6 ways machine learning can boost your marketing processes

by | Nov 5, 2022 | Technology

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Everybody is rushing to deploy machine learning (ML) into their marketing processes in the hopes that it will bring unprecedented power to outperform the competition. Marketing, after all, relies heavily on data and communications, and it evolves so quickly that many programs are stale by the time they are ready for deployment.

ML increases both the speed and flexibility of many marketing processes, but it is not a one-size-fits-all solution. Some functions benefit mightily from a good dose of ML; others only marginally. To derive the greatest benefit from any investment in ML, it helps to know which is which and how different types of analytics apply to any given situation. 

For most marketing applications, data analysts typically utilize three basic approaches:

Descriptive — applied to data from past eventsPredictive — used for forecasting and planning;Prescriptive — used to determine optimal courses of action.Of the three, predictive and prescriptive are most commonly used to build ML algorithms while descriptive analytics applies mostly to reports and dashboards. Depending on the size of data flows and the overall accumulation of data, some businesses could spend up to two years accumulating data to properly analyze consumer behavior and personalize customer relationships.

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Even then, ML should be applied strategically within any marketing process, and experience has shown it to provide the greatest benefit to six key functions.

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