Webtrends CEO Joe Davis recently added his voice to the discussion surrounding machine learning in the article, “Four Reasons Marketers Should Be Excited About Machine Learning.”
He outlines these four key beneficial machine learning characteristics for marketing:
Massive data input from unlimited sources
Machine learning has the ability to consume virtually unlimited amounts of detailed data to constantly review and adjust your message based on very recent customer behaviours. Once a model is trained from a full set of data sources, it can identify the most relevant variables, limiting long and complicated integrations and allowing for focused data feeds.
Rapid processing, analysis, and predictions
The speed at which machine learning can consume data and identify relevant data makes the ability to act in real time a reality. For example, machine learning can constantly optimise the next best offer for the customer, so what the customer might see at noon may be different than what that same customer sees at 1 PM.
Those systems can act upon the outputs of machine learning and make the marketing message much more dynamic. For example, newly obtained information may suggest surfacing a retention offer to a specific customer. Or perhaps no offer at all if the behaviour suggests the customer might not require one to create a conversion event.
Learning from past behaviours
A major advantage of machine learning is that models can learn from past predictions and outcomes, and continually improve their predictions based on new and different data. A simple example is whether the weather at a particular moment has a correlated effect on conversion behaviour.
You can read the full article at MarketingProfs.com.