Data is the number one reason why digital marketers have a huge advantage over those that traditional marketing channels. I have noticed one common theme among them. They have constantly found that intuition doesn’t bode with reality. They may think that a strategy that they took would work very well, but then discover that their data shows something very different. They live by the principle that you should always “build strategies around your data.” This is true and Mariya Yao, CTO of Metamaven, and Co-Author of “Applied Artificial Intelligence” states that machine learning is playing a very influential role in the future of digital marketing. Unfortunately, data can be very difficult for even the most astute marketers to analyze. This is why it is often best to allow algorithms to either automate the process or provide actionable feedback that would have otherwise been overlooked. Machine learning is changing the process in ways that we never envisioned before. This isn’t hype. It is a fact. One study by QuanticMind found that 97% of industry leaders believe machine learning is the future of their profession. Machine learning has had significant impacts on the marketing world. Here are a few of the top ways that machine learning has changed digital marketing, and how you can use it to your advantage.
What is Machine Learning and What is its Place in Marketing?
Machine learning is AI or artificial intelligence. Most people think of AI as a possibility in the distant future that will lead to worldwide panic and the end of the human race. But, when you look past the sci-fi movies, you can see that AI is already a part of your everyday life. Data capturing is where machine learning has made its home in the business world. Marketing has always relied on how well a business knows these three aspects:
- Target market
- Current customers/clientele
- Upcoming changes in the industry
How Machine Learning Helps Businesses Understand Their Target Market When you use hot-button words in marketing like SEO campaign management, bounce rate, or PPC most people know how to execute the action. But, getting there is a different story. Without Google Analytics most, businesses would never know their bounce rate or how much to invest in PPC. Machine learning runs in the background of most sites collecting mass amounts of data including keyword searches, time spent on a page, and how often a product is added to a cart. This data allows businesses to know what their target market is looking for, how dedicated they are to the brand or product, and if they’re waiting for sales. Knowing your target market is the first step to successful digital marketing.
Machine Learning Does Investigative Work on Current Customers
Companies aren’t searching your name in Spokeo or using Google Maps to get a satellite view of your home. But they are tracing, tracking, and documenting your data through rewards systems and similar programs. It might seem like an old concept, but machine learning in digital marketing first came about through rewards cards. From grocery stores to retail chains, a rewards card captures the data on ever purchase. Now businesses can know if you and people in your area regularly use cash or card. They also track which email, text message or app delivered coupons are effective. They know who uses what promotions and in which cities. Now, digital marketing can take that information and tailor it to improve your shopping experience.
Upcoming Changes in the Industry
When you look past the smaller picture of an individual company, you can see many overarching trends in digital marketing. A company may benefit from knowing a lot about its ideal customers or even current customers, but every company must keep up with the digital trends in this day and age. Machine learning gives companies a few advantages such as knowing which new social media sites are taking off, and which street trends are making their way into the market. It’s no wonder that by the time Instagram became popular retail chains had already made their presence known.
Machine Learning Is The Future Of Marketing
Machine learning has had a profound impact on the future of marketing. Marketers can use it to automate their processes and boost their ROI considerably. It will be fascinating to see what impact machine learning will have on the future.