantage to the consumer but there is also an advantage to the company listed on the site as they now have access to their competitors’ pricing.
This access gives rise to price-bots which monitor the market and react rapidly to changes and results in little incentive to cut prices as the pricing-bots all follow suit.
By testing higher pricing on the price comparison websites, the companies can test what the optimum price point is for the market and can result in higher prices being set in seconds rather than days. A research paper outlining three case studies looks at how the introduction of these systems have led to these unintended consequences. It seems that ensuring the markets have enough competitors competing becomes a critical tool in ensuring the markets remain fair (no surprise there then - it is Economics 101). Read the full article here