Marketing communications of a company have never been personalized and targeted to the level that they are today. All thanks to data! Our each and every touchpoint and interaction with a company, gives the company an idea of what type of customers we are and the same data points are used to reach us back and and tell us ‘You’d like this too’. It all began with creating the personas of the customer segmentation. It is important because everything in marketing revolves around this. If you segment your customers well, it means you have a fair understanding of what your customers want. It is important because everything in marketing revolves around this. If a marketer has segmented its customers well, it means he has a fair understanding of what his customers want.
And then came personalization, personalizing the campaigns and the product recommendation engines. "A very powerful use case of data and AI in marketing is the next best product. Think of this as a product recommendation engine but conditioned upon your previous customer behavior. Within marketing, a famous strategy is cross-selling and up-selling. But the science behind the next best product is that you put the data into ML models and create experiments. So, you are not just assuming what your customer will like but it's he ML model which is giving you recommendations based on the historical data and reasoning," said Aswini Thota, Principal Data Scientist at Bose Corporation.
Continue reading: https://cio.economictimes.indiatimes.com/news/next-gen-technologies/how-data-ai-have-revolutionized-digital-marketing/87981631
And then came personalization, personalizing the campaigns and the product recommendation engines. "A very powerful use case of data and AI in marketing is the next best product. Think of this as a product recommendation engine but conditioned upon your previous customer behavior. Within marketing, a famous strategy is cross-selling and up-selling. But the science behind the next best product is that you put the data into ML models and create experiments. So, you are not just assuming what your customer will like but it's he ML model which is giving you recommendations based on the historical data and reasoning," said Aswini Thota, Principal Data Scientist at Bose Corporation.
Continue reading: https://cio.economictimes.indiatimes.com/news/next-gen-technologies/how-data-ai-have-revolutionized-digital-marketing/87981631
