Marketing in new era
Now that customers expect speed and hyper-personalization in all aspects of their lives, marketers must find creative methods to match those expectations while still maximizing their resources. Marketers are looking to artificial intelligence and machine learning to do this. In fact, a new phrase has been coined to describe this phenomenon: “AI Marketing.”
AI Marketing, as seen in these instances, uses technology to collect data, generate consumer insights, forecast next best actions, and make automated marketing decisions. If you want to boost revenue, cut expenses through efficiency, and increase client engagement and happiness as a marketer, AI marketing can help you do all of that. The use of AI and machine learning in this area can be applied both at the macro and micro levels. At the macro level, you can deploy AI and machine learning models to understand how your entire customer base segments into specific buying groups. At the micro level, you can predict a product’s lifetime value and associate it with individual customers. This micro-level data analysis helps you determine which customers or prospects are the best to pursue with which products. Accumulating data from these efforts only helps to make your models stronger and more accurate.
Application of AI marketing:
marketing data management, customer intent, and opportunity and purchase prediction.
1. Marketing Data Management
AI and machine learning may be used at both the macro and micro levels in this domain. At the macro level, you may use AI and machine learning models to determine how your whole consumer base is segmented into various buying groups. You can anticipate a product’s lifetime value and correlate it with particular consumers at the micro level. This micro-level data analysis assists you in determining which clients or prospects to pursue with which products. The data gathered from these efforts will only serve to strengthen and improve your models.
2. Intent of the Customer
Statistics and data scientists can predict consumer interests and intents to engage and purchase from your organization based on data collected about each customer’s encounters with your brand, website, or employees. These inferences might be useful in positioning the correct goods to clients at the right moment.
3. Prediction of opportunity and purchase
Predictions can be used in marketing as well. AI or advanced statistical analysis can also help predict event attendance, the number of people who will take advantage of a special offer made on your website, or the number of qualified leads who will proceed to purchase.
These are just a few of the key areas of marketing where AI and machine learning techniques can be used. As you delve deeper into this world, you will discover that opportunities abound, particularly in assisting marketing in streamlining the numerous decisions they make each day.