Machine learning is rapidly gaining pace in this decade. According to a report published by Allied Market Research, the global cognitive computing market was valued at $8.87 billion in 2018. In fact, it registered a CAGR of 33.1% during 2015-2020 and is projected to reach $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.
Take a look at Google. Their AI-based projects have started creating ripples all over. Everybody wants to know more. The best thing about this garnered interest is that it is opening up a new world for businesses of all kinds.
Many might not realize this, but businesses already have machine learning opportunities ready. With so much data available, coupled with the intelligence of algorithmic processes marketers can try to approach machine learning.
According to the marketers who already dabbled in this new technology, the results are outstanding. In fact, machine learning technology can revolutionize every single thing about marketing. So much so, that it has left a few marketers uncomfortable!
Machine learning and AI will help optimize businesses and their growth rates according to these marketers. It can help accelerate processes as well as improve the efficiency of organizations.
What is AI?
AI or artificial intelligence does not mean robots. Machine learning does not mean actual machines reading books and learning. In fact, I want to be totally honest with you. Defining what AI is, is not easy. In a nutshell, AI is a technology that helps machines do things that humans do. It imparts that intelligence to these machines so that they can learn and improve.
I like to think of AI as a phenomenon, rather than a technology. It is not easy for us at this point in time to understand what AI does or what it can accomplish in the future. The possibilities however are truly endless.
To put it simply it is a function for marketers. You input something and you get an output. As a marketer, you do not even need to comprehend the technicalities involved. Real-life examples are right in front of us. Facebook can identify people in our photos and suggests tags immediately. More often than not, Facebook is right. That is machine learning for you.
Even AI learns like humans do, through their experience and repeated training. And, the best thing is it improves itself accordingly. However, for machine learning to be successful it requires a lot of data.
Think of it in this way, in order to be the best in your field you need to read and study a lot. In the same fashion, the machine needs a lot of data in order to make the right decisions.
Benefits of Machine Learning & AI
Here are some of the benefits of implementing machine learning and AI in marketing:
1. It helps accelerate the process of customer acquisition and lead generation.
2. It helps decrease over costs by optimizing overall operational efficiency.
3. It can optimize response rates for marketing and advertising campaigns.
4. It can help optimize marketing channels in real-time.
5. The feedback loop mechanism in machine learning makes sure that it keeps learning. So it will keep on improving itself all the time.
6. You will be able to impress customers, prospects as well as visitors with personalized solutions.
7. You can get access to highly detailed analytics on your customers and prospects.
8. Machine learning can help you achieve the maximum customer lifetime value.
9. It can also help you optimize and streamline your marketing budget.
10. You can learn about every prospect's individual preferences and predict their behavior accordingly.
Why Artificial Intelligence Matters for Marketers
Alan Turing, who is the father of the modern computer said that AI is not an easy concept. It definitely is not. However, in years to come, scientists and technologists will probably be able to demystify it further and help us comprehend better.
AI will change the world of marketing. Your own efficiency will improve. Your business will seem to be running on overdrive. Your prospects will gasp in delight seeing the content that you publish! And, these are just a few basic examples from what I can understand at this point.
It will probably open up a new world, and we would all become more data-driven than we already are.
Modern marketing tools have AI and machine learning modules that enable marketers to get started with this amazing technology immensely. If you are interested in implementing a conversational AI platform for your organization then, do schedule a personalized demo.