AI is now more accessible than ever, allowing brands both big and small to benefit from the insights and automation options it provides

It used to be that only big businesses with plenty of budget were able to harness the power of Artificial Intelligence (AI) for marketing. However, the technology has come so far and has become a lot more affordable, meaning that today, even smaller companies can access AI.

Any company that operates online is now able 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.

With this in mind, where should your focus lie when it comes to using AI for your marketing purposes?

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.

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

RACE-machine-learning

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.

If you are looking to garner the approval of key stakeholders to launch a Machine Learning or AI project in your business, it’s important to link it to business objectives. We recommend using our RACE Planning Framework to illustrate how the range of Machine Learning and AI options can help increase customer value and retention.

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