If you are a small business owner, it can be hard to keep up with all the new marketing trends. There is always some new and improved marketing strategy out. Then, once you just start incorporating that one into your operations, another new trend starts to gain steam. This time it is different, though. Machine learning marketing has truly revolutionized the field. Find out the what, why and how of machine learning marketing strategies to start employing them at your small business in this post.
What Is Machine Learning Marketing?
Machine learning marketing is any form of marketing that makes use of the data made possible by machine learning. Machine learning is an area of study that combines science, statistics and coding to make predictions about any number of things. These predictions are made based on data patterns the machines identify. Marketing informed by machine learning data can be applied in any number of ways to help you identify electric leads. Most commonly, machine learning marketing is applied in customer segmentation, customer churn production and customer lifetime value forecasting. Keep this in mind if you are considering growing into predictive analytics marketing.
Why Machine Learning Marketing?
Now that you know what machine learning marketing is, you are probably wondering why you should implement these strategies? After all, predictive analytics services can be costly. This is especially true for small business. However, it is certainly something you should consider. Machine learning marketing campaigns benefited from conversion rates that were over 71% better than traditional marketing campaigns. They also experienced lower cost-per-click, or CPC than the old-fashioned marketing campaigns. If you want to better your bottom line, consider machine learning optimized marketing campaigns.
Map In Spreadsheets
Now that you know the what and why of these types of marketing, how can you employ these new strategies? You can implement the fundamentals of machine learning on your own by using good, old-fashioned spreadsheets. Make a new spreadsheet with data from previous marketing campaigns or online contests. Make the columns different features of your campaign. Then, inset the data points into the rows. This data points should include information about the platform the ad was placed on, what the photo included, what the ad copy emphasized, whether or not there was a call to action and anything else you think is important. This is a DIY machine learning marketing strategy that can help you make better informed decisions.
Predictive Analytics For Small Business
There are also a ton of predictive analytics services for small business in particular. These boutique data science firms make it possible for small business owners to gain access to the benefits of machine learning informed marketing strategies. Some of the top analytics companies to consider are IBM Watson, SAS, Canopy Labs, Qualtrics, InsightSquared and many more. Consider using the services of a predictive analytics firm to put real machine learning marketing within reach.
AI-Based Customer Service
Artificial Intelligence based customer service is also another useful implementation of machine learning tactics. There are many types of AI-based services that automate portions of your customer service operations, both inbound vs outbound. Some of the top customer service automation software that use machine learning to better service your customers are Gluru, Crystal and Digital Genius. Crystal is perhaps the best fit to help you reach marketing objectives out of these machine learning marketing tools. It uses machine learning to provide personality reports about each person on your contact list to help you communicate more effectively and efficiently. Consider using one or all of these small business machine learning marketing automation tools.
Regardless of how small your business operations are, you can still employ smart marketing strategies that make use of machine learning. You do not have to have the budget of a corporation to find some of the best machine learning marketing tools within your price range. The data science services above help you attain better conversion rates and lower CPP. Is AI marketing attainable for small business? Now that you have read this post, it certainly is.
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