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“Who owns the information, owns the world”, goes the famous saying. Especially this is true in the marketing field. Today, marketers face a great challenge of processing huge piles of data to offer the most satisfying products for their demanding customers. No wonder that machine learning tools have quickly found their way into this business. The results show that the use of AI-powered tools greatly improves consumer satisfaction, overall engagement around the offered product, as well as increases sales.
These four examples prove how sophisticated and personalized marketing has become due to modern technologies.
Presently, chatbots and virtual assistants are the most sought-out tools in the marketing field. The previous customer support model – when a client could address a real person with their problems – bit by bit is fading away. Why? A rather costly model that was making clients to wait in endless lines to talk to a person who could tackle their issues, was replaced by easy-in-use AI-driven tools. Most of the chatbots and virtual assistants, due to their considered-through algorithms, are able to answer a better part of the questions the customers may have, leaving to the human representatives only the most complex and ticklish issues. Such an approach not only helps to remove unnecessary costs the company bears but to improve client satisfaction by respecting their time and promptly solving the problems. “I had to turn down over five academic writing services before I found a help with my dissertation proposal that would fully satisfy me. Why? I couldn’t afford to waste so much time waiting for their response”, says Melissa, a promising Columbia University student.
Computers and smartphones collect information about our online behavior, record our movements through GPS systems, track activity in social networks. Let’s admit – our phones know us better than we do. Machines learn about our preferences, interests, behavioral patterns, likes to deliver the most relevant product offerings at the exactly right moment.
Based on subtle algorithms, marketers can address the issue of customer outflow. The computer can anticipate when the customer is about to prefer the competitor and craft a timely proposition to make them stay. This can help to win loyal clients and lift up the customer lifetime value.
Remember Nokia? For years, it was connecting people around the globe. However, the company turned up completely unprepared for the rapid changes the world had to offer. And, to be honest, they didn’t do the homework. The company placed the stakes on the popularity of its brand and operational system, while its competitor, Apple, simply offered a better product that went with the time.
The moral of the story is – know your client. Before, marketers had to do huge guesswork to figure out what was that their clients’ needs. And Nokia guessed wrong. With machine learning under their belt, marketers of the present time can make millions of terabytes of personal data work to their advantage. They have access to what info people are browsing, what they are reviewing, purchasing or liking. What different age or sex groups tend to buy. And how they make decisions. With all this in mind, churning out the most attractive and irresistible offerings is a breeze
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