The recent rise of machine intelligence has created an atmosphere of trepidation and uncertainty within the ad ecosystem. But do these concerns have any real merit? Used to its fullest, machine learning gives marketers the opportunity to be more dynamic, exploratory and open to discovering new audiences and insights. So what does the future hold for marketers who want to harness the powers of machine learning?
Efficient, unrivalled targeting
Through the application of machine learning to enormous data sets, which has the ability to consider hundreds of thousands of combinations of variables each second, marketers are able to efficiently target potential customers at the right time, place and in the right context.
By taking into account factors like time of day, weather patterns and news sentiment amongst others, machine learning is able to pinpoint a higher chance of conversion based on fact, rather than human assumption. Not only is this a much more scalable, efficient way of targeting, the machine continues to ingest new data to refine its targeting in real-time. This means performance is continuously optimised and media waste is minimised.
Identifying new audiences displaying intent
Machine learning learns from what individuals did prior to making online purchases, for example, what behaviours they displayed and the type of content they consumed. Having the ability to make sense of all the different drivers involved in a consumer’s purchase process means machine learning can go beyond the audiences marketers already know are interested in their product or service, and find those individuals displaying signals of intent that marketers may never have previously considered.
Uncovering new audiences with intention to convert is where the technology really adds value for marketers; giving brands that all important competitive advantage.
Discovering valuable, actionable insights
Marketers should be prepared for the machine learning process to challenge any previous assumptions about their audience. As the machine generates intelligent, previously unknown insights, marketers are able to build a far clearer picture of their audience and the factors that drive them. Canny marketers will use such insights to move away from a “one size fits all” approach and move towards personalised creative and messaging to push more engaging and more relevant content to consumers.
With the ability to target new audiences, understand consumers’ behavioural patterns and personalise content, it’s easy to understand why so many marketers are eager to adopt a machine learning approach to their programmatic campaigns.
Furthermore, as vaster quantities of data continue to be generated every millisecond of every day, machine learning will continue to become an ever valuable and integral part of the modern marketer's everyday arsenal.
By Paul Wright, CEO at iotec
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