Machine learning is revolutionizing Marketing
About 84% of marketing entities are currently utilizing or at least working on expanding AI and machine learning in 2018. Seventy-five percent of organizations already using AI techniques were able to enhance the customer satisfaction rate by more than 10%. Three in four enterprises using AI and machine learning have seen a growth in sales of new products and services by more than 10%, according to a report issued by Capgemini, a reputable business consulting corporation based in France.
The issued study also showed that around 79% of organizations using AI and machine learning techniques generated new insights and got a better analysis of their data. All organizations are implementing AI for a couple of strategic reasons, such as creating new leads, supporting new products, holding highly target marketing activities, and locating valuable customers.
Top marketers are implementing machine learning to analyze, expect and deal with the problems their sales prospects are trying to solve in a faster and percent way than competitors. Owning the needed insights to customize content in addition to qualifying leads for sales for better closure rates are fueled by machine learning-based applications which are capable of finding out what is the most effective route for each lead and customer. Machine learning is taking content, automation of marketing including cross-channel marketing campaigns and lead scoring, and sales forecasting to a whole new level.
How is AI changing online marketing?
More educated marketing process
Marketers have always used data. However, many ad campaigns still include a lot of educated guessing from marketers.
The growth of AI techniques and its rising involvement in marketing services will result in more data-driven campaigns, where AI will utilize data to be used in a better way and be fully integrated into each and every ad campaign.
While entities have gotten better at collaging as much data as possible, it’s true that the collected data is sometimes more than they can actually consume. The advanced AI will assist in closing this gap, as well as providing the ability to identify new work techniques that will help marketers in their campaigns.
Seeing the bigger picture
With the help of AI, marketers will be able to look at the bigger picture. Rising usage of AI won’t replace marketing teams, it will only give them the chance to declutter their minds and focus on big-picture decisions and strategies.
So, instead of spending a big amount of time wading through data to end up with a strategy, marketers will focus more on applying the outcomes of the data, allowing creative marketers to advance and get ahead instead of just crunching numbers. However, marketers will also have to supervise AI mechanisms to make sure it is capturing and analyzing the right kind of data.
Artificial intelligence will definitely change marketing, but we don’t mean change in a bad way. With AI, marketers will be able to create more educated and more personalized campaigns to reach customers, focusing on their big picture which will allow them to be more creative. That is how AI will provide the biggest gains possible.
Getting better with customer experience
During the customer journey, customers are now getting more in touch with AI instead of humans. Apart from automating marketing, chatbots are becoming an integral component for business interaction. Not only can they respond to general questions and check out problems, but they can also offer new products based on the customer’s preferences.
We can’t talk about the role of machine learning in marketing without speaking about what it can do for personalizing content and campaigns. Netflix and Amazon are implementing this technique already. Algorithms can re-engage according to a specific customer behavior with incentives like offers and discounts. However, with the aid of machine learning, campaigns can be customized according to each customer segment, even down to the tiniest details featured on any online page such as taglines, headers, and formatting.
Related: Human-to-Human Marketing
More entities are adapting recommendation engines as a part of their personalization strategy, finding that they are more powerful tools for boosting customer loyalty and maximizing their lifetime value. This increasing use of recommendation engines has recently become possible thanks to the decreasing prices in the software, data storage and the data itself.