The digital revolution today has brought disruption. Marketers have to think smart – and fast. Combined with the increasing and always-changing consumer expectations, decisions have to be made accurately and quickly.
So what’s changed?
New technology such as Internet of Things (IoT) have brought forth new media mix that marketers can leverage to communicate to consumers. This is a good thing, since there are significantly more touch points across a more diverse media landscape, giving marketers complete free range on which channels they choose for their marketing strategy.
Conversely, this has resulted in a power shift
Let’s take a peek at what’s in store for marketers in the near future:
1. Predictive Analytics – user behaviour prediction
Traditional marketing dashboards give insights on what has happened. In turn, predictive analytics uses machine learning algorithm to identify market trends before they emerge. This is called a recommender system.
How is it done? Consumer interaction data (e.g. in social media, in-store or website) is analysed using machine learning algorithm and used to build consumer profile(s). The system will then automatically calculate which strategies are best to implement for said profile(s). Rich insights like these will help marketers channel their resources and plan campaigns in the right direction.
2. AI-driven recommendations & anomaly detection
Aside from user-behaviour, AI algorithms can suggest ROI-enhancing recommendations based on historical data. Marketing strategies can now be more succinct, increasing the chance of hitting the bullseye on first try.
Anomalies in data pattern can also be detected quickly, allowing for fast corrective action.
3. One-stop channel management platform
With so many channels and so many tools used to manage multiple campaigns, using them all becomes unsustainable and a waste of time. Marketers need an integrated platform that is able to pull data from various sources into a single dashboard in a
4. Natural language processing
Natural language processing (NLP) is defined as “algorithms that allow computers to process and understand human languages.” In terms of marketing analytics, this technology combines machine learning inference model, AI and linguistics, to enable marketers to ask for specific data points as if they’re searching in Google.
These questions could go from very simple to very complex analytics – such as “how can I increase my ROI” or “predict xx consumer profile behaviour in the next six months”. Instead of looking at a static dashboard over and over again, trying to decipher it yourself, why not let the software do it?
5. Voice driven dashboards
With the evolution of voice technology such as Google Home Assistant, Siri or Alexa, verbal dashboard interaction is the future. Imagine talking to a dashboard as if you were interacting with a person – a “dashboard assistant” if you will.
No need to view graphs or charts on your devices, simply ask your assistant for data and recommendations on the go. How cool!
AI and machine learning are no longer buzzwords – it is the future! What do you think will be the next big thing in Marketing Analytics? Comment below!