Gone are the days when marketing was limited to advertising. Today, marketing success is based on multiple factors such as branding strategy, informative and quality content that draws the attention of your target audience, behavioral economics, and so on. Marketing never fails to adapt to the latest technology. Today, visual content is becoming more powerful than text-based content. The videos, infographics, and other visual multimedia content are considered effective content marketing strategies. But, what catches the eyes of the audience is the impact of Artificial Intelligence and Machine learning on marketing. Let’s discuss how exactly machine learning is influencing the current marketing scenario.
By now, everyone knows how machine learning helps reduce the workload of human by making the machines process a large volume of data without human instructions. But the question is how machine learning is revolutionizing marketing? Today, marketers have already embraced machine learning to comprehend, anticipate, and finally find a solution to their sales prospect issues before the competitors. Machine learning has already changed the way marketing was done. From contextual content to marketing automation, it seems like machine learning has taken the speed and accuracy of the entire marketing process to a whole new level. In the current times, the powerful marketing sectors depend on the strong set of Key Performance Indicators as well as analytics to find out their growth towards customer development objectives and the annual revenue. Here is how machine learning can change the future of marketing:
Improves Customer Experiences and Growth
There are about 55% of the business executives who think the major improvement that AI and machine learning can have in the marketing department will be the improved customer experience and growth. The other 44% marketers believe that machine learning will help companies to improve their products and services. CMOs, the leading adopters of Artificial Intelligence and Machine learning are planning and introducing the latest marketing strategies to deliver amazing customer experiences. In addition to improved customer experience, marketers that adopted this latest technology have found a significant amount of improvement in their selling and serving mechanism.
Machine Learning Helps in Price Elasticity
According to analysts’ prediction, both AI and Machine Learning can boost sales effectiveness by the end of 2020. In the same year, Ml will speed up the optimized message targeting efficiency as well as real-time customized marketing across digital platforms. What else? Everyone knows that it is the pricing policy of the company that can either make or break a brand. More and more marketers have started to embrace machine learning in order to implement a competitive pricing strategy. The machine learning applications have enough potential to optimize the prices of almost all types of products and services including the services offered by airlines and hotels.
Text Extraction
It is no more challenging for marketers to determine how exactly the customers respond to their brand or services. By adopting Machine Learning, marketers can obtain relevant content form articles, news, descriptions, and other online sources. ML helps companies know the customer’s requirement and the elements that can alter their buying decision. Now the good news is if you are a tech-savvy marketer, you can create your own machine learning algorithm with the help of APIs and extract the information from web news, articles, and other content.
Dialog system for chatbots
One of the major attributes of AI and machine learning is advanced chatbots. The complex dialog systems help chatbots answer the complicated questions, solve user’s queries, and act like a human agent when necessary. The chatbots and bots are already embraced by most of the renowned companies to engage clients throughout their purchasing cycle i.e. from the time they discovered the particular product to the time when they have purchased the product and need customer support.
This was how machine learning is expected to change marketing. It is assumed that in the coming years, machine learning will make it easier for marketers to add a considerable amount of contribution to their revenue and provide a better experience to the customers.