Listen : Audio version of this article
In the present time, almost every company is using the potential of Machine Learning (ML) in one way or the other. Whether it is Artificial Intelligence (AI), Big Data or Machine Learning (MI), every enterprise is making sure they have the right resources and the technology to capitalize on the latest technology. Now a days, every firm now some or the other activities which are straightaway steered by machine learning.
Whether these activities are related to the decision makers, who use machine learning to get to better decisions or whether it is related to the sales or marketing executives of the firm. It won’t be wrong if we say that more and more companies are now on the verge of becoming dependent on automating tasks, which are the resultant of the use of ML for high-quality and faster results. Cortana and Siri are the most prominent examples of the effective use of machine learning. It is because of ML, they are able to mimic human interactions.
Machine Learning, and specifically the deep learning algorithms led to more accuracy. For example, all the interactions with the AI based tools like Siri or Alexa are powered by deep learning algorithms. Therefore, they are more accurate and refined. Machine learning has the capability to improve the scenarios to capitalize on every products and services. Basically, the results are driven by ML, as it has the capacity to automate analytical model building. But, how do you think that has the role to play in improving the marketing strategies of the company? That’s what we will figure out in this article.
What is the role of data and machine learning in marketing?
Marketing is all about the numbers. In order to prepare fantastic marketing plans, an expert has to track innumerable activities of numerous leads across a plenty of different mediums. One has to have the right type of insights from everywhere possible to make sure that the information is analyzed properly. Also, information these days is collected from a wide variety of different mediums, starting from mobile phones, apps, websites, IoT devices, forums, reports etc. However, marketers had to assimilate the huge volume of data to conceptualize a coherent marketing plan.
Planning is just not enough, marketers have to also execute the plans and track the performance. Also, they even have to cater to the emergencies or hurdles that may come midway. Considering all this, it would be perfect to say that Machine Learning and automation is exactly what the marketers want. However, marketers need to understand the core purpose of using machine learning and AI well before adopting them.
However, the good news is that modern marketing experts are making use of the emerging technologies like machine learning to improve their performance. Machine Learning helps the marketers in many ways. It helps them to understand their audience better. Also, it allows the marketing experts to deliver value-added engagement to the customers. This is based on the targeted study of the insights captured during the process. ML helps them to drive better performance, capture more leads and thus lead to better business performance.
How is ML helping marketers to target better?
Every marketer would love to known every little details that they can get about their customer or probable customer. And, the good news is that almost every bit of information that they require is now accessible. Whether a marketer wants to know how the new product’s promotion is being perceived by the audience, or what is the interest level of the audience towards the old products. Everything that he or she wants to know can be acquired through powerful insights. From the most relevant to the minutest of detail like the groups of people who would want a product or service, who would like the new products or services most, when would the customer be interested in buying it or what is their reaction towards the competitor’s product; all this can be easily captured. All these important targeted insights allow a marketing professional to perform better.
ML allows you to capture the interest of most lucrative leads
Though, there are a large bunch of people that can fall under the category of prospective leads, but there are some who should be prioritized. Now, this prioritization of leads should also be done based on certain insights captured form the study of the market. However, you should refrain from throwing a wide net to catch the fancy of a large volume of leads would not really mean more conversion or even more loyalty. In fact, you should make effective use of machine learning to only use your digital marketing investments for reaching out to the best of leads. Also, marketing experts should focus on long term successes, rather than just conversion from a particular ad.
For example, say your company have recently launched a new line of cold press juices. Now, you are planning to run ads for the same. Now, would you like your customers to only order for a new bottles or would you like them to subscribe? You would obviously want them to subscribe for the juices for a longer period. Therefore, here, your approach should be to first target fitness freaks or health conscious audience, who would be more interested in opting for the subscription.
Know how to use ML but not sure how to leverage it?
New technologies like Big Data and Machine Learning are useful for marketing purposes but there are certain apprehensions linked to the effective use of such technologies. The most common of them is that marketing professionals are not clear about how to use Big Data and ML successfully. Firstly, marketers have to realize that the main motive of Big Data consulting company is absolutely not to look for it, but what to do with it so that it turns out to be useful. Therefore, irrespective of the volume of data you hold, you need to hire ML experts, who know how to churn useful information from the Machine Learning algorithms. Also, you need to have the best of tools to make sure that ML is applied successfully. Only when you are decently equipped you can get targeted insights which will help you understand almost everything that you want to know about audience.
Marketing professionals are able to determine the exact leads who would like their products and services the most, and are also able to dive deep into the interest areas due to the effective use of machine learning. The marketers are able to identify the target audience, and hence, they are in a better position to conceptualize personalized communications. The use of ML in the field of marketing looks very bright, and it is only expected to grow in the near future.