Increase ROI on marketing efforts through machine learning and AI
Machine learning and Artificial intelligence (AI) helps marketers to better understand customers and improve customer experiences. Machine learning and AI can be used in marketing i.e. for customer predictive analysis and to design customer journeys more individually and targeted, that to increase ROI on each individual customer contact (to target market initiatives better for individual customers.)
Big data analysis
Machine Learning and AI-based marketing starts out with checking the availability of what kind of data the company has. With that starting point you need to get experience with using advanced analysis techniques where you will reveal insights in customer patterns and preferences from big data oceans (Data Lakes)
Combining various internal, partner and external sources by APIs is key, always with privacy and compliance with regulations such as GDPR on your mind.
“Overall, the use of machine learning and AI in marketing is a matter of staying competitive including using your marketing budgets effectively and wisely,” Baumann says. “Humans make decisions and take actions based on knowledge through learning. So does machine learning and AI. In a perfect world, machine learning should enable humans to make better decisions and take actions.”
In terms of marketing, these actions can be to gain greater customer insights and find new and smart ways of grouping them for the next step to optimize their customer journey and make the customer more happy and profitable. Last but not least, happy customers are loyal customers and talk positively about you.
By analyzing customer journey insight, you can optimize your omni channel efforts and maximize your ROI without wasting budgets on efforts with no effects or losing customers through annoying campaigns. Also, you should be able to predict and address customers’ future needs and behavior.
“Marketing will be able to have the necessary proof of ROI and are much more prepared to justify their marketing spending towards the CFO and the management” says Baumann.
Machine learning/AI digital ecosystem
“There are many tempting solutions on the market,” Baumann says. “But we strongly suggest you first see what and how you want to incorporate machine learning and AI in your future marketing incentives, build then your own machine learning and AI digital ecosystem with a holistic view to achieve applications to work perfectly together. This will most likely enable you to get even more out of your data and machine learning/AI investments in a long-term perspective.”
Fortunately, you do not have to start from scratch with programming. Although machine learning/AI use is in an early phase, there are many applications available on the market. Users of mission-critical public cloud services (AWS, Azure, Google Cloud) already have access to such applications that can be set up with the help of Basefarm data science engineers.
Big data consulting
Find undiscovered secrets in your data and on the web: intelligent algorithms provide you with unique knowledge about your customers and your business.