When it comes to Artificial intelligence and machine learning in our technological world we have to consider the massive advances we have made in the field within the last 20 years. The stuff we used to marvel about on our favorite sci-fi show is now becoming something much more tangible and realistic.
We are already seeing a change in the way we do business overall. We are replacing some of our need for large staff through the use of AI and machine learning; we are better managing our work loads, and improving overall efficiency. But what does this have to do with sales and marketing?
Similar to the way television changed how we were able to reach potential customers and customers out of reach the use of AI and Machine learning will not only increase the reach of these targeted audiences but it will change the way we gather information, use information, and focus the information from potential customers to converted customers.
AI and Machine Learning in Marketing & Sales:
The world of marketing has changed considerably since the development and implementation of AI and Machine Learning. It has become a big part of the way marketing is done in several million businesses across the world. The use of the internet and mobile devices has catapulted the business of marketing and sales. Not just making it easier to communicate but also making it one of the most competitive fields in the world of business.
In recent years the world of marketing was solely about getting the product or services in front of the masses. Now it’s about being able to personalize the products and services, new product & services development, and individualizing the experience with the consumers. Machine Learning is truly allowing us to know what our customers are looking for or even predict what products and services they may purchase next without having to speak with them individually.
What is (AI) Artificial Intelligence in Marketing?
AI in marketing touches many areas. It helps businesses understand, connect, and relate to their target audience on a larger scale. It takes massive amounts of data from multiple platforms and channels and groups it together to help make quicker more personalized decisions on customers’ needs. It can help businesses find what clusters or groups of consumers are looking for from their products or services in an even more personal level.
AI technology is improving the way the entire marketing process is handled. While there will still need to be human analysis over the final product, AI will shorten the length of time we take to analyze what potential customers and customers are looking for in a more massive way. With the use of the internet and mobile technology AI’s are being used every day through facial recognition, Voice analysis, and personal recommendations through other platforms like Netflix, and Amazon every day. Millions are already engaged in the use of these programs without realizing it. While it is merely making their life more simple it is helping business flourish and touching on solutions to problems marketers have been facing for decades.
What is Machine Learning in Marketing?
Machine Learning is the ability for a program to learn from each experience without the need for additional program commands. Machine Learning in marketing is the use of specialized programs that help a business to learn more about their potential customers and customers on a massive scale
Machine Learning assist businesses with risk prediction, intervention, personalization, micro marketing, and even behavior targeting giving the ability to make decisions about how to market their product or service to you. Machine Learning applications allow marketers to see much faster what their customers need when they need it. This allows the businesses to act on that demand at a more beneficial time.
A few ML Methods are:
– Predictive intelligence
– Personalization methods
While these methods are great at improving customer needs, and personalizing marketing campaigns the human aspect still needs to be in place. Once all this data is analyzed it needs to be examined by human eyes to determine where and who it goes too.
Benefits of Artificial Intelligence and Machine Learning Marketing:
There are several benefits to having AI and Machine Learning in marketing. Aside from personalization, additional Machine Learning applications are predictive analytics, Cluster analysis, and similarity searches just to name a few. Below are some additional benefits of Machine Learning in Marketing.
Providing quick solutions to marketing problems
The machines are much faster at analyzing the mass amounts of data that is gathered with AI and Machine Learning technologies. This software allows you to get the data back much faster and efficiently allowing businesses to capitalize on the new data provided.
When you sign up for an account with Netflix every TV show or movie you watch is being saved. It allows Netflix software to analyze your choices and predict suggestions for you to watch next. It gives them more accurate and targeted information for them.
This personalizes your experience, improves on customer satisfaction, and increases their overall chances of more customers buying their services. Traditional marketing techniques would have them marketing based on a much slower process, and a much less personalized basis which can deter the customer from coming back.
Improved User Experiences & Customer satisfaction
With the use of AI & Machine Learning Software in marketing businesses can help customize the user experience each time they visit their website. This allows the businesses to improve the users experience with them, and provide customer satisfaction for each potential customer without speaking to them individually.
Reduces overall marketing costs
Businesses can eliminate more of their old traditional marketing techniques and still get a more accurate and precise report on customer interests. This can save businesses thousands of dollars annually.
Note: Increased sales- According to studies at least 3 out of 4 organizations that have implemented AI and Machine Learning have increased their sales of new products and services by more than 10%.
