All companies that operate have options to apply publicly-available algorithms to their site or make use of off-the-shelf machine learning services.
- This means that it is easier than ever to gather useful insights and create prediction models based on the behaviour of their customers.
Generative AI for copywriting including ChatGPT
The opportunities for using AI for marketing are many as summarised by our lifecycle visual showing 15 opportunities across the customer lifecycle. These opportunities have been available for several years. However, the launch of chat GPT by open AI in 2022 greatly increased interest and usage of AI in marketing as it became available to many smaller businesses to support copywriting for campaigning always-on Activities. We have several blogs on this shown below and our Quick Win for Premium members: How to Use ChatGPT for Marketing
Machine Learning for marketing
- When looking realistically at how AI can be applied by the majority of businesses to aid marketing, it's easy to see that the focus should be on Machine Learning.
- Machine Learning involves the analysis of historical data from various business interactions with audiences, as well as the audience responses.
- This data will allow for the identification of the success factors of your communications, including targeting, offers, copy and frequency.
- You can then use this learning in future campaigns in order to increase the chances of success.
Predictive analysis insights for marketing
- Algorithms for Machine Learning generate insights via predictive analytics, it is then up to teams and individuals to action these insights or to define rules that allow your AI to act on them.
- For example, you can define a rule that establishes when to send emails aimed at re-targeting your audience, giving you a better chance of a higher ROI.
- Utilizing predictive analytics has been found to give consistently better results across a number of important metrics.
- For businesses using predictive analytics, both the average profit margin per customer and customer lifetime value is twice as high.
Applying Machine Learning and AI across the customer lifecycle
- There are many opportunities to deploy AI and Machine Learning throughout marketing. Our visual shows the wide array of applications for Machine Learning and AI for marketing, all of which can be put in place today.
- None of the technology is speculative or on the horizon, these are current marketing techniques already being utilized by many successful companies.