What is Machine Learning & Artificial Intelligence?
Machine learning and AI is the field of study the combines science, statistics and computer programming aiming to arrive at predictions from patterns discovered in data. In contrast to rule-based decision systems, which work based on a specific set of instructions known to the developers beforehand, machine-learning algorithms are derived to explore data and identify patterns that humans cannot find on their own.
Why Machine Learning & Artificial Intelligence?
Machine learning & AI can assist marketers in a number of ways. One of the toughest challenges marketers face is how to tailor messaging to each prospect so that he or she strongly identifies with the message.
Following are the some of the key benefits of using Machine Learning & AI in marketing:
Benefit 1: Customer Segmentation
Machine learning algorithms are extremely useful in segmenting small, homogeneous clusters of customers displaying analogous preferences, behaviours and tastes. Accurate segmentation is an important tool in every marketer's toolbox.
Benefit 2: Customer Churn Prediction
By analysing patterns and trends in the data generated by customers that churned in the past, churn prediction forecasting can help predict those current customers that have high churn risk. This enables marketers to proactively prevent those churns.
Benefit 2: Customer Churn Prediction
CRM machine learning systems are an excellent way to predict the customer lifetime value (LTV) of existing customers, both new and veteran. LTV is a valuable tool for segmenting customers, and for measuring the future value of a business and predicting growth.
This blog is researched and authored by Rahul Kumar Paul Ghugloth and Akash Gupta.
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Machine Learning and Artificial Intelligence keeps evolving. Big data is important for Machine Learning and AI
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