What is Machine Learning?
In simple words, Machine learning is an application/ computer program that provides the ability for computer systems to learn with the help of data. The systems pick up from previous experiences, available data and learn as they go. Artificial Intelligence is the broader concept of the same.
How does it work?
Sit tight, we’re going to break it down for you.
For machine learning to work, we create a model. It begins with the magic of data!
Initially, this input needs to be provided to the system and then it takes over from there on. The machine learns by itself and corrects itself again and again based on information it is fed, to create a better model that makes sense.
If you feed it information about how to recognize an animal, it will use those key data factors to improve its image recognition so it can distinguish and pick out an animal from any image. Pretty smart for a machine, right? That’s where our world is heading now!
How does it help marketers?
We finally get to the main point of this blog.
One of the many benefits of Machine Learning and Artificial Intelligence is that it can collect real time data, which is basically data that is collected immediately after it has been received. There is no delay in the collection of data. This allows for a quicker and more efficient marketing strategy. You can adjust your campaigns better based on the data you receive or even track your marketing process effectively. Real time data also helps marketers predict purchase patterns and future consumer trends.
Secondly, Machine learning can help marketers connect with potential customers. With the ability to predict purchase patterns and consumer trends, AI can distinguish between a site visitor and a potential customer. It already knows a customer’s buying/spending behavior. It can personalize online campaigns thus leading to improved lead generation.
Thirdly, due to the ability to collect real time data, Issues/grievances can be solved in real time! This means creating a much better experience for the customer. The goal of your efforts is to create a cheery experience for your customers and Machine Learning can help achieve that. Just look at Alexa and Siri, these girls have been interacting with customers first hand, collecting data and providing customers with an amazing experience.