You open the regular e-commerce portal on which you have been shopping for years. Oh wait, there is a newly added section on the portal, with the banner, ’specially curated for you’. Out of curiosity, you click on the banner and what exactly do you find inside? An assortment of products that you actually want to own, no random stuff, but exactly the brands and products you want, in the accurate color and size to your preference. It surely sounds amazing, but at the same time, imaginary as well. But not for very long, as the Industry 4.0 has arrived and it is changing everything for better.
The Fourth Revolution of Industry is powered by automation and constitutes mainly of Machine Learning, Artificial Intelligence, Internet of Things and Cloud Computing. These technologies together are making ripples in different realms of each and every industry with time, and soon enough the changes will reflect in our day to day life as well. Considering the aspect of marketing, how will machine learning affect the concepts and foundations of marketing? Looking at the projections and first-hand experiences on this technology in the past, here is how Machine Learning will shape the future of marketing:
- Exclusive Chatbot Experience:
We all have been there, trying to enter our query to the chatbot and getting completely opposite results. But again, we are witnessing that the accuracy of these little pop-up chatbots is increasing with the passage of time. Wonder how? Yes, it is machine learning behind the process, getting fed by the information you share and learning through it. Soon enough, the chatbots will be self-sufficient, replacing human assistance and a few more steps in the future, suggesting personalized marketing campaigns basis the queries entered by the users.
- Budget Wastage Conservation
The worst nightmare for any and every performance marketing personnel is the wastage of his or her ad budget. It is an inevitable loss that brands suffer on a daily basis because no matter how precisely the ads and its budget are optimized, the relevancy cannot be maxed to a complete 100%. This is where machine learning will serve as the game-changer, with a complete understanding of user preference on an individual level, the relevancy factor will achieve perfection. Users will be shown ads that they prefer and nothing else, conserving the ad budget and eliminating wastage completely.
- Precise Personalization
As described in the starting of this piece, Machine Learning can and will enable precise personalization, facilitating users to get recommendations based on their preferences. Result? More and more profit to the brands, with more and more human experience delivered through machines, although ironic in nature. Imagine Website A and B, where A just showcases regular products and B shows exactly what you want, so you know which one is going to be bookmarked.
- Product and Service Innovation
While Machine Learning in marketing is all about understanding the preferences of the users, it will be leveraged in creating newer services, products and offerings, basis the learnings. Imagine a world with offerings, strategically and precisely personalized for you, this is exactly what will happen with the gradual advancement of machine learning.
- Ultimate Customer Experience
If you notice, products by competing brands will almost be similar, then what exactly makes the difference? Customer experience! It is the factor that makes all the difference, why one customer would become loyal to one brand and ignore the rest. It is not the fight for out of the world products anymore, but more about customer experience. And Machine Learning is going to disrupt this aspect of marketing as well. This technology will enable brands to assist their users with pinpoint accuracy, recommendations and 24×7 support, as described in the points above. Together, these aspects of the marketing combine together to create a customer experience and it will reach its prime with the advancement of machine learning.
Marketing, similar to every other industry out there, is going to be disrupted by the advancement of Industry 4.0, and the future surely looks precise, to the point and customer friendly. With the changing trends of the market and the industries at large, the fourth chapter of the industrial revolution will create waves to reshape the world for better.