Machine Learning is still in its infancy when it comes to public applications. It is often overrated, and miracles are expected from it. ML does not do miracles. ML is just a new tool for having a slightly easier life, with a few less things to occupy your mind during working hours. At least so far… But we are in the present, and we wish to solve your current problems, so here is a few ways to use ML in Marketing Monitoring.
Machine learning is like an old-fashioned warrior. You need to train it, direct it, and set its goals. What’s the difference? ML can learn from its mistakes instantly.
Machine Learning in Marketing Monitoring
Intelligent alerts
ML needs a lot of data to train with. Which is better, to get our hands on a significant amount of data, or using marketing numbers, where a few million datapoints are generated every day? In modern marketing, you have the opportunity to change almost every aspect of your marketing campaign in just minutes, but how can you decide if the change would be right? First, you have MIS for the really obvious changes, of whether the KPI will go up or down?
But then with every change you risk a ton of things. Maybe you have given a few keywords in Adwords, which are regularly clicked by bots, costing you money? Or your new campaign results in people not performing as expected. A well-trained Machine Learning-based alert system can tell you in real time if you are going to have trouble.
Discover new clusters
For thousands of years, the human mind was the most sophisticated way to “feel” a connection between certain things, in this case services and typical users. We could have a gut feeling about something, and more often than not it was right. But there is a new sheriff in town when it comes to discovering attributes that exist in different data sets and move together. One of our clients found that younger target groups tend not to react too well to weekly marketing communication. So they changed it to monthly and the satisfaction of the younger target groups skyrocketed while the conversion rate held firm. Machine learning is able to find connections between certain variables that no ordinary human would consider looking for.
Predict the future
Machine Learning learns from yesterday’s numbers, to check on today’s numbers. What if we train our algorithm on today’s numbers? You then get a prediction for the future. If we trained the model well on yesterday’s data, we are able to predict certain aspects of tomorrow. For example, you take action if the data suggests that a big jump in customer churn will take place soon. Or you should get ready with a bigger stock well before the actual orders come in. Seems futuristic? Yeah, we think so, but it works. We use it to ensure fraud detection, stock forecasting and marketing automation testing. We love it, but it is not for everyone yet.
How does it work with Marketing Monitoring?
Machine learning is not a base feature of our Marketing Monitoring services. As much as we like it, it is still in its infancy, it has its certain uses, but it’s not an all-round solution by any means. During our Planning phase (see Marketing Monitoring) we will evaluate the feasibility of an ML element in your project. If it will have a valid application, you can be sure that we will point it out.
Our Machine Learning solutions run on Microsoft Machine Learning Services, but can be deployed over any IT infrastructure and it is easy to connect it to our Marketing Monitoring solution.