marketingtechoutlook

Leveraging AI to Predict Consumer Behavior

By Marketing Tech Outlook | Thursday, May 16, 2019

FREMONT, CA: The main aspect of marketing is to understand the needs of the consumer. To meet this end, many businesses are adopting artificial intelligence (AI) to predict consumer needs. The deep learning process, a subset of AI, makes use of deep neural networks to learn and solve complex problems, thus making their jobs easier.

Even though deep learning requires little manual data preprocessing compared to traditional machine learning, it needs large data sets and tremendous computational power. Equipped with these critical elements, businesses can integrate the vast data gathered from their customers with deep learning to predict consumer behavior and drive their success.

It will enable businesses to create personalized marketing strategies to attract existing and prospective customers. Deep learning can track patterns within patterns in large data sets to understand customer behavior. The ability to predict the customers' needs can help businesses boost their sales. The data gathered from social media can be used by deep learning to forecast the consumer requirement and plan months in advance.

Many businesses have started integrating AI into their marketing strategies to deliver personalized experiences to their customers. They have made significant gains in profitability, productivity, and revenue by leveraging the analytical results of deep learning. For instance, Netflix utilizes AI-driven recommendation system, personalizing the content recommendations for its customers. Even Amazon uses AI forecasting to stock specific products at locations with people who are most likely to buy them.

Several social media and video streaming platforms are developing deep learning applications to assist them in strengthening their marketing tactics. The investment in deep learning will open new doors for marketers. Research by McKinsey says that the AI opportunities in marketing and sales will account to a value of $1.4-$2.6 trillion, with 40 percent of the potential value of analytics generated by AI techniques.

Deep learning is in a state of evolution. It is being adopted by every major business organization to drive its marketing and sales. It is transforming the techniques of marketing, bringing innovation and change. Hence, it is inevitable for businesses to adopt AI and deep learning strategies to remain relevant in this technology-driven world.

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