The world is going through an advanced digital revolution. Things that were considered figments of an imagination till the last century are now a reality. The wonders of Artificial Intelligence and machine learning have revolutionized the manufacturing and marketing industries.
Machine learning has been a tremendous assistant to marketers around the world. Its successful analysis of Marketing Qualified Leads and Sales Qualified Leads has led to advantageous improvements in strategy. As changing times call for changed methods, here’s the list of ten ways machine learning is revolutionizing marketing.
Sped-up digital advertising
Forbes has stated that real-time personalized advertising across digital platforms and optimized message targeting accuracy, context and precision is said to accelerate by 2020.
Incredible changes in marketing technology have resulted in outstanding growth in revenue. Machine learning has contributed to the precise generation of Key Performance Indicators which will lead to significant changes in customer relationships. Retail and B2C channel sales are predicted to grow exponentially.
Customer Relationship Management
More than 50% of business executives believe that better customer experiences and support would be the most significant contribution of AI and machine learning. CRM technologies such as Salesmate will be the torchbearers in the revolution of ultimate customer relations.
Sales CRM is the key to improved streamline processes and better profitability. It is a tool for contact and sales management. It boosts in productivity and goal oriented growth.
Reduced customer churn
Customer churn or attrition is the loss of customers. People stop using products when they become generic. Machine learning will help create better customer relationships and develop customer loyalty. The use of analytics has been a great help to companies like Paypal.
In a world full of many options, keeping your customers consistent is a difficult job. The exponential growth in industries and customers is practically impossible to be tracked down by humans. AI would prove to be the best bet for marketers in the coming years. It would not only help predict the right niche to the right people but also lead to gaining loyalty from the customers.
Optimal pricing
Having a product similar to others but little to no knowledge of the competition is something every company would like to avoid. Even if you had the entire statistics and details of every product related to yours, it would become a useless grapple to do the task humanly.
Machine learning fills this void. Human intuition and the power of processing will make everyday pricing a menial task. The right price is what attracts the customer. Such assistance in pricing will only bring good for the future of marketing.
Targeted audience
Since Artificial Intelligence has made it possible to extract behavioral data, marketers have found a treasure chest. Companies like Facebook, use a solid integration system that generates ads from your timeline onto your internet browser.
This technology would make it make more manageable for a company to target its audience using behavioral data and predictive analysis. A customer’s gender, their likes, and their interests are all easily accessible due to social media. Companies use this information to attract the right customers.
No more marketing waste
One of the greatest enemies a business has is ‘marketing waste.’ Long gone are the days of trial and error for a marketing strategy. Customer’s statistics are more than enough to predict their likeliness of purchasing your product. Machine learning does precisely this and would do more in the years to come.
The ‘marketing prophecy.’
You were scrolling on Facebook one day and saw a pair of running shoes. White and trendy just like the ones a certain celebrity wore. You went ahead and bought it, even though you don’t like running shoes. How did your seeing the ad make you purchase the product?
The answer to this the marketing prophecy. A lot happens behind the scenes that push you to purchase a lot of products. Advancements in sentiment analysis and behavioral data have made it easier for a brand to find its audience. This element is so dominant that it predicts a need for a customer even before they realize it.
Marketing mix
For a long time, marketers suffered cognitive dissonance about the use of machine learning in marketing. But with time, this technology has made itself necessary for marketing.
The three Ps of marketing that is promotion, pricing and place are all hit directly by the use of ML. It has not only made things easier for brands but also for the customers. People know where to look for the right things in this world of countless options.
Recency, Frequency, Monetary models
The use of ML in RFM models is now a common practice. Customer segmentation has been carried out for decades now. Strategists have carried out clustering of customers and their choices for a long time. But with the larger scale of products and people, automated AI responses are far more accurate and precise.
Better sales
Persona, customer segment, and product line guide the up-sell and cross-sell strategies. In the world of data-driven marketing, each person becomes the part of some statistics. Behavior, sentiments, and choices are all written across a few hundred spreadsheets by ML technology.
Customer interest is generated by well place advertisements that are integrated via social media. Personalised products are offered to keep a customer’s interest in the place. This collective effort has generated better sales for countless companies.
All of these strategies have been in place for a few years now and will keep improving over the years. It is predicted that by 2020 AI and machine learning will be delivering $47 billion to the industry.
The use of AI and ML is not just an option anymore. Machine Learning is now a necessary investment that has the potential of revolutionizing the marketing world. This digital revolution is not coming to an end any time soon, and all of its wonders are sure to keep the marketers up for a very long time.