Artificial Intelligence is making the world go topsy- turvy with its range of benefits. It is now being used in the cars that drive themselves, computers that can help to detect cancers, homes in the form of smart locks, thermostat, speakers and digital assistant. The ever-increasing applications of AI have also created a shortage of qualified professionals in this field. Though the schools are developing new course curriculum by adding such classes and are trying to develop new programs to accommodate the demand, still there are only a few potential personnel who are trained in it.
Even the brands are using this technology to improve their customer base and to add authenticity to the product. But before that let’s learn what machine learning is and how it can be used. Machine Learning is a part of artificial intelligence which empowers the computers to analyze the data and make accurate predictions out of it. This technology entails several tools that help the brands to analyze the content, keywords, and phrase, which can be used to attract the target audience. Based on the information, the brands can create personalized content and this information will further help the marketers to become more efficient and effective in nearly every aspect.
Here, in this article, we have illustrated 5 ways where the brands can use this technology to boost their marketing campaign.
1. Data segmentation-
Data segmentation can eat a major chunk of your time if you are trying to do it manually. But with the help of predictive analytics, you can trim down the guesswork, identify the user segment and have real-time information of your user base. This ensures that every user will get the personalized at each stage of their journey with you.
2. Help to detect the customer churn-
Machine Learning has various tools (predictive analysis, cohort analysis, customer lifetime value, churn modeling, response modeling, attrition modeling) that can help the brands to detect customer loyalty towards their business.
The automation has made it possible for the brands to calculate the churn rates and subscribers who leave the business after a specified time interval. The tools also help the brands to measure the customer satisfaction rate which is an important benchmark for the growth of the business. It also helps to keep a vigilant check on customer delight with the product on mobile. For example, with help of these tools you can get reliable information about when did the last time the customers signed into their profile, when did they make the last purchase, did they perform research and then purchase the product or they made an impulsive buying decision, the trends that followed after a year. Machine Learning Tools can help to analyze the data at a large scale.
With the help of this information, the brands can predict the churn and take preventive steps in order to curb it.
3. Help the brands to crack down the fake products-
Recently, a startup company used this technology to crack the whip on fake products. They made it possible through the neuro tags. These tags are algorithm protected tags, where one among them is open and other is protected. The open tag is easily visible by anyone on the smartphone and closed tag can be accessed by the person who has purchased the product.
The tags are monitored and protected by the algorithms and artificial intelligence and in this way, if anyone tries to duplicate the tag, it automatically gets invalidated. Though there are various other technologies like RFID and holograms that were construed in order to eliminate counterfeit products and discourage the fake manufacturers, no one of them has been able to nip the evil in the bud. Still, we have seen many cases in the pharma industry where the packaging of fake medicines rules the roost. RFID technology is not a pocket-friendly option too. But with the advent of artificial intelligence, the brands can easily track their products and keep a check on the counterfeit products too.
4. To create the right fit for the product-
Machine learning and its tools can be used to find the perfect fit for the product. For example, one of the important goals of the business is to detect the customer and identify their needs and define their value proposition and testing the products on different customers, AI has several tools like audience segmentation and natural language processing that can be used to produce significant results.
5. Helps the brand to overcome overall challenges-
The brands face several challenges in the form of frauds, there are several AI techniques that can be employed by the brands to create strong systems to avoid the mishap. The techniques are widely employed by the big financial corporations to understand the credit default patterns of the customers and based on that they take remedial action. AI has an excellent feature of pattern recognition that can be helped to detect the data on how to reduce the NPA in the financial scenario.
In the end, we would like to conclude that both small and big businesses can have a sigh of relief because with the help of this technology and its tools can help in better lead management. In fact, there are several companies who have developed the bots using this technology to create personalized interactions with the customers and these bots smartly look up to the data and based on that accurately converse with the customer. This technology is completely revolutionizing the marketing area of the small business. There are other machine learning tools that can be used to improve customer awareness, to manage the customer expectations by analyzing the different problems. These techniques further help the businesses to make the decision-making process fast.
There is no denying fact that this tool can be used by the brands to improve the sales of their business, especially where the businesses have limited resources and stricter deadlines. Apart from that, these tools help in employee engagement too. There are several tools that help the employees to communicate with the HR with regard to policies and decision taken. It is a blessing.
About the Author
Ankit Patel is a Marketing/Project Manager at XongoLab Technologies LLP & PeppyOcean which are offering top-notch web and mobile app development solutions globally. As a hobby, he loves to write about new and upcoming technology, mobile & web development, business & marketing, and programming tools.
Empowering Your Marketing Campaign with Machine Learning