Shubham is an aspiring clinical psychologist, who also happens to be a blogger for corporates and startups.
Machine learning is imperative for every business seeking growth. Read how machine learning positively affects marketing and sales of a business.
Machine Learning makes a connection between people and technology better. It makes inanimate objects smarter and capable of administering complex tasks. Research on machine learning is pathbreaking.
In their work published in Applied Physics Review on July 2020, scientists at the Department of Electrical and Computer Engineering at GWU showed that ML can now learn at the take commands and learn new functions from light!
Machine Learning takes the burden away from humans and does complex tasks for them. Tasks that are, at times, too complex even for humans.
This blog will look at how Machine Learning helps a business scale growth by revolutionizing sales and marketing.
Let's look at some of the machine learning market statistics to understand how machine learning algorithms and machine learning market trends help businesses globally.
Machine learning market statistics
Here are some of the interesting machine learning market statistics to look at:
- By 2020, 85% of customer interactions will be handled without a human. - Gartner
- Netflix saved $1 billion in 2017 by using machine learning to make personalized recommendations. - Statwolf
- 20% of the C-Suite is already using machine learning. - McKinsey
- Amazon reduced the 'click to ship' time to 15 minutes. - Wolfstat
Now that you know how machine learning aids market growth and promises more of it, here are six ways how it does by positively affecting marketing and sales.
6 Ways Machine Learning market trends are revolutionizing Marketing and Sales
Here the top 6 ways, machine learning market trends in machine learning algorithms affect mostly all business silos, especially sales and marketing.
1. Improving customer experiences
Customer experience is empirically the most rewarding vertical of marketing, sales, and branding. For instance, how a customer feels across his journey with your business, he is more likely to market your product or services to his friends and family.
Here's how machine learning enhances your customer experience and leverages the power of referral marketing for you.
Disney Parks give out wristbands to their visitors. These smart wristbands learn the location of visitors in the park and suggest activities, and ushers them through the park.
Yelp, the popular review website, is used by millions of Americans to see what others say about local businesses. People majorly rely on the images posted by others of the businesses. Yelp deploys machine learning software to weed out fake images to keep the integrity of the platform.
2. Chatbots for Engaging Customers
According to a 2019 Salesforce report, 58% of users say chatbots have changed customer service expectations. Furthermore,
Chatbots usually take away the load from sales agents and enhance customer experience by providing instant answers to frequently asked questions. It also solves visitor queries and allows the business to convert visitors into customers round-the-clock. This helps businesses to scale up their growth without requiring extra man manpower. But these are not all the benefits of chatbots.
Machine Learning powered chatbots can track a visitor or an existing customer's patterns and dish out a customized experience.
For instance, ML-powered chatbots can recognize a visitor or a customer's patterns like their purchase behavior, geographic area, interests, number of purchases made, and others to give them customized rewards, coupons, and discounts. Additionally, Machine Learning powered chatbots help boost online sales through recommendation engines as well.
3. Machine Learning and Marketing Campaigns
Machine Learning and marketing campaigns are a super potent combo.
Machine Learning helps marketers find the right audience and target them in the right way at the right time.
ML-based software analyzes the most valuable customers of a business based on specific patterns.
AI compares existing customers' data with potential customers to predict the value prospects can bring for the company. These insights enable sales teams to deploy their resources efficiently.
4. Machine Learning and Advertising
Machine Learning takes advertising to the next level. To make advertising effective, businesses and advertisers ought to play with people's perception and attention. Attractive images, rhyming ad jingles, and sounds all aim at capturing people consciously or unconsciously.
For instance, several businesses use the concept of color psychology in their advertisement endeavors. The food industry will mostly use bright red and yellow colors in their ads as those colors incite appetite. Businesses dealing with organic or wellness products use green and white, as these colors are associated with nature and wellness.
Here is one example of how ML allows businesses to affect their patrons' perception and attention through ads.
In the UK, Vodafone wanted to advertise that it works best with iPhone X during the pre-launch time. But, because of Apple's strict brand and copyright guidelines, Vodafone had a hard time mentioning iPhone X in their ads in any way.
They then took respite in Machine Learning technology from GumGum, a contextual targeting ad engine. GumGum scrawled the net to find people interested in iPhones who looked at articles, blogs, and images of the product. It then placed Vodafone ads on and next to these articles, blogs, ads.
5. Price optimization
Along with speed and automation, there are several advantages to using Machine Learning to optimize prices. Here are some of the major ways.
- Machine Learning models can take into account a gargantuan number of products across the globe to optimize prices. This is a daunting task if done manually or even with basic software.
- Machine Learning can help businesses gauge rising customer needs and demands early on. This allows them to create attractive price tags.
- Machine Learning can continuously crawl the internet to garner valuable information on what is happening in the market to allow retailers to have more information than their competitors to give out better prices and sales deals.
6. Content optimization to suit search engines well
Google has always aimed at providing maximum value to its users in terms of search results. And it collects a plethora of end-user data to ensure the same.
Google uses machine learning to gather and analyze this data and understand what users find useful and relevant. It also understands user interests and preferences. All this allows it to better sort and rank the search engine results.
Businesses should know that Google wants to connect their great content to your potential customers.
Therefore, you should always develop content around the needs of the end-user. If your content fails to provide users relevant information and a positive experience, then you're going to have a hard time trying to rank in better SERPs as the machines never stop to learn and get wiser.
Machine Learning can also help you gain deep customer insights like search queries, how frequently they're asked, the searcher's intent, and analyzes voice search and image search.
These insights can, therefore, not only help you rank well on search engines but will also increase the footfall of potential customers to your business massively.
Leading scientists across the globe say that Machine Learning and other subsets of Artificial Intelligence will revolutionize businesses and the very daily aspects of our lives. They also say that we have only scratched the surface of these massive breakthrough technologies' potency.
We, in recent times, have started to see that. Machine Learning is here to make our lives easier and smarter, and there is never a wrong time to start your journey with Machine Learning.
I hope you've found this article of good value!
Subscribe to weekly updates
You’ll also receive some of our best posts today