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: