CEO and Co-Founder of Eulerity, a leading marketing automation platform that automates and optimizes your digital marketing.
The future that business owners dreamed of, whereby they could delegate redundant, mundane tasks, is now here. Business owners can now work on areas of their business that truly excite them. So, what has changed? It’s the introduction of technology that leverages the potential of artificial intelligence (AI) and machine learning to help grow their brands.
The global AI software market is expected to grow to over $126 billion by 2025. Brands are investing time, money and planning efforts into AI, with the most recent wave of ChatGPT and OpenAI helping to solidify automation tools as not a want but a need for any high-touch marketing strategy. In 2016, chatbot tools had a market size of over $190 million but are now projected to reach around $1.25 billion in 2025.
Business owners and executives new to machine learning and its applications may not know the full potential it has for their digital marketing strategies. Based on my knowledge of machine learning from offering a digital marketing automation platform that utilizes the technology, here’s how I see machine learning is changing the world, and how it can change yours, too.
What Is Machine Learning?
Machine learning is a subset of AI that enables computer systems to learn from data and use those insights to improve performance. The technology uses algorithms to analyze data and create models—mathematical representations of patterns, trends and relationships found in the data. The models are then used to predict future data points or outcomes. Leveraging machine learning could take a brand’s online advertising from good to great.
Predictive targeting, for example, involves using machine learning algorithms to predict how customers will make decisions based on historical data like website visits and behavior patterns. The data can help predict whether a given group of people will take a desired action, such as purchasing a product. With this information, you can target individuals through optimized ads and campaigns. In fact, 3 in 4 companies that use AI have witnessed a 10% increase in the sale of their new products and services.
Data shows that 91% of consumers prefer buying from brands that remember them and provide relevant recommendations and offers. Machine learning makes it much easier to deliver personalized experiences, as the technology can track customers’ behavior, learn what they like, and show how their preferences change based on factors like culture, interests and weather. With this data, brands can create personalized ads and offers that engage customers.
Better Product Recommendations
One of the best ways to cross-sell products and push customers further along the buyer’s journey is through product recommendation ads. However, the success of these ads depends on how relevant they are to the customer at any particular time. Machine learning can take the guesswork out of the recommendation process by making the most relevant suggestions. For instance, an AI-powered system can recommend items based on shopping history and browsing behavior.
Enhanced Brand Safety
With 80% of industry experts leveraging AI in online marketing, brand safety is a major concern in digital advertising, where ads can easily end up alongside inappropriate content. Business owners should protect their brands by ensuring that their ads do not appear in the wrong places, such as extremist sites or fake news. Machine learning can help brands achieve this by providing insights into the type of content and websites where their ads appear.
Debunking Myths About Machine Learning
Like almost any new technology, machine learning has its fair share of myths and misconceptions. Here are a few common ones:
• Machine learning is for large companies. The truth is that machine-learning models are highly scalable and can be deployed in organizations of all sizes.
• It takes too much time to implement. While it’s true that setting up a machine-learning system can take time, it doesn’t have to. Many cloud-based platforms offer turnkey solutions that allow businesses to get started easily without needing technical knowledge. If it is taking time, that simply means the technology is working and growing to understand both your brand and customers.
• Brands need a lot of data to get started. While large data sets are ideal for machine learning, companies don’t need an extensive data set to get started. They can often generate insights with smaller data sets and then improve the accuracy of their models over time as they collect more data.
With machine learning’s ability to provide insights and personalize customer experiences, it’s no wonder that more companies are investing in this technology to boost their digital marketing efforts.
Machine-learning solutions are invaluable for digital marketers because they provide crucial insights and personalize customer experiences. While it helps to embrace machine learning as soon as possible, there’s no need to rush the process. Brands should take time to understand how this technology works and adopt one solution at a time.