Marketing Technology and Artificial Intelligence at SoulCycle

Technology and Artificial Intelligence
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Technology and Artificial Intelligence
SESSION 1
DISCUSSION TOPICS: Latest trends in marketing technology and artificial intelligence
READINGS: What is Marketing 5.0?
Marketing 5.0 entails applying human-mimicking technologies to develop, deliver, communicate, and enhance value across the client journey (Session 1 PPT, 2023). Indeed, it refers to the application of technologies that emulate human marketers’ capabilities, including virtual reality (VR), sensors, blockchain, robotics, and augmented reality (AR).
1. Describe 2 or 3 lessons/examples you learned from this session.
KEY EXAMPLE #1
One of the key lessons obtained from this session is that marketing 5.0 uses artificial intelligence (AI) and machine learning, which can help firms to envision a new product or service with specific features meant to meet the customers’ needs by using a predictive algorithm. Besides, the five primary components of marketing 5.0 are data-driven, contextual, predictive, agile, and augmented marketing (Kotler, Kartajaya, & Setiawan, 2021).
KEY EXAMPLE #2
Another crucial thing acquired from this session is the application of chatbots on the company’s website to assist customers. Notably, a chatbot is a computer program that is designed to simulate conversations with human users. Since many firms have an online presence through websites and webpages, it would be appropriate to use chatbots to offer 24/7 customer assistance.
KEY EXAMPLE #3
Moreover, some companies are using AI to create ads. The most significant thing about AI is that it applies data analytics to identify the behavior of a specific target population. That way, it becomes easy to come up with ads that persuade targeted potential clients to try new products and services.
2. Describe 2 or 3 ways each of these lessons/examples could help your Major Brand.
KEY EXAMPLE #1
The above lessons can be applied by SoulCycle, which is a fitness company specializing in inspiring indoor spinning and cycling workout classes. The 45-minute cardio dance party at SoulCycle on a bike enables individuals to meet their health goals and motivates them to push themselves beyond the limit (SoulCycle, 2023). As such, SoulCycle can apply AI and machine learning to improve its existing products and services or launch new ones that meet the needs of its target clients.
KEY EXAMPLE #2
SoulCycle has a website that shows its products and services. In that light, it can use chatbots to improve its website’s interactivity with human visitors. Individuals who may want some products and services from the company might have various questions. If SoulCycle has implemented a chatbot, such random visitors can get answers by chatting with the bot. Human agents might intervene during the conversations if detailed answers are needed.
KEY EXAMPLE #3
Additionally, SoluCycle can use AI to come up with ads instead of paying human advertisers. Currently, OpenAI has significantly changed advertising. For example, the company can generate articles to advertise its products and services by emphasizing the impo...