The digital media platforms of today, such as Facebook and Google, allow businesses countless options to reach their intended audiences. Through their AI-driven technologies, they promise the capability of influencing customers' lives at any given time or place. Yet, within this limitless potential, there lies a problem.
"With hundreds of thousands of targeting options and millions of data outputs, it becomes humanly impossible to fully utilize these platforms. While media platforms are truly powerful, a bottleneck occurs in the interaction between the platforms and the businesses that utilize them, " says Hendrik Schwartz, Co-founder and CRO of SoMin.ai.
How are businesses supposed to decipher and align their needs with the power of technology if they do not have the capabilities to understand all the options?
SoMin.ai, a company highlighted on Gartner's Cool Vendor List of 2020, has created a solution to this problem.
How does Somin.ai work?
"The platform uses artificial intelligence to understand a business' audience, then creates a strategy to take full advantage of the targeting options in digital media platforms. By analyzing brands through millions of data points, it learns the full scope of audience interaction. Learned knowledge is then used by the machine to create different strategies that are actionable within the settings of Facebook, Google, and similar platforms. These automatic processes would take months for humans to perform manually, says Aleks Farseev, co-founder and CEO of SoMin.ai.
SoMin's artificial intelligence increases advertisement cost efficiency by more than 30%. Utilizing strategies that were not humanly possible, AI allows brands to take full advantage of the technologies of today.
To deliver even more power to brands, SoMin is also working to improve other aspects of marketing systems through artificial intelligence. Using machine learning, SoMin is designing programs that fully understand a brand's competitors and create actionable metrics that allow brands to react to market movement in real-time. While this data is already available to brands, it cannot directly affect their ongoing marketing efforts. Without the help of AI, the data is too complex for humans to analyze and market information is utilized only in hindsight. SoMin is also working with Open AI, a company owned by Elon Musk, and their GPT3 framework to find ways to scale content creation and audience understanding. Many of these advertising processes currently take countless man-hours without AI assistance.
"The challenges of big data restrict the scalability of the industry, which has failed to keep up with the pace of dynamic social media platforms. SoMin.ai is looking to correct this lag, hoping to bring back creativity where it matters and address industry churn with desperately needed innovations, he adds.
The democratization of artificial intelligence is finally allowing brands power over their own marketing efforts. No longer are companies at the mercy of black boxes. Now, they will be able to have control over the bidding systems that govern today's media landscape.
ORIGINALLY PUBLISHED IN INTERNATIONAL BUSINESS TIMES