The digital exposure to business brings an influx of data to digital marketers. This data reveals to them the preference of their customers and makes the grouping of users possible. However, an increasing amount of data makes manual data decoding, grouping inconvenient and time consuming. Thus, the importance of machine learning is an absolute necessity of marketers in today's competitive world.
What is machine learning?
As technology is advancing with every passing day the dependence on artificial intelligence is increasing. Artificial intelligence enhances machine learning by helping computers to analyze and interpret data. There is no need for explicit programming to perform with further accuracy.
Machine learning is the tool that helps to target audiences and boost customer engagement among marketers to focus on hidden patterns. Businesses need to exploit the potentiality of artificial intelligence in their marketing spree if they want to stand out from their competitors. If you own a business and surely want to boost machine learning, here are certain ways machine learning is dominating the market.
Reveal recent trends
Machine learning with the support of artificial intelligence is capable enough to decipher social and cultural chatter. In 2017, Ben & Jerry's, the ice cream giant, launched a range of breakfast flavored ice creams in the market based on its market study through the means of machine learning. Amazon has been grabbing more market share with its Amazon Web Services (AWS). Even Netflix makes use of the past viewing data to decide what type of content is in popular demand in the market and accordingly hit the market.
Analyzing popular campaigns
Machine learning helps in a better understanding of campaigns. In the last few years, brands like Sephora have implemented email marketing strategy by sending customized streams of email after analyzing purchase patterns of their most loyal customers. Sephora claims that this strategy led to almost 70 percent increase in productivity. Other bigger brands like Mazda, Ben & Jerry's have also recognized the positive impact of machine learning in terms of ROI and engagement rates.
The next space is for the influencers. Companies should take time to carefully choose influencers for their brand. It would help them launch their products and services on the global platform. Businesses need to look through several social media posts for different indicators and make sure that posts link directly to the brand.
Here, hiring influencers would mean the influencers work as brand ambassadors to promote the brand's products and services. Their posts on social media like Facebook, Instagram and Twitter using "#" would help reveal their personal experience with the company. This is an innovative way to target a campaign that would ensure the company's reach out to a larger number of audiences, promoting the company's brand.
Businesses need to understand that machine learning and artificial intelligence are not the same. Machine learning is no better than human intelligence, it perhaps focuses on problems and helps to resolve them. They practice A/B testing by trying out different methods that suit their audience better.
Improve customer experience
Machine learning results in its utmost when it comes to customer experience. While users are shopping online machine learning stores every preference and searches in its records. Later, it uses the records to offer recommendations on the basis of personalized products. Companies would be able to remain relevant to their products and services and update them over time. Data insights are certainly growing valuable, maybe more than ever.
Gartner research projects reveal in the coming years 75% of the companies will be investing in big data. As per the International Data Corporation, the hype around artificial and cognitive intelligence is so much that by 2022 the systems are expected to touch $77.6 billion.
Businesses which are still not accustomed to using machine learning will have to prefer it for its immensely useful characteristics. And as machine learning is a cost-effective mechanism it will interest companies to swim in the flood and tailor-made services for their customers.