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Do Fund Marketers Have A Mindset Problem When It Comes To Artificial Intelligence?

Published: 21 April, 2020

The answer to this question is a qualified yes.

It’s qualified because you can’t make a blanket statement about this subject, but certainly many fund marketers approach the application of AI with the wrong mindset.

They know it has worth, certainly, but their mindset is one of looking at AI as a magical box of tricks that simply needs to be let loose.

It’s not.

As with any digital technology, it’s only as good as what you tell it to do. And the real strength of AI lies in mining huge data sets to reveal engagement stats. This not only reveals important information about prospects and existing investors, but also allows you to test ideas or strategies that may encourage prospects to become investors, and persuade existing investors to stay with you for longer, and possibly increase their stake.

So, the correct mindset is to approach AI as a way of quickly and efficiently revealing important truths, under human guidance

But, all too often people simply expect AI to come up with ideas of what best to test, or identify what information is most pertinent to a marketing operation.

And this situation is often exacerbated by marketers failing to understand enough about advanced algorithms and models to question their validity or relevance to what they are trying to achieve. But AI only works when the right type of model is applied to the right problem.

So, what is the answer to this problem?

It is a realisation that AI is not an answer in itself – it can’t just be brought in, let loose and then somehow left to boost assets all by itself. It is complex technology that needs careful handling and, crucially, must be set up and managed in a way that is intrinsically linked to what you are trying to achieve.

So, you must accept that your marketing team is now expanding into the realms of data science. A data scientist must join your company as part of the marketing team, so that they can be aligned with the approach you are taking and adapt the technology to that aim.

You must ensure that data scientists and the rest of your marketing team collaborate to find ways to use data to improve results – they must link up, rather than be left to work independently. If you create a disconnect – where data science and marketing are working independently of one another – then you won’t be able to drive the results you need, as AI won’t be applied in the correct way.

 

To avoid this problem there must be synergy and alignment across the board, with data science working as an integral part of your marketing team so that you are getting the information you need to improve your campaigns and boost assets under management.

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