Artificial Intelligence is Revolutionizing How We Make Marketing Decisions
Artificial intelligence is everywhere. It's in your emails, texts and social media accounts; it can even predict when you might want something before realizing yourself! The creation of advanced algorithms, combined with ever-increasing amounts of data, are making life easier for businesses and consumers alike. The demand for AI technology in business has only grown in the past year and a half as the pandemic and lockdowns have forced people to find new ways to connect, work, and shop.
One area where AI and machine learning is having a big impact right now is marketing. There are thousands of marketing variables and focusing on one or making a change to another is often a shot in the dark. Data intelligence and machine learning can now make real-time predictions, which reduces A/B testing and reveals what to focus on in your marketing campaigns to see the biggest impact. Studies show that marketing strategies that leverage customer data are less likely to fail. According to Gallup, businesses that leverage customer behavioral insights outperform competitors by 85% in sales growth and more than 25% in gross margin. AI and machine learning software can be particularly useful to small businesses and startups, who have limited human and financial resources.
Here are 5 ways that AI can help marketers make bigger, faster, and better decisions:
- Opinion Mining
Also called sentiment analysis, opinion mining automatically identifies and extracts sentiment or opinion from text and allows you to get inside your customers’ heads and find out what they like and dislike, and why. It can process thousands of pages, comments, emails or surveys in minutes, providing real-time results.
- Target Audience
The right AI driven software can leverage online behavior to build more accurate marketing personas and find your target audience.
- AI Powered Heatmap Analysis
Heatmap analysis can show you what your website visitors focus on even before you launch a campaign. This insight can be used to optimize your website pages for conversions, as well as help you with usability tests.
- Product Demand
AI and machine learning algorithms can predict product demand in real-time, so you know which products to promote and when.
- Augmented Analytics
The biggest trend in the past year has been the adoption of augmented analytics. By leveraging this tool small and mid-sized companies can unlock the benefits of their data and extract meaningful insights from it. Augmented analytics is a process where data is automatically taken from raw sources, scrubbed and analyzed in an unbiased manner and communicated in a report that humans can understand. With the help of machine learning augmented analytics looks for patterns in the data. All this can be done without a data scientist on staff and can be understood by non-technical people.
In order to take advantage of AI for your business you need to find the right tools. Keydabra’s software uses AI and ML to help companies make better decisions and increase sales through digital improvements. Click here to learn more.