Thanks to the power of Machine Learning (ML), big changes are afoot in the marketing world. In fact, the impact has been powerful enough to convince the majority of leading influencers that the future of digital marketing will consist of human marketers working in partnership with machine learning-powered automation. The team at Computime Software examines the ways in which the marketing field can benefit from machine learning.
Machine Learning – Explained
It was Arthur Samuel, the American pioneer in artificial intelligence, who coined the term “machine learning” back in 1959. It refers to a field in computer science which focuses on giving computers the ability to “learn” by using statistical techniques, thus making predictions based on patterns found in data. If a computer program can improve how it performs a certain task based on past experiences, we can say that it has “learned” – as opposed to a program which can perform a task because all its parameters and data were defined beforehand.
Thus, the insights provided by machine learning are brought about by the objectivity and power of computers, allowing us to determine how new data can predict results accurately without human bias and at a much faster rate.
The Impact of Machine Learning Technologies on Marketing
In a previous blog, we had touched upon the power of personalised messaging, and how tailored communication can increase your chances of success and make your marketing more relevant to individual customers. Machine learning makes it much easier to compile and process huge amounts of data coming from multiple sources, including purchase behaviour and responses to previous campaigns. Highly accurate predictions for next best action marketing can be made through the use of computers programmed to perform data mining and machine learning – every customer will be approached on the basis of their unique needs and preferences.
Machine learning applications can also optimise player segmentation, customer churn prediction, and customer lifetime value (LTV) forecasting.
A possible game changer?
Although machine learning remains a complex field, it has now started to be implemented into specialised applications, mostly targeted towards online businesses who predominantly target a high volume of end customers. These applications are bringing about new possibilities by addressing various challenges found in data driven digital marketing through eliminating guesswork.
Contact Computime Software today for more information about AXON, a software designed to give your business a powerful and targeted digital marketing approach in real time. Be sure to follow us on Facebook, Twitter and LinkedIn for more updates!