Faster and more accurate Sales predictions and forecasts
AI and Machine Learning software can provide information more swiftly than with older marketing methods giving those a more precise sales prediction in turn a better forecast on future sales for the business.
Development of Stronger Customer relations & support
When you think of marketing customer relations is not often a big part of that. However with the use of AI and Machine Learning software customer relations is becoming a stronger more prevalent addition to the marketing process? They are learning more about their customers and how to help them. As well as being able to assist them when the products or services are actually needed.
For those who are used to the constant spammy messages and repetitive emails that you aren’t interested in now there is a pleasant chatbot, or a few suggestive questions within the application that will customize what appears on their account for them.
Note: According to a recent study 84% of marketing organizations are implementing or expanding AI & Machine Learning in 2018. This is increasing customer satisfaction by more than 10% in over 75% of those businesses. Customer relations have definitely improved with the implementation of AI and Machine Learning in marketing.
Increasing the Precision of marketing campaigns
With AI and Machine Learning many new marketing methods have developed that can process, decipher, and report changes in habits of clusters of consumers improving the accuracy of the information gathered. This allows marketing campaigns to be much more effective.
Did you know?
Did you know that Facebook is researching the creation of an algorithm that can “read” images to those who are visually impaired? Amazing advancements in the world of technology while this is probably a few years off, imagine what 5 or 10 more years will bring to the field of marketing.
Did you know?
Yelps picture classification technology helps human staff to compile, categorize, and label images by mass amounts daily after all their collection of images is in the 10s of millions.
Tips on Starting AI & Machine Learning within your business:
– Assess opportunities to help your business get more out of your data.
– Use platforms you are already using to explore AI capabilities.
– Once you are familiar with AI and machine learning explore additional algorithms that can improve your businesses marketing
A Few Machines Learning Platforms are:
– Facebook – FBLearner
– Google- Google Cloud Platform
– UBer – Michelangelo ML
– Amazon – Machine Learning
What are the Machine Learning Programs Implemented?
There are several machine learning programs depending on what you are doing will depend on what you need.
Below are some of the Machine Learning programs implemented:
– Predictive Analytics
– Cluster Analysis & Segmentation
– Recommended Systems
– Outlier Detection
– Similarity search
The Goals of Artificial Intelligence (AI)
The goals of AI are to implement human intelligence in machine programming which can understand, think, and learn like humans. This is done by the developing of computer applications that can learn reasoning, problem solving, and learning. You can see our article, where we analyzed Top Web Development Trends in 2018.
While we are close we are still far away when it comes to completing the goal. AI and Machine Learning is still in the beginning stages. While several are continuing to improve the programming these is still much to do. AI has already improved the field of marketing but there are definitely more improvements to come.
Some applications of AI are:
Natural Language Processing – (NLP) this is used within the conversational interfaces of ChatBots & Voice assistant programming. Advancements in the 1990’s brought out the Natural Language understanding & translation. This improved the way the computer sees and hears language (s) within the program.
Expert Systems – These systems integrate reasoning and advising to explain and give advice to the users.
Vision Systems – These systems comprehend and interpret visual input. They are used by law enforcement agencies for facial recognition when they are matching a forensic ID, and even used by doctors for determining diagnosis.
Speech Recognition –Speech recognition programs can hear and comprehend the language while understanding the meaning of what is being said as the user is speaking to it. This type of programming is used in creating voice assistants used daily like Siri and Alexa.
Machine Learning – This programming can learn new information from an experience without additional programming commands. This programming is used in many applications we use every day. It is used a lot in personalization by companies like Netflix and Amazon to generate suggestions for you to watch next.
These are based on previous shows or movies you have shown an interest in already. The more you watch the more the programming learns what your preferences are and makes new suggestions based on your history.
This improves customer satisfaction which later translates to more customers and more revenue. This is why so many companies are using this type of programming to implement into their current marketing strategy.
AI and Machine Learning programming has definitely made a big impact on today’s marketing world. If fact so much that most of us don’t realize just how much. AI & Machine Learning have impacted the process in which marketing is done today. It is helping with customer personalization, and customer satisfaction for businesses around the world.
More and more companies are implementing AI and Machine Learning programs to cut costs, and improve overall revenue in the businesses. Taking the time to invest in chatbots, voice assistance, personalization, picture classification, and even data analysis programming you can truly grow and flourish as a business. Marketing is a competitive field and will likely only get more competitive as AI and Machine Learning grow. But don’t take our word for it. Look around and see for yourself.