Smart CRM Basics: The Power of Machine Learning in Marketing
Watch: how ML helps marketers improve CRM and get the most out of their business
Welcome to another episode of our Smart CRM Basics series. This time we discuss the importance of implementing Machine Learning (ML) in your CRM marketing plan.
ML combines science, statistics, and computer coding to make powerful predictions by detecting patterns. It does so by removing natural bias, quickly processing vast amounts of data, and being adaptive.
You can either watch the full video to learn more or read the transcript just below it:
This video and post are based on the “Machine Learning in Marketing” page on Optimove’s popular Learning Center.
How Machine Learning Works
- Removes Natural Bias
A lot of the time, when looking at data and analytics, you’re trying to prove or disprove certain hypotheses you may have as a marketer. ML removes the natural bias that comes with that.
- Processes Vast Amounts of Data Quickly
Since you’re probably dealing with lots of different customer data points and behaviors, ML is going to be the best tool for you to conquer that quickly and easily.
- It’s Adaptive, As Opposed to Rule-Based
Instead of coming up with predefined rules to surface different valuable insights, ML is adaptive and studies your data as it grows and changes.
Therefore, the insights that are uncovered are the most updated to your customer behavior model and business.
4 Ways Machine Learning Empowers Marketers
ML allows you to:
- Identify the message that will resonate with each customer -> which allows you, from a marketing perspective, to scale your personalization efforts.
- Predict a customer’s likelihood to churn -> which allows you to come up with churn predictive campaigns to reduce and prevent churn strategically.
- Cluster small homogenous groups of customers with similar behaviors and preferences -> which can empower you to create a data-driven marketing strategy at ease.
- Forecast customer lifetime value -> which allows you to identify your most valuable customers and communicate with them. It also allows you to measure their predicted future value and estimate your future growth as a business.
Want to learn more about becoming the best CRM marketer possible? We’re here for you at any time.
Also, be sure to check out the Optimove learning center to learn more about Machine Learning and 39 other basic B2C CRM terms.