The term Machine Learning was first defined in 1959 by Arthur Samuel, Samuel defined machine learning as a “Field of study that gives computers the ability to learn without being explicitly programmed”.Machine learning is a division of artificial intelligence that provides the system with the ability to learn and perform from the last experiences without being programmed externally. Its main purpose is to make the computer learn without any human intrusion. The machine learning algorithm is categorized into four parts namely supervised machine learning algorithm, unsupervised machine learning algorithm, semi-supervised machine learning algorithm, and reinforced machine learning algorithm. ML algorithms are being used in a variety of things, let’s take a look at how Machine learning is impacting sales and marketing.
Machine Learning Benefiting Sales and Marketing
Personalized Product Recommendation
Sales include working with lots of data, therefore there is a need of categorizing these data and set a definite pattern according to the requirement, their purchase history, etc This work cannot be performed manually, doing so includes the machine learning algorithm which categorizes the data and implements personalized product recommendations and shopping experience. It is increasing the efficiency of sales by matching data profiles with their potential customers.
Improving the Accuracy
The machine learning algorithm combines the pricing of the product, selling details, and the historical data of the customer through a single system that enhances the accuracy of the selling and marketing. By analyzing the data individually, ML algorithms help in forecasting the requirements of the customer thus enabling the marketers to provide them with their obligations which increases the precision of product selling and purchasing.
The costing is the most important thing in sales and marketing, it is the basic thing which affects business growth on a very large scale. The most common method of price estimation is through the trial and error method. With machine learning and artificial intelligence algorithm the pricing data, purchasing history, discounts, promotional programs, demand data can be analyzed and suitable product prices can be estimated. Artificial intelligence and machine learning algorithms can study the elasticity in pricing for the individual customer and cost optimization can be achieved easily.
The salesperson time is very valuable because they have to reach the maximum number of customer in a limited time. Machine learning and artificial intelligence are enabling to manage the salesperson schedule based on the sales score and potential customers consequently providing them with maximum selling opportunities.