5 Ways Machine Learning Is Reshaping Marketing in business

The algorithms of machine learning help to find some meaningful data and use actionable techniques to improve their marketing strategies and campaigns. The two common marketing questions which marketers used to ask are “How can I improve my marketing strategies?” and “Where can I get some of the quality leads?”

Machine learning based marketing helps marketers to achieve higher sales consumption and conversion rates because it is based on specific information about customers, which includes their behaviour, purchasing patterns, behaviour and much more.

Optimize content

Content optimization is one of the essential aspects of SEO that helps to increase visibility in organic search. Content that used to get a lot of clicks helps to contribute to a better position in the search engines and drive more traffic to a website.

Machine learning and Artificial Intelligence helps to reveal what content performs best, whether it is email subject lines, article images or headlines. For example, it may find that one-person images work better than group images and prioritize those results.

Develop new products and services

Machine Learning and AI algorithms can help to tailor some of the new products and services in a more accurate way according to consumer needs. For instance, it becomes possible to conduct surveys across the globe with potential customers and analyze the data to deliver a product.

This can help the businesses to identify some of the new opportunities and new products they can develop to cater to a new group of customers.

The same solution can help organizations to deliver different versions or products of the same product to different niche markets. For example, the surveys may indicate that drivers in America used to prefer four-wheel drives, while on the other hand, in Europe, hybrid vehicles are in demand.

With the help of this useful information, a car manufacturer would be able to design a suitable vehicle for the European and US markets.

Recommender Systems

True or false. At a time, when a friend recommends a book to you that you fall in love with or a restaurant that you enjoy, it endears you to the friend and makes you feel understood and comforted.

If you have given the answer as true, then you understand the genius method of the growing use of recommender systems by companies like Audible and Netflix.

Recommender systems use the algorithm of machine learning to analyze a customer's past experience so that they can predict future preferences on services, products or entertainment. By Netflix allowing you to set up different profiles, they are able to personalize these recommender systems to your specific viewing preference, leaving out your spouse or child’s viewing history that would skew the data.

Recommender systems help the customer's to read mind by figuring out what they like and what they are most likely to do. By having a system recommend different set of things to you, they are improving your customer experience and increasing your loyalty to their brand.

Optimize prices

Dynamic pricing has already been around for some time and is often used in the travel and hospitality industries. These industries used to provide flexible pricing based on customer demand and market conditions.

Increasingly retail businesses are also employing flexible pricing options thanks to having the data which they need and machine learning models to analyze it.

Price elasticity is determined for each product by factoring in elements such as customer segment, sales period, product positioning and much more. Machine learning models can also help to identify which customers are likely to respond to the offer of a discount.

Responsive Customer Service

You have a very useful, customized and Quality product. But that is not enough to make your customers satisfied and happy.

Quick and responsive customer service is something that you cannot ignore. If you have a well-tailored service and your ROI remains stagnant, then your customer support is the one to blame.

It is time to change your approach to responding to customer queries. Studies found that around 81% of the customers used to prefer live chat. It is of no surprise as live chat is available 24*7 and does not have a long customer waiting time.

If your method of communicating to your target audience does not excel in this department, it is good to invest in machine learning-supported chatbots.

Conclusion

Wrapping up, it is clear that AI and Machine Learning are the way to go for business marketing. It is a new trend that has sparked criticism, both negatively and positively, and is still growing across the various technological advancements. Moreover, the sky may not even be the limit of this technology.

When you are ready to move forward with this latest technology, refer to this list to help you determine the best ways to improve your marketing strategy.


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