Machine Learning helps businesses to become smarter, savvier, and more informed and updated through automation. Machine Learning techniques help solve a host of diverse problems, and the businesses face a better deal as we veer towards the concept of hyper-converged data, channels, content, and context.
For the current marketing team, Machine Learning is all about finding pieces of predictive knowledge in the waves of the unstructured and structured data using them to your advantage. The ability which is required to respond quickly and accurately to the changes in customer behavior is crucial today and in machine learning.
Today, we are going to discuss the ML technologies that are being used effectively and efficiently, and it’s potential across the business.
What is Machine Learning?
Machine Learning is the application of artificial intelligence (AI) that can automatically learn and improvise from experience without being explicitly programmed. The machine learning aims at the development of computer programs that can access the data quickly and use it to learn for themselves.
The process of machine learning had started the observations and data, such as examples, direct experience or instructions, to look for patterns in data and make better decisions in the future based on the standards that we provide. The primary objective is to allow the computers to learn on their own without any human intervention or assistance and adjust actions accordingly.
The Emerging Machine Learning Technologies:
The machine learning has already made its way in healthcare, fraud detection and PayPal leveraging the fight against money laundering, and both new and emerging machine learning technologies are all set to make its impact in the realms of marketing.
IBM WATSON is the supercomputer that combines the super analytical software with Artificial Intelligence and this is a fully-optimized question-answering system- and it processes at a rate of 80 teraflops (trillion floating-point operations per second).
Using a sophisticated algorithm, a spark is a platform that can specifically recommend suitable candidates for vacant roles. Through the host of requirements, characteristics, and preferences. The embedded application in spark speaks to the other software and returns the best candidates to companies accordingly.
Again a machine learning solution the Kafka apache allows the brands and the businesses to build real-time data streaming applications to carry out the crucial functions or interpret information from different sources. At present, it is used by LinkedIn to handle more than 1.4 trillion messages per day, improves efficiency and helps them in critical decisions based on insightful data.
Machine Learning is not only for digital-first Companies.
According to the study, chatbots will power 85% of the customer service interaction by 2020. We all know that through the prevalence of machine learning in the business world, the preference of Netflix, among others, is investing heavily in ML technology intending to increase customer engagement.
But this cutting edge technology is no more exclusive for AI researchers and the other digital companies like Google and the Amazon. If effectively used, it can leave its mark on the major areas of the marketing big data ecosystem in 2018.
By democratizing the utilization of crucial data and analytics, providing staff in the front line as well as those in the marketing and the technical roles with the required necessary skills, the business leaders will not only be beneficial from Machine Learning technology but also help encourage adoption throughout the business.
Why is Machine Learning Adoption Crucial?
Automated data visualization
Do you know that 90% of the entire world’s data is generated in the last two years alone? The ability to visualize the relationships in the information not only helpful in creative decision making but also builds and enhances confidence. Moreover, there are a variety of tools that provides precious snapshots, which can be applied to both the structured and the unstructured data. But with the development of machine learning, we expect to see more user-friendly data automated visualization platforms and widgets that are majorly interpreted through machine learning and increasing productivity in the process.
Content Management & Analysis
The compelling way to encourage brand loyalty, drive engagement, and forge long-lasting relationships is by establishing meaningful conversations with your target customer base. As brands and the business aims to engage in the more valuable dialogues with their clients, machine learning would be crucial in analyzing specific words, phrases, idioms, sentences, and the content format that resonate with the particular audience members. The current year and beyond the machine learning will prompt a progression in the lexical analysis also allows the marketers to personalize their particular content at a campaign as well as a personal level to improvize the engagement.
Incremental Machine Learning
With the utilization of large and complex data, machine tools can also develop their abilities continuously, helping a business in becoming smarter, savvier, and more informed through automation. At present, the machine learning platforms interpret the somewhat limited data, but as the incremental machine learning progresses the solutions would be created that allows new developments and the layers of data to rolled out in real-time resulting in improving the capabilities and the marketing execution.
How machine learning helps companies improve and enhance marketing efforts?
1. Enhance the customer experience
The machine learning can enhance the customer shopping experience. Moreover, the studies show that 57% of executives believe that this is the area where machine learning could be more beneficial.
And it can be done in several ways such as:
1) Guide the purchasing journey, making personalized product recommendations to help the customer find whatever they are looking for.
2) Ensure that the online stock never runs out of stock. Or they provide the alternatives if the stock is minimum.
3) 24-hours customer support service.
4) The increasing popularity has forced many eCommerce companies and solo entrepreneurs to put machine learning to better use in improving the customer experience.
2. Create New Revenue Streams
Digital marketing in today’s modern world is all about the data. And because of a large amount of data available, it’s common to see the marketing becomes the priority for many organizations as it has a direct link to increasing revenues.
The retail giants Amazon has harnessed the power of machine learning like 35% of their annual revenue generated through personalized product recommendations.This marketing prophecy is something that many marketers have been working towards for years before machine learning came into existence. With data insights in hand, decision-makers have more ideas and ability to predict the customer’s wants and needs, before they even are aware of what they want.
3. Develop more products and services
In the digital era, people have become more accustomed to shopping in many innovative and streamlined ways. As a result, their needs and expectations are higher.This offers more opportunity for companies to tailor their marketing strategies specifically for the niche groups in their industry, or even with their customer base.
Many companies are already well on their way in this regard, developing new products and services which are mainly based on the findings from machine learning software.In terms of marketing, this project may change the landscape of voice search applications, which is expected to enhance and grow considerably shortly.
4. Content Optimization
Artificial Intelligence and machine learning are significantly different, even though they are mentioned in the same breath. The machine learning does not try to outsmart instead focuses on analyzing the problems and finds a way to optimize them. Moreover, A/B testing is a popular way that many marketers practice this. Be it email subject lines, Facebook and graphics headlines, the A/B testing helps the market to try out various options and also garner the results to determine what better suits their audience.
This process of using machine learning in marketing has proven to be valuable with segmented marketing campaigns. Companies here can make the use of feedback to offer more relevant and targeted content by collaborating with the machines to optimize the content.
5. Improve Personalization
People at times need the brand which can take care of them. So much, that approximately 50% of the people are likely to switch to the brands in case, they feel that the company is not enough efforts to personalize their messaging. The fact is, Amazon’s success with eCommerce personalization is built upon machine learning. They harvest the enormous reams of the data on their client’s online behaviors, interests, past purchases to tailor the online shopping experience.
Everything is personalized, from the emails to the product provides, along with every touchpoint in the buying journey. Machine learning helps to create the more human experience. Though, this is an irony. eCommerce personalization helps the customers feel important, through the experience carefully crafted to cater to the needs and requirements of the customers. This promotes loyalty. And customers will trust and rely on the brand they feel they are being listened to. Additionally, researchers say around 44% of the customers will return to make future purchases after having a personalized shopping experience.
What can we do about it?
In the end, we can say this is excellent news from the bottom line of any business. With more targeted and optimized content and astute analysis of data insights provided to them. Companies using machine learning in their marketing strategy have more chances to stand first in the queue and to gain a lot going forward.
In the world of digital transformation, there ain’t any doubt that machine learning and Artificial Intelligence are massively important and gaining momentum in the future of business.
You can hire a well-established company to build this for you, once you have planned the project and raised the amount. We, at Matellio, have full-stack expertise, hurry! Get in touch with our team, and you can take your business to new heights.