AI for Marketing & Growth #0 – Applications of AI in Business
Hey and welcome to our brand new series in
which we’re going to get you up to speed on A.I. for Marketing & Growth. A.I. is a super hot topic at the moment. But most of us don’t know how to fully grasp
it You’re probably interacting with A.I. more
than you realize already. Multiple times a day possibly. It decides if your incoming email is spam
or not, if you're qualified for a loan or not, if that person on the dating app is a
good match for you. Even down to the music suggestions you’re
listening to on Spotify and Siri directing you to the nearest restaurant. This stuff isn't actually magic and in a "the
future is now" cliché-kind-of-way you're on the receiving end of this technology every
single day. So the future isn't now…the future is actually
yesterday. Training an algorithm to predict future outcomes,
using a principal component model to learn about your client's’ personalities, analysing
text to extract sentiment automatically on your product and grouping 650 000 lines of
data to cluster clients into different segments with machine learning all sounded like rocket
science to me a while ago.
Now I do it as easily as I use Excel or Illustrator. They are my new secret weapons. In 5 years “proficient in machine learning”
will be a must-have on any manager’s CV But for now it’s still a rare skill! And it’ll give you a strong competitive
advantage if you learn these skills before the rest does. You’ve probably heard about this, but the
Digital Skills Gap is growing exponentially and you’ll gonna be required to learn an
ever-growing number of new fundamental skills if you want to stay on top of your game and
relevant. Master the fundamentals and you can master
the rest! A.I., and machine learning especially, are
fundamentally going to change your role as a manager or marketer. It’ll allow you to be much faster and make
use of much bigger data sets, including that of your competitors You’ll be able to make predictions, correlations,
and understand which of your efforts give you the highest ROI.
A.I. will free you from all the repetitive
monkey work and allow you to focus on the important things like strategy and team dynamics. Ok, so, enough for the buzzword… What are some of the questions that A.I. can
answer for you right now? Well. The array is endless, but here are some questions
that we use A.I. to answer: If someone discovers your product or service
today, how likely is that person to actually sign up or purchase the product? Which of your visitors are most likely to
buy your product? How do your customers feel about your product? How much will your customer spend over his
or her lifetime? Can you discover the psychographics (the interests,
the habits, the opinions, the attitudes) of your customers using Machine Learning? Yes you can and there’s so much more that
you can apply it to… Now, we all know Trump won the presidential
election, but did you also know that he used A.I.
to target different personality types
with different messages? Amazon uses A.I. to create its recommendation
engine and show you your next ‘holy-moly-I-need-this-product“ recommendation ASOS knows exactly how much you’re going
to spend with them over the course of your customer life time And OTTO is using an algorithm designed for
the CERN laboratory to cut down on stock and predict what people will buy in the next month. And that’s with 90% accuracy! We’ll go more into depth on predicting future
outcomes with A.I. in our next episode. Don’t forget to hit the subscribe button
and be notified when episode #2 is published!.
