For insightful marketers, it would always be crucial to detect consumer preference and wants beforehand and to offer such products or services fashioned as per popular demand in a timely manner. For such a purpose, the concept and technology regarded as Artificial Intelligence (AI) has arrived into global limelight with a hidden promise to simplify decision making while involving deep learning.
Deep Learning is just one aspect of AI but which is supreme enough to redefine marketing by predicting judging buyer sentiments and behaviour and then, by taking the needful actions accordingly.
The tech concept perceived and built on how living brains function, there are present neural networks in form of layers with the objective of learning practices inculcated thereupon and to put out the meaningful solutions to complex issues, quicker than humans. To robots, such has been a boon, as tedious manual tasks become a cakewalk, such as identifying objects, getting familiarized with voices and even language translation.
Truth be told, with Deep Learning, AI technology is simply galvanized to make proper predictions when a stream of inputs is fed with. Even though, in Machine Learning, pre-processing of data is more complex than that with humans, but in Deep Learning technology, huge data sets are required alongside considerable circuitry strength to compute or to manipulate such data arithmetically and logically. As a noble outcome, given unrestricted access to key processing criteria, with deep learning on our side, we can wield appropriate prediction of human behaviour.
By simply assessing the experiment termed as “Predictive Vision”, whereby researchers alongside the assistance extended from Computer Science and Artificial Intelligence Laboratory (CSAIL)of MIT, managed the deep learning system so as to arrive at early decisions (predictions) that whether in popular shows like “The Office” would there be a hug, kiss, shake hands or high-five among characters? Now, following the watching of YouTube videos for nearly 600 hours, the “blessed” system did manage to predict such actions 43% of time. However, CSAIL also maintained that with existing algorithms, such prediction was done at 36% of time.
Further, prediction ability through deep learning algorithm to judge human actions, has also amazed the audience when self-driven cars are set out on roads. Here, the prolific system “Brain4Cars” has been developed jointly by researchers of Cornell University and Stanford University, wherein cameras, sensors and wearable devices are fitted into such system, which check body language o driver while also processing the surrounding traffic data procured thereupon. Now, an alert is raised by sound programmed into the system when a collision is risked and herein, it is said that the algorithm running in the system, detects driver’s behaviour nearly 3.5 seconds earlier.
Expanding Customer Base And Predicting Their Wants Months Before They Even Express:
You must be amazed by such supreme outcome of such tech-craft, but where does the fruit hang for marketers? With course of refinement and evolution of such technology, it is no longer surprising that businesses are empowered to store huge chunks of data related to existing or future customers, whom they target through online and offline media. Further, in Deep Learning, marketers have found an impactful tool since scores of other technologies also evolve in parallel, (like Internet of Things)and considerable amount of data is generated through diligent utilization of devices, concerning consumers’ leaning.
Truthfully, by merging big data with deep learning technology, we can draw out crisp data based upon extreme usefulness for marketing purpose and easy branding too, in a personalized way.
In words of Reshu Rathi, an eminent digital marketing expert, regarding Deep Learning, she maintains “it has the potential to find patterns inside of patterns”. She precisely opines that equipped with Deep Learning technology, marketing communication can get deeply personalized and so is the level of customers’ satisfaction since their wish and desires are considered while offering any such kind of product or service in later lap.
Citing an example here, we can refer to finding of researchers at Renim University in China, which indicates that consumers’ preference alongside their respective occupations, when put-in during Deep Learning based processing, gives us precise prediction regarding their preferred automobile models as well as commuting requirements.
In case of India, as yet another destination of supreme AI craft and Deep Learning prowess, such a sheer technology is implemented in diverse business efforts spanning industries, like never before. Take the case of IMA Appweb Technologies And Solutions, which is ranked among the top 10 IT companies present, thrive and proliferate on Indian shores and which is truly a hub of unmatched skill. In words of Director, Mr. Saurabh Shankar Singh, “with the ability to pre-judge customers’ requirements in exact way, is the most supreme tool before marketers and it also means minimal reliance upon assumptions but to act according to insights which are driven by crystal-clear data. In fact, with Deep Learning, we can manipulate data by looking at the patterns within the patterns”.
He further, in a slightly witty manner, went on to declare, “just like astrologers and palmists and future tellers, Deep Learning technology can rightly transform us into a fortune teller when we give reliable directions to marketing, based upon such valuable data”.
IMA Appweb Technologies, over the past several years, managed AI and its subset Deep Learning to have clear view of Data Analytics pertaining to customers, on the basis of which, precise predictions are drawn in respect of uncovering popular buying instincts and possible set of demand thereby.
Besides, for branding and communication purpose, even though websites and social media accounts are made and marketing activities are initiated following market research but in market research and competitors’ analysis, the company has developed in-house crawlers which, riding upon Machine Learning, navigate the data and sorts it immaculately for precise marketing strategy to be developed further and to be implemented.
Further, a prominent consulting firm, Protiviti together with research firm ESI ThoughtLab has conducted a research study which observes that even though “most companies are still at the starting gate” in their quest with AI, a “sizable majority of companies are fast-tracking AI applications and expecting to see significant gains in profitability, productivity, revenue, and shareholder value in as little as two years.” Now as per the research indications, in almost every business arena, majority of enterprises will implement advanced AI analytics which also includes marketing and customer experience.
Deep Learning Technology And innovation Attracts Investment:
No question about the fact that scores of companies have realized the hidden potential of AI and are aligning it in operations to ensure customized customer experiences by speculating well in advance their needs. In other words, business gaols can easily be sailed upto, with AI and Deep Learning manoeuvred to your efforts, quickly and precisely.
In entertainment industry, even the Netflix has ingrained AI simply to tap upon personalization and over 80 percent of content is decided on the basis of subscribers’ preference. Company management is all praise for such a tech algorithm as it helps in winning customers favour which equally amounts to generating around $1 billion in revenue. Then, in case of Amazon, which is widely regarded as the reliable product search engine, runs on AI technology to scale up its deliveries fast when the workforce knows at which location, products need to be stacked at, so that stock should be closer to buyers whose desires and shopping habits have already been screened through AI and Deep Learning. As a matter of factly, way back in 2013, Amazon obtained patent concerning anticipatory shipping.
We can easily foresee the unprecedented surge in sales and use of apps and tools, based upon Deep Learning and Google registers a leap in such race, when it declares cloud software which stores a range of utilities to enable businesses to kick-start deep learning based business tasks on Google Cloud. In similar quest, Facebook is not lagging behind as there have been developed a plethora of applications which rest on this robust AI and Deep Learning foundation, such as DeepFace (app for face verification) where photos are recognized through near-perfection accuracy. In coming months, developer community is going to uncover an integrated structure based on such refined technology and sentiments are still running high on such declaration.
None can deny that marketers have found a treasure trove in form of deep learning and all of the investment and refinements made thereby. Business Management scholars at McKinsey are quick to regard that majority of business use cases hovering around AI will largely favour a couple of business areas, i.e. supply chain management and manufacturing on one side while marketing and sales refers to other.
Going by their judgment, aforementioned areas are likely to witness a surge of 75% of use cases in overall AI usability. Beyond this, in marketing and sales, value of AI can be taken in the form of worth that hovers around $1.4 to 2.6 trillion across industries which also includes analytics driven by AI gamut having Deep Learning at the forefront.
Albeit, Deep Learning has just taken off, but such has been deeply instrumental in transforming marketing techniques altogether and if any business(s) in any industry fail to involve it in their efforts, such would be a big business negligence drifting loads of revenue towards competitors who would be doing it. This is simply the high degree of accuracy and consistence with which deep learning enabled AI is used to predict consumer behaviour.