Three ways in which Machine Learning can enhance Marketing Automation
- Predict churn accurately – Predicting, rather than reacting, to consumer churn is something businesses have always deemed a priority, and incorporating machine learning algorithm in marketing automation results in churn predictions with a far greater degree of accuracy. The fact that these techniques incorporate the added criteria of time in data segmentation and ability to handle new information at every turn implies a far stronger likelihood of foretelling a potential uninstall, which means you can approach customer retention models with greater sophistication. By eliminating the need for periodic assumptions, and identifying holistic trends (For instance, the correlation between time spent away from the app and likelihood of uninstall), a higher level of accuracy can also be achieved in implementation of risk and intervention models
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- Personalize product placements – What if your campaign could be so finely tuned that you’re not just eliminating consumers that do not fall under the broad segment you want to target, but also a sizable chunk of the desirable cohort as well, depending on their personal preferences and likelihood of viewing/reaction to a notification? In the marketing campaign example we looked at earlier, even a classic prototype of the intended target audience (say a 25 year old woman) will not be engaged with if she has shown no previous inclination to purchase or even browse similar products.
This also means that these eliminated users can be better targeted and engaged with by serving them Push or email recommendations more aligned to their tastes and preferences, again with the accuracy of these predictions driven up a notch by implementing machine learning techniques.
- Optimize user channels – Why blow a wad of cash up certain marketing channels when you can predetermine where returns can be maximized? By introducing machine learning techniques to digital marketing campaigns, you not only narrow down the people who will be served your ad, but also gain precise insight into what particular channel a consumer is most likely to engage with (in-app, Push, email etc). This makes complete monetary sense, but an equally big incentive is the fact that you won’t have to clutter up the targeted person’s interactive channels at every opportunity, resulting in a more aesthetic as well as a balanced advertising experience, which in turn increases the chance of user interaction.