Machine learning may seem a very distant thing to you, but it is everywhere in our lives nowadays. From the invention of Artificial Intelligence to date, individuals and businesses have put their faith in Advertising Artificial intelligence for making their lives easier and keeping track of their business issues.
Like all other industries, machine learning and artificial intelligence have changed the marketing industry drastically. The impact on the handling of Data has faced a major change in the last couple of years.
There is a trend of trusting computer algorithms more than humans in this field. Before talking about the impacts on the marketing industry, let’s learn a bit more about AI and machine learning.
What is AI?
Alan Turing, the father of Artificial intelligence, raised a simple question, “Can machines think?” And that simple question possibly founded the idea of AI.
It is the branch of computer science and technology that’s constantly aiming to answer Turing’s question in affirmation. It aims to create computers with human qualities like reasoning, understanding, analyzing, and thinking.
Just like humans learn things and adapt to new situations, AI learns and adapts things in the same manner, and that’s where machine learning comes in.
What is Machine Learning?
Machine Learning is a section of Artificial Intelligence and Computer Science that specializes in the use of algorithms and data to imitate just the way humans perceive something, learn and adapt, gradually improving the accuracy of the system.
Machine learning is an important part of the ever-expanding field of data science. Through the use of statistical and mathematical methods, algorithms are trained to make predictions or classifications, uncovering key insights within data mining and marketing projects.
Impact of Machine Learning on the Marketing Industry
The technological advancement of Machine learning has made a huge impact on the marketing industry. It has already changed the course of marketing for big corporations. However, small businesses still can’t afford the huge operating cost of Artificial Intelligence.
The most visible impacts of machine learning on the marketing industry are:
- Data Analysis
AI and machine learning together have changed the whole perspective of data analysis. It has made the work fast and reliable. As it has replaced humans from the field of researching and data sorting, the work has become more systematic and technically organized.
- Forecasting
This is one of the best things machine learning could offer to the marketing industry. Also, it directly affects the manufacturing industry as well. Forecasting is the ability to identify the market trend.
It means machine learning algorithms can identify in which way the market is going and what will be the next trend, and what will be on-demand.
- Targeting
Machine learning has made a budget-cut on targeting based advertising by classifying consumer groups for different products. In simpler words, it uses the predictive targeting method to advertise something.
You may have noticed how accurately you get a recommendation from Amazon; this is the gift of machine learning. Also, the use of machine learning in the marketing field has opened up two other things, segment marketing and trigger marketing.
- Satisfactory Customer Experience
Around 56% of the big corporations use machine learning for their customer service experience. It has particularly revolutionized the online shopping experience. From guiding you to choose the right material for you to providing excellent customer support, machine learning does the job quite efficiently.
- Reduction of Employee Cost
Machine learning has made the job easier for businesses, especially in the marketing field. Imagine a big company that provides customer support. Can you imagine how many employees do they need to run the service functionally? And what could be the cost of employing a huge number of workers?
Machine learning has not only made the job easier and better, but it has also saved a lot of money for the corporations.
- Content Optimization
Content is everything in today’s world. If any company wants better sales, then they need to optimize their content regularly with the market trend and social changes. Machine learning does this job quite excellently.
It is mostly done through the A/B testing method. Whether it is a Facebook ad, Instagram post, or WordPress blog, this method allows the marketing team to experiment with two/three types of content before finalizing one. Machine learning has made the job easier and faster than before.
- Personalized Marketing
Consumers want the corporations to care for them individually. With machine learning technologies, the whole language of customer-corporate bonding has changed drastically. It has become more personalized and effective than before.
Marketing norms have hugely changed with the introduction of machine learning to the industry.
Conclusion
As you can see, machine learning has changed the marketing scenario singlehandedly. But, I do not think that it can replace human qualities. Only good coordination of human experience with machine learning qualities can make a revolution to your business.