Are you considering using an account-based marketing strategy to target your high-value prospects? Read on for Artificial intelligence and machine learning—you’ve heard the buzzwords. Often, they’re used interchangeably. But what do they actually mean? And how can they be used in the world of marketing? We have the answers!
Rather listen than read? In this episode of Test. Learn. Grow., we talk to Eric Liu, Level Agency’s vice president of enterprise data and analytics, as well as adjunct faculty member at Northeastern University in Boston. Eric gives us an executive summary of the differences between machine learning and artificial intelligence and how we can leverage data to improve the way that we work and gain efficiency.
What is artificial intelligence?
Artificial intelligence (AI) is a concept that is relatively loosely defined. The core definition of AI is a machine created by humans to be human-like and can mimic or simulate human behavior in areas like problem solving, learning and planning.
So, what is machine learning?
Machine learning (ML), on the other hand, is actually a subset of artificial intelligence. The term was coined in 1959 by Arthur Samuel, a computer scientist at IBM, and is defined as a study of computer algorithms that improve automatically through data and experience.
Machine learning is primarily used to process large quantities of data quickly, based on algorithms that change all the time, that can then provide useful insights that are extracted from the data. It is, essentially, a technique that allows machines to collect and analyze information that most humans cannot. Here’s a quick example: a retail company collects data from millions of customers and billions of transactions, and they use machine learning to understand and identify differential customer behavioral patterns.
How are these applied in marketing?
Now that we’ve defined artificial intelligence and machine learning, let’s delve into how they’re being applied in marketing and business in general. Anyone out there using a marketing tool like Google Smart Bidding? You’re already taking advantage of AI & ML! This is an algorithm that’s trained on data on a vast scale and helps us make more accurate predictions. It’s determining the bids that will help increase your conversions by factoring in a wide range of parameters that impact performance, with the ultimate goal of maximizing revenue and KPIs.
This is just one simple example of how we can leverage AI or ML to help achieve marketing and business goals. We can also build various types of machine learning models—a churn model, for instance. We can even use machine learning for targeting purposes, converting prospects into high-value customers.
Here, at Level Agency, we’re looking forward to incorporating more artificial intelligence and machine learning into our marketing strategies and eager to see what the future holds. We’re onboarding a number of data scientists, coming from backgrounds in computer science, statistics and other scientific disciplines. We’ll be putting our heads together to determine how to be on the cutting edge of what we can learn with AI & ML, and in turn, discover the best solutions for our clients.
Intrigued by this high-level overview and want to dig into specifics? We’d love to talk about the ways you can leverage artificial intelligence and machine learning in your business—reach out!
What did we miss? Give us your thoughts in a comment!