Manu Monasterio, Professor of GBSB Global Business School, explains what is 8M's of Artificial Intelligence Marketing.
Introduce yourself please.
Hello everybody, my name is Manu Monasterio. I am working at GBSB Global as Artificial Intelligence Marketing AIM’s Professor and I have been working more than 25 years for the Spanish Football League, for the Spanish Fashion Association, for the top companies in the food and beverage industry such as; Coca Cola. As in this case, I will talk about Spanish Wines, Bodegas Riojanas, top olive oil companies such as Mueloliva, Ybarra and basically, I specialize on Artificial Intelligence Marketing.
How did you become a specialist on Artificial Intelligence?
I started working more than 20 years ago in China on Artificial Intelligence Marketing basically because China, as we explain here in the GBSB Global programs, is the number one marketing in the world in fashion, in sports, in food and beverage, in tourism and also in other many, many industries and the difficulty and the challenge for the Chinese market invited me to start working with my local Chinese partners on top techniques and marketing concepts that at first were related to e-marketing, after were connected to social media marketing and finally, when the robots and the smart machines arrived, connecting eyes directly with Artificial Intelligence. So, the answer to your question; when did I start working with Artificial Intelligence Marketing? The answer is more than 20 years ago, and the reason is China is now connected to US and Europe.
What is Artificial Intelligence, and does it have any classification?
Artificial Intelligence basically is artificial and intelligence as the one. We have humans, but it doesn’t mean the machines want brains, it is the engine of one robot or the smart machine, so basically, it is the use of human’s intelligence together with the robot’s or smart machine’s intelligence in order together to be able to create, winner products, winner ideas, and more than nothing winner experience to your target related to your products and targets, that is basically the main concept behind Artificial Intelligence.
What type of companies need Artificial Intelligence most of all?
So basically, the companies are related to tourists, first, food and beverage, second, sports, third, and obviously fashion is also very important. Those are probably the four industries, and also the fifth one, retail that are very, very strongly used in Artificial Intelligence Marketing.
What are the main difficulties for big companies to implement Artificial Intelligence in their processes?
The first difficulty is recognising inside the nowadays marketing managers that are working with the 4 P’s: Product, Price, Place, Promotion created by McCarthy and also used by my friend Philip Kotler, they are nowadays missing an opportunity, because Artificial Intelligence, smart machines and rewards are nowadays managing the 90% of the information about your target market and client. So, the first difficulty is inside the big marketing managers recognise that just with the 4 P’s, Product, Price, Place, Promotion, they are not using the 90% of information about their target market and client. So, the first thing they need to do is open their mind and let the robots and smart machines start working with them. That is the first difficulty.
The second difficulty is quantity and quality of talent, related and connected to Artificial Intelligence Marketing and here as we will say during the GBSB Global programs we are talking about a new future which is, Chief Intelligence Marketing Officer, which is the traditional Marketing Director, specialize and expert on Artificial Intelligence. So, the second difficulty is the companies nowadays don’t have an expert in that field, and that is exactly what we are doing here at GBSB Global as one of the main added value.
The third and the last difficulty is digital culture. The companies are still thinking about e-marketing and still thinking about social media marketing, but they need to know that was the base, that was the present and the past, and now it is very important to focus on what is said, the harmonious relationship between humans and robots. You do not need to be afraid about that, that is not Will Smith I, Robot movie.
What competencies should this manager have?
Firstly, the manager, as we have said before is called ‘Chief Intelligence Marketing Officer’, so it is not anymore ‘Chief Marketing Officer’. That person for sure needs to be a native digital person, first. Second, that person needs to manage perfectly the 8M’s of Artificial Intelligence Marketing that obviously we are working with during the GBSB Global programs, but now I summarize:
- Machine to Machine.
- Man to Machine.
- Managing Smart Data.
- Making Smart Products.
- Marketing Dynamic prices.
- Multi e-channels.
- Machine Generated Communication.
That person needs to be an expert on traditional marketing 4 Ps and needs to be an expert in managing the 8M’s of Artificial Intelligence Marketing, including and introducing the rewards, as new members and colleagues of nowadays marketing departments. So, the person being in charge of Artificial Intelligence Marketing needs to be an expert on each one of the 8M’s of Artificial Intelligence Marketing.
The development of Artificial Intelligence, an integration of robots and machines will scientifically change the labour market. What do you think?
The entrance of robots and smart machines in the nowadays labour market has a, I will say it, not a very positive impact in not very high added value jobs. Like with all my respects, call centres, being in the supermarket click, click, click just letting pass the products or being in our house just putting the products in the right place. In these kind of labour positions, it is true that machines are doing or can do more efficiently the job. But, when we are talking about management, when we are talking about strategical marketing decisions and the 8M’s of Artificial Intelligence Marketing, they, the robots put with certainty the data. And us, the humans, who are the managers, who are the GBSB Global students, lead the smart machines in the strategical marketing decisions progress with our creativity, strategical vision and hearts. So, robots are not going to replace marketing managers. But, marketing experts, marketing managers, experts on Artificial Intelligence for sure will replace those that are not.
What are the main things our students should remember about Artificial Intelligence?
The first thing I recommend to our dear GBSB Global Students is that first, Artificial Intelligence will not replace marketing managers. But, marketing managers, experts on Artificial Intelligence will replace or could replace those that are not, first. Second, humans are, we are leading the process. Smart machines, robots, put with certainty the data, and us, humans will lead the smart machines with our creativity, strategical vision and heart. So, they need to have very clear on their minds that robots are not here for replacing us. Robots are nowadays here in order to help us, to give us support and intuitive marketing goals. And the third thing that GBSB Global students need to have in mind is obviously each one of the 8M’s of Artificial Intelligence Marketing key factors. That, we are explaining during the lectures, basically are, first one, Machine to Machine, we are living in a world already to connected by machines.
Students are nowadays having more than 80 percent of their time, labour time, contact with machines, machine to machine. Second, we can not lead the machines to make strategical decisions, us, humans, we need to do it. So, Man to Machine is basically having humans, marketing managers as the key people making the decisions of strategical key factors that machines need to work with information for, second. Third, Managing Smart Data, the result between the harmonious job between humans and machines give us, marketing managers, amazing, unique experiences. Information that comes from the 90 percent of the valuable information about the target market and client, 1, 2, 3. Obviously I am not going to comment all of them now. Just giving you mini ideas, when we go to the fourth one, M-GloCal, mobile, global, local, making smart products, marketing dynamic prices, multi-channels and machine generated communication is very important and that is the key factor and the most important thing. It is very important for them to remember that they have in front of their eyes an amazing blue ocean.
The companies are waiting for students like you, GBSB Global students. For you to be the key person, managing the harmonious relations between smart machines and humans and their companies. The Artificial Intelligence Marketing blue ocean is waiting for you, to give you an amazing work and job experience with their companies.
Do you want to be a Chief Intelligence Marketing Officer in a future? Apply to GBSB Global Masters in Business Innovation.