How Machine Learning Can be the Marketer’s Goldmine to Personalization in 2020?
Machine Learning Popularity in Market
We’ve come a long way since the time that physics was used to solve every little detail of the world. Solving complex problems meant getting down to its physics of the problem, using the existing bases to make projections in a higher-dimensional space, then finding new bases in this space and basically getting back to the original space with a new set of bases. This process took the entire lives and careers of researchers and transformed several aspects of life. Be it recognizing speech or other parts of the patterns, it was an intensive research and development process to find answers to questions that seem trivial now.
Machine Learning and Problem Solving
All thanks to the cutting edge technology of machine learning, which has made finding answers to one of the most difficult questions possible without going through a complex set of mathematical computations oneself. Different algorithms in machine learning make lives easier. It also helps to find a different set of solutions that can be compared with one another, only to find out the best learning algorithm.
The extent of the popularization of machine learning has increased too many folds in the past few years. Researchers have started using it in a plethora of fields ranging from healthcare to education, medicine, and economics along with the business. While it is helping reduce the problems solving time in each and every field, it is also speeding up the exiting processes and helping humans find more accurate results.
In yet another instance, machine learning is changing the way humans make decisions. For the longest amount of time, humans made decisions based on their intuitions and all that they felt was right. This meant overlooking some facts that were right in front of them. But, with rapid unpredictability, this process of decision making is bound to fail, no matter what.
If we look at the market closely, we will find that there is a dynamic shift taking place in the market right now. This is reflected in the market by changing customer behaviors, rising demands along with increased customer expectations.
Changing Dynamics of the Market and Machine Learning
So, until organizations and enterprises are guided by more than just intuition there is no way that they can succeed in the market. Thanks to technologies like machine learning, making decisions is becoming much simpler and hassle-free. And that’s because ML presents a picture that is backed by data, so when it combines with business intelligence, organizations have a scenario where they can weigh different situations based on the actual real-time data.
When this happens there are more than a few possibilities that open for business. For example, not only can a business make more accurate decisions about their processes but also about the products and services that they will deliver to the customer. If you’re wondering why this is important, it is imperative to understand the psychology of the customer. That’s where the practice of implementing machine learning for marketing comes into the picture.
Marketing in today’s world has evolved from just getting your product out there to establish a relationship with the customer. Just like any other business decision, marketing can be no longer guided by intuition, but rather hardcore data. When customers interact with businesses in one form or the other, they generate data points. All these are collected by businesses and using the simplest machine learning algorithms, their underlying statistical patterns can be uncovered. All this can help in understanding facts about the customer such as when will they purchase a certain good, what is it that they are looking for, what are their underlying likes, interests, etc.
The Age of Personalization
Changing customer demands strongly suggest that they no longer want to buy products from a brand that works for the masses. Instead, they want someone who speaks directly to them and fits their need and demand adequately. Researchers are therefore trying to harness machine learning for the good of that includes the personalized content and works in the areas of lookalike modeling, churn analysis, cross-sell/up-sell analysis, and many others.
The report by Forrester last year on machine learning suggests that businesses from all over the world are all onto machine learning because that’s the only way of understanding such varies and changing customer demands in today’s market scenario. It is also the only way for them to satisfy millions of users with their smart and personalized campaigns.
The potential of machine learning to plumb in the depths of the data aids in understanding the customer from a contextual point of view and helps in designing the hyper-personalized marketing campaigns.
Today, there are more than a few organizations that have realized ML development services as a potential for their marketing strategies and are implementing it single-handedly for efficient personalization campaigns. Adobe Target, let’s say applies artificial intelligence for scoring, segmentation, and personalization, among others. This is only the beginning of the manifestation of machine learning for business. With time, even more, processes will become uncomplicated and the scenario is the market will become more customer-focused.