The Impact of Artificial Intelligence on Experiential Marketing
Since the beginning of the 20th century, science fiction has iterated the unimaginable capabilities of artificial intelligence and familiarized us with the concept of AI.
Previously, this futuristic technology was an enigma that many had difficulty wrapping their head around at first. It wasn’t until 1956 when the Research and Development Corporation (RAND) presented the world’s first Artificial Intelligence program, known as the Logic Theorist. This historical point in time drove the concept to reality, and since then has undergone a multitude of obstacles to reach the heights that AI is at today.
Artificial Intelligence has received much attention from the tech industry in the past decade, sparking a technological revolution. It continues to grasp curiosity because of its potential to impact how we live, work, and play, considering it’s only in its infancy. Many were blissfully unaware of the potential AI has and believed that the technologies we have seen unfold, like self-driving cars, conversational robots, and natural language processing tools, were only inventions from a sci-fi movie. However, these next-generation tools have become a centerpiece in recent years for the world as they integrate with more and more elements of our daily life.
As the adoption and consolidation of AI continue to rise, our social and work environments experience a transformation. The transformation is also influencing the experiential event industry as we know it. AI has proven to be a progressive tool by providing much-needed support in the area of experiential events, but what does this progress mean for the industry long-term? FGPG explores what Artificial Intelligence is, its applications in the experiential marketing industry, and what path AI will be taking in the future.
Artificial Intelligence Defined
Featured tech like machine learning, the internet of things (IoT), and artificial intelligence are part of the SMART Technology movement to provide cognitive awareness to objects. Specifically, Artificial Intelligence pertains to the capability of a machine to imitate intelligent human behavior, such as learning, reasoning, planning, and in some cases, a small amount of creativity. Ultimately, AI can analyze the effects of previous decisions (or data) received and act based on pattern recognition. There are four types of artificial intelligence: :
- Reactive Machines
- Limited Memory
- Theory of Mind
- Self Aware
Although Artificial Intelligence has been available for over 50 years, AI developers are still working on the last two types, Theory of Mind and Self Awareness. They are in the works as scientists and developers explore ways to reach all four AI methods. However, many plans have been available and integrated with the experiential industry. These include SMART virtual assistants, marketing bots, social media monitors, and virtual travel booking systems. Most importantly, automation has become the most popular inclusion in events by substituting humans by focusing more on solving problems, creating patterns, and responding.
AI and Events
Today, artificial intelligence has made an enormous impact by making event professionals’ lives easier and those in every other industry. Some specific AI tech currently being utilized in experiential events are chatbots, data analysis, targeted marketing strategies, facial recognition, security, automated language translation, etc. It’s also vital to note another element recently added in the event space is Virtual Reality (VR), Augmented Reality (AR), and the Metaverse due to the power of AI.
In essence, artificial intelligence in the experiential event environment has the potential to develop value for event experts and provide an endless amount of possibilities.
According to this study, experts researched the impact of artificial intelligence on experiential events and how the new tech is transforming the industry. It’s believed that the experiential events space will be one of the industries in which AI has great potential and has already seen a taste of innovative power.
Fortunately, AI cannot only help heighten event experiences but can also improve efficiency for all systems, processes, and operational logistics. For example, event producers will have the ability to task the tech with internationally locating required equipment at an affordable cost, minimizing the budget overheads while reducing emissions from transporting tools and equipment that are not necessary.
Personalization With AI
While AI continues to be solidified and become more practical, how are developers making it user-friendly? Experts believe the real value will derive from the hyper-personalized event experiences. AI and machine learning are becoming more aware of natural language processing for video and audio, strengthening AI technology and making it easier for humans to interact with a diverse range of systems.
Considering that every interaction with technology is information, it’s also data. The captured details allow event producers to understand user behavior and learn more about their audiences to provide improvements and innovations to their experiences. The relevancy is essential to all consumer-facing industries, like events where connections are recorded to learn more about the industry consumers.
How AI Will Shape the Future of Events
It’s challenging to miss AI’s superiority in the experiential event industry, but we are barely scratching the surface of its true potential. Because of the variety of solutions available and that it will inevitably provide, the AI market will grow to a $190 billion industry by 2025, with global spending on cognitive and AI systems reaching over $57 billion in 2022. As tech evolves and spills through every aspect of business, new employment opportunities will develop in development, testing, programming, support, and maintenance. AI will expand the event industry by creating a demand for skilled professionals.
According to Forrester, machine learning and automation will make up 9 percent of new U.S. jobs by 2025, including robot monitoring professionals, data scientists, automation specialists, and content curators. Artificial intelligence is on course toward changing the way we live and improving our lives to be more efficient, productive, and creative. Experiential event productions will be more immersive, and Freddie George’s Production Group follows are the latest AI trends to improve efficiency and productivity for the best events productions we can provide.