When Data Science Meets Execution
Life is full of choices. Many of these choices are big and can have an immense impact on the entire course of our lives. Who’s the right partner for me, both in business and life in general? Where should I attend university? What are my passions in life, and which ones should I pursue? Other questions are more straightforward: Which shoes should I rock today? Should I continue to read this article? (The answer is yes!)
Decision making is perhaps the single most important aspect of our lives. The choices we make determine who we are and what we do. It should come as no surprise, then, that the decision making process itself is one of the most well-studied areas of human psychology.
Interestingly, it has been a near-universal finding that, when faced with important decisions, the vast majority of us embark on a fact-finding mission. The goal of this mission is simple: to make the most well-informed and best possible choice available to us.
For marketers, figuring out and anticipating the decision making process of potential customers is both vital and inherently difficult. Luckily, the emergence of big data is providing digital marketers with an ever-increasing amount of insight and data. Given how vast the world wide web is, and how many points at which customers are faced with choices (i.e. should I click on this link? Should I buy this gizmo?), data is becoming essential to figuring out the customer’s mindset.
Big data is giving digital marketers access to an increasing number of relevant metrics and parameters. This, in turn, is allowing digital marketers to really “pick the brain” of potential customers and develop personalized marketing strategies. Big data allows marketers to see the decisions of countless web users and, over time, can shed light on important trends and relationships.
This can help digital marketers answer important questions, like: Which incentive is best for which customer? What time is best to send out emails or initiate contact? Which purchase opportunities present the best cross-sale openings, and for which products?
Unfortunately, while big data does present opportunities to uncover the answers to these questions, for digital marketers, it often feels like finding a needle in a haystack. Big data creates massive data dumps, and sorting through these silos can often be time consuming and extremely challenging. Sometimes, even after hours of effort, marketers can come up empty-handed.
In the long run, the amount of time and expertise needed to analyze big data can have a large detrimental impact on ROI. Luckily, artificial intelligence is making it easier for digital marketers to sift through the immense amount of data out there.
Artificial Intelligence is the New Revolution
AI hasn’t yet been fully integrated into our everyday lives, but, for digital marketers, the immediate future presents numerous opportunities to empower current strategies and methods.
You see, artificial intelligence can take data and targeting to a whole new level. Currently, most customer data is driven by simple factors like demographics, but with AI and big data combined, marketers can dig a whole lot deeper. In fact, using AI solves many difficult problems, and sifting through massive amounts of data makes it possible both to identify users and to deliver the content that is most relevant to them.
Not only can AI be used to uncover once-hidden insights, but the artificial intelligence itself can actually be taught. AI can learn to incorporate previously uncovered insights into new campaigns, allowing it to optimize outreach and target only the most relevant users. Over time, artificial intelligence can become even more intelligent. This eliminates waste, greatly increases conversions, and happens at blazingly fast speeds, in real time.
Backing Up ‘Fiction’ With Facts
Sound too good to be true? Still thinking that artificial intelligence is tomorrow’s technology, not today’s? Well, we’ve got news for you. The creative minds here at Emarsys are already implementing innovative, AI driven marketing solutions. Using advanced machine learning algorithms, we are building AI solutions that can take over most of the tedious and time-consuming tasks that marketers struggle to deal with.
Our cutting edge solutions offer ways to bridge the gap between data science and execution. The once nearly insurmountable process of sifting through and analyzing huge data dumps is now not only feasible, it’s actually easy. Armed with big data insights, digital marketers can greatly boost their marketing campaign’s performance, as well as ROI, and all of this can be achieved with essentially no extra effort on the marketer’s part.
Never Settle. Always Improve.
Innovation is hard and time consuming. Complacency, however, puts digital marketers at risk of falling behind.
With AI, innovation becomes a self-perpetuating process, one that evolves along with marketing strategies.
I will be digging into this topic in my next blog, and will expand on how Emarsys is breaking new ground with our artificial intelligence-assisted automated marketing.
Stay tuned for the next chapter.