Wednesday, February 15, 2017

Business Owners: 3 Action Items to Welcome Machine Learning Revolution

As a business owner, one of the biggest concerns is how to react to machine learning when we are witnessing this revolution taking over the world. As a graduate student at Northwestern University, the Medill school of Integrated Marketing Communications, who has an interest in machine learning revolution. I have found two articles which address the subject of this problem for both business owners and advertisers.   

Business owners should join the revolution by building products and services using machine learning. The thing you might found interesting is that business owners could be a part of it even though they are not experts. When Bezos started Amazon in 1994, he wasn’t an expert on everything Internet but he used his business knowledge to find ways to take advantage of the Internet. Machine learning is the same way and it is here to stay. The winners of this revolution are the ones who use machine learning to their competitive advantages to create more powerful experiences for their customers.
Author: Aytekin Tank 
"This Is the Year of the Machine Learning Revolution"

(Image Credit: Colin Anderson | Getty Images)

For advertisers, machine learning can help make ad programs more efficient and can help make sure ads perform the way advertisers need them to. The algorithm behind machine learning drives it to maximize real time bidding, optimal targeting, and perform analysis in order to supplement many of the things that advertisers do best.
Author: Alexis Ng  

Based on my reviews of these two articles and relevant studies I have done in the Medill Integrated Marketing Communications program at Northwestern University. I have developed three action items you should consider doing immediately. They are:
    • Ride the Wave - You don’t have to be a computer science expert to utilize machine learning in your area of specialty to build your business.
    • Become More 1-to-1 - Most advertisers use machine learning to customize email campaigns by looking at individual words and phrases you search.
    • Think Ahead - Not just with the contents of email or ad campaigns, but advertisers will soon predict ad performance before ads are served.
 The next time you hear machine learning, think about this article and ride the revolution wave.

Yutai Liu is a graduate student in the Integrated Marketing Communications program at Northwestern University focus on marketing analytics. My past working experience include marketing research, customer acquisition and marketing strategy. You can contact me on Twitter or on Linkedin. 

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