One of the most promising marketing trends of 2018 is the marketing application of machine learning. However, when compared to the other trends; machine learning is still relatively new.
Oracle, one of the largest providers of machine learning technology has been using this technology in marketing for a while now. Although still in the testing phase, its results so far have been exemplary.
Machine learning is being applied towards their ‘vendor’s lead scoring methodology’. In an interview, Amanda Jobbins, the CMO for EMEA and JAPAC, speaks a great deal about their learnings so far.
She believes that the most important application of machine learning in marketing can be to identify consumers at the right time in their purchase cycle, such that, they are ready to make a transaction or interaction readily.
So, she prepared an algorithm to help her find leads. When she ran this program, the quality of leads that the machine learning program produced was 10X better than the previous methodology that was being used.
Her interactions with machine learning technology at Oracle has led her to believe that, while using machine learning engines, the recommended settings should always be broad in order to get the desired results. Machine learning is used to churn through large volumes of data that would otherwise be impossible for human beings to do so manually. The algorithms come up with patterns and conclusions, that help with the decision making.
Before one can use machine learning for marketing efficiently, there are still a number of challenges that need to be overcome. But surely, it’s just a matter of time.