Benefits of Machine Learning ToolsPosted: April 10, 2019 - By Kalena McElroy
Businesses large and small are adopting machine learning and artificial intelligence (AI) to optimize their marketing strategies. 97% of marketers agree that the future of digital marketing will focus on machine learning techniques. Machine learning is a subset of AI that looks at data sets to discover patterns and make predictions without human assistance. From answering simple customer inquiries to uncovering the best way to advertise services, machine learning provides numerous benefits for businesses across all industries.
Improve the customer experience
Chatbots are one of the most common machine learning tools–you may have even interacted with one when messaging a business on Facebook. Customers converse with chatbots like they are real people and can answer the majority of customers’ questions. The technology frees up valuable time for businesses and improves customer satisfaction too. This is because chatbots answer questions around the clock and never forget to respond to an inquiry or answer a question incorrectly. Organizations using AI and machine learning say it has improved customer satisfaction by more than 10%.
Existing customers make up at least 65% of business, so retaining customers and reducing churn is essential to protect revenue. Businesses are able to better understand their customers, reduce risk, and define their marketing strategies by predicting customer behaviors. Machine learning software develops ideal customer profiles to determine which types of customers should be targeted to take certain actions. It can also estimate the lifetime value of each customer. Businesses can then reach out more frequently to the customers who will bring the most value by purchasing products or returning for specific services.
Machine learning saves employees time in many ways including customer communication. Implementing text message communications allows businesses to spend less time on the phone and get responses faster since 90% of texts are read within 3 minutes of being received. It’s also the preferred method of communication with businesses, especially when booking or confirming appointments. Our updated Two-Way Text feature looks at incoming text messages from customers and automatically places urgent messages first. It also offers suggested responses to reply even faster and reminds users if they have forgotten to respond to a customer’s message.
Machine learning applications are quickly transforming the digital marketing landscape and can benefit businesses of all sizes. There are many small businesses that are already cutting costs and remaining ahead of the curve by applying AI powered tools.