Video Q&A: How Will AI Help Marketers Improve Retargeting & Conversion?
There’s a lot of loose talk around the potential for AI to change the nature of the marketing game, but beyond the buzz it can be hard to tell exactly how marketers will be using it to improve their businesses. In a series of video Q&A’s, marketing AI practitioner and Trust Insights co-founder Christopher Penn will explain how marketers can actually use AI.
Check out Penn’s previous videos:
Q: How Will AI Help Marketers Tap Their Data Wells?
Q: What Marketing Processes or Tasks Will AI Eliminate?
Q: How will AI help marketers with retargeting and sales conversion?
This is a really interesting question because one of the things that marketers struggle with is what causes a conversion. What factors, what measures, what metrics, what learners, what dimensions lead to conversion or contribute to conversion? