Internet-enabled devices have been a part of our lives. One can’t even leave the house without their cellphones in their bags or on their hands. As you’d expect, tech giants have found a way to take advantage of this by continuously analyzing people’s behavior and making decisions based on how they use the internet through their devices. Business owners, big and small, have benefited from machine learning and have used it to propel their businesses to greater heights.
If you’re a business owner, here are 5 ways to use machine learning in digital marketing.
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Interpretation And Prediction Of Consumer Behavior
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Consumer behavior may be simple or complex, but it’s often constantly changing. However, understanding how buyers behave economically will help give you clues on how to make adjustments with your product offerings.
Many companies hire advertisers to target their audience. Online advertisers use cookies to gather data to better enhance the customer experience of a particular brand. Cookies are tracking codes installed in one’s web browsers, which are picked up from websites that use them. These trackers record all the actions a user performs, like what websites were visited, purchases in e-commerce stores, and even passwords so you won’t need to log in each and every time.
Marketers interpret cookie data for brands to better assist them in improving their business. Consumer behaviors, although they can be complex, are more predictable with the use of a machine learning operating system. To read more about this impressive technology visit cnvrg.io.
Identification Of Consumer Purchasing Behavior
Understanding the purchasing behavior of your consumers can help you improve your product offers. If you have a machine-learning tool on your website, you can make more meaningful suggestions for your clients.
For example, if you have a coffee business and sell whole beans and brewing equipment on your e-commerce store, you could take advantage of the opportunity to upsell a French Press to a customer buying a pound of Espresso Roast. This is so much more efficient than having to manually contact a client and make suggestions over the phone.
Creation Of New Products
Speaking of planning, no enterprising business owner will be satisfied with one-hit products. But it’s also a fact that it’s a challenge for any entrepreneur to exceed the performance of each of their products.
However, by using data from machine learning, you can forecast the future needs of your clients based on their behavioral patterns and create new products based on that. The perfect example is the evolution of smartphones through machine learning. Nowadays smartphones have either fingerprint recognition or facial recognition sensors, and these stemmed from the need of people on the go who want easier and faster access to their mobile devices.
How you build your authority in your field of expertise will speak volumes about your position in the industry. Through the help of machine learning, you can even lead potential innovations.
Discovery And Utilization Of Customer Preferences
Companies these days create polls in social media to get to know the preferences of their target customers. These polls are highly useful as they provide data to help business owners make an in-depth analysis of their consumers’ preferences. Simple questions answerable by a yes or no could look shallow but could really provide insightful data to companies especially if the questions are well-thought of.
Results of this poll can also be used to make promotions and offers. Data from those who participated in the poll is actually more relevant than the poll itself. The demographics of the participants can be utilized by Artificial Intelligence powered apps to create more targeted product offerings, events, promos, and ads.
Expansion Of Target Audience Reach
Based on Facebook’s Annual data, in 2020 alone, there are 1.78 billion active Facebook users. Imagine you have that plethora of potential customers. If you only know how to target even less than 1% of that, you’ll be good to go.
Facebook Ads have been crucial in reaching the target audience of many companies, and a lot of these companies grew exponentially especially since Facebook, Instagram, and WhatsApp have all been integrated recently. You not only have one platform but three! Targeting your right audience used to be very complex, but now it’s been simplified by Facebook. Imagine you could even target CEOs who utilize mobile phones more than desktops when accessing Facebook. Or even moms who do yoga in the afternoon, or more specifically moms who do yoga and wear a specific brand of tights.
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Wrapping It Up
Our everyday choices are cataloged in our digital footprint. It’s all been a part of our lives since the inception of the internet. If you’re a budding entrepreneur and worrying about how to build your brand from scratch, find comfort in the fact that there are a lot of tools available for you to use to build your business. Machine learning is continuously evolving and it’s here to stay, and if you want your business to thrive, you have to adapt to it.
