The 4 pillars to successfully grow your business using Artificial Intelligent.
Artificial Intelligence is the buzz work in today’s marketing industry. Artificial Intelligence is used to interact with customers, improve understanding of your audience and consumer intent
AI is already used in different industries, for example, banks have been using predictive modelling to approve or decline your credit cards and personal loans for years, spam filtering and fraud detection.
So far, the marketing industry has used AI mainly for data mining, it uses machine learning and statistical modelling to predict future trends based on historical data.
Let’s look at different benefits of AI.
Every time we type a search query into Google, Facebook, online shopping platforms or your website, data is captured and then it can be used for various purposes.
Imagine if you could not only determine whether a lead is a good fit for your product but also which leads most promising. This could allow you to focus your efforts on leads with the highest ROI. It will also allow you to go from quantity metrics to quality metrics and narrows down which leads to focus more.
A financial services provider can use this system created by online analytics and data to decide which credit card to offer you, how much you can receive when taking out a loan, and repayment options.
A fashion retailer based on the jacket you just bought can use your data to decide which shoes or other products to recommend as your next purchase, based on historical data collected from previous customer activity.
The benefits go further than that. Retailers can predict demand, and therefore make sure they have the right level of stock for each of specific products.
To ensure you get the most out of this data and predictive analytics, there are four elements that businesses need to put into place and consider.
What are you trying to find out using predictive analytics?
What data am I trying to collect? You need a sound hypothesis to test.
You need to have the correct data.
We’ve come a long way in terms of data availability. It's been said that 90% of all the world's data has been generated in the last two years. It’s important that you figure out what data is available to you and whether it will be beneficial to your specific business goals.
You need the right technology.
Whether or not a particular software is right for your business solutions is very important in boosting your business.
Your team can make or break a good business strategy.
Without the right people, it’s impossible to implement the correct strategy with regards to your online business needs.
How Walmart uses AI
Walmart takes data instantaneously from its systems, incorporates it within its forecasts to assess which products are likely to go out of stock and which have underperformed. Combined with behavioural data from its customers online, it provides a huge amount of data points which help Walmart prepare for an increase or decrease product demand. Forecasting this, allows businesses like Walmart to personalise its online presence, targeting customers with specific products, based on their predicted likelihood of making a purchase.
To conclude, artificial intelligence can greatly enhance your marketing strategy. The tools and methods of application are different and regardless the size of your business, there is always an optimal choice that will help your business growth.