IAB Working Group Aims To Develop Marketing Standards For Artificial Intelligence
'The race is on' to capture the $1.2 trillion per year in marketing spend that is soon expected to derive from AI and machine learning, says AdTheorant's Patrick Albano.
The Interactive Advertising Bureau has established a working group of industry executives to tackle three areas that will shape the use of artificial intelligence and machine learning in the digital marketing space: recruiting talent, developing new approaches to creativity, and establishing insights.
The IAB AI/Machine Learning for Marketing Purposes Working Group is headed by Co-Chairs Patrick Albano, Chief Revenue Officer of AdTheorent, and Jordan Bitterman, CMO of IBM’s the Weather Company.
The Weather Company has been particularly aggressive in using IBM’s AI and machine learning system, Watson, to power campaigns for the likes of Campbell Soup Company, Unilever, and GSK Consumer Healthcare.
“Transforming ourselves and industries is part of The Weather Company DNA,” Jeremy Steinberg, TWC’s Head of Global Sales, told us earlier this year. “We’ve embraced big data and leveraged it to improve every aspect of our business, from forecast accuracy to ad targeting. Now we’ve set our sights on cognition. We believe human interaction is the new ‘search,’ and that cognitive advertising is the next frontier in marketing – and we’re leading the charge to make it a reality.”
The Weather Company is in the process of establishing the Watson Ads Council, which will include a marketers who will act as a sounding board for the latest ways of leveraging Watson Ads and the use of artificial intelligence for brands.
The IAB is expected to amplify and organize existing efforts at using AI and machine learning for advertising.
Citing a Forrester prediction that by 2020, Albano wrote a blog post introducing the working group by nothing “the companies that effectively master AI will steal $1.2 trillion per year from those that don’t… If you’re not thinking about it yet, hold your wallet because the race is on.”
In addition to the three initial subjects the working group plans to tackle, Albano also highlighted these areas of interest that will be on the agenda as well:
- Understanding how AI and ML will impact our business
- Simplifying, defining and setting standards for the space as it relates to the advertising and marketing industry
- Organizing tools for the industry to plan ahead
- Thinking about responsible usage of AI so that humans and machines work well together into the future
The assembling of the working group on AI follows the publication of the IAB’s “playbook” on understanding location-based advertising in April.
On the talent development front, Albano offered a military analogy to what digital marketing companies face in terms of finding the right people to move AI and machine learning programs ahead.
“Recruiting people is hard as so much of the decision is based on timing and circumstance,” Albano wrote. “A cliché approach to recruiting for the armed services is ‘setting up a table in a shopping mall,’ which is similar to the way that a lot of advertising targeting works – make a broad assumption (potential recruits will visit the mall) and hope for the best (maybe our sign will attract them).
“The US Air Force took a different approach earlier this year by using Machine Learning to analyze the different attributes of young men and women across the US and predictively target the people most likely to volunteer for service,” he continued. “This not only takes the guess work out of advertising, but it also identifies hard-to-reach audiences with the right message.”