How to Implement Machine Learning in Marketing?
Exploring the potential of artificial intelligence to streamline business operations, improving operational efficiency, and take a step ahead of the peers is no longer a dream. As technology is advancing rapidly, it’s almost evident that machine learning and marketing now go hand-in-hand.
In this age of digitization, marketing without leveraging the power of machine learning is a mistake that businesses these days can’t afford. According to reputable market research firms, more than 75% of the companies will invest in big data and machine learning in the next five years.
In this blog, we’ll explore how machine learning can help companies boost their marketing endeavors.
So, let’s dig deep!
- Enhancing Customer Experience
According to studies, 57% of companies believe that this is where machine learning can yield the maximum advantage. The study further adds that machine learning can considerably improve a customer’s online shopping experience in the following ways –
- Guide them in buying journey, providing personalized product recommendations to help customers find the product they’re looking for.
- Provides notifications if your store runs out of stock and provides alternatives to customers if a particular product is low on stock.
- Provides customers with a 24-hour support service.
The rising popularity of e-commerce in the past decade has pushed business owners across domains to leverage the power of machine learning for improving customer experience.
- Creating New Revenue Streams
Digital marketing, in the present decade, is all about analyzing data sets. Due to the huge amounts of data available, it has become essential for companies to integrate machine learning into their digital marketing endeavors.
With deep data insights at disposal, marketers can predict consumer behavior and what customers want before the demand is even generated. This creates newer revenue streams for businesses and helps them grow.
- Helps in the Development of More Products and Services
In this digital age, customers are on the lookout for innovative experiences. This provides businesses the opportunity to provide a tailor-made experience to the customers. As a result, they’re continually developing new products and services based on the findings of machine learning software.
Search engine company Baidu is developing a service capable of generating an entirely synthetic human voice. The software learns from human speakers modifying the pitch, tone, and pronunciation for better search recommendation.
- Content Optimization
Since machine learning focuses on analyzing problems and processes and finding solutions that’d best fit the needs, marketers these days are aggressively using it for A/B testing. Be it email subject lines, Facebook advert graphics, or a blog headline, it allows the marketing department to try and look for various options and conclude which one best connects with the audience.
Machine learning is playing a crucial role in segmented marketing campaigns and helping marketers gather valuable data. These data can be used to provide targeted content and optimize the existing content and services. The best example of this is Google Rank Brain. Its ability to learn from the searcher’s intent has made it incredibly efficient in delivering accurate results.
- Improving Personalization
People these days want brands to care about them. According to a study, almost 52% of the customers switch brands if they feel that the company is not making enough effort to personalize their experiences. Machine learning is playing a great role in Amazon’s continued success in the e-commerce business.
They harvest huge chunks of data during their customer’s online buying journey and post purchases, to tailor their online shopping experience. From emails to product offers, all are personalized with every touchpoint in the buying journey.
Needless to mention that e-commerce personalization makes customers feel more premium, with the experience carefully crafted to the needs and interests of the customers. This boosts customer loyalty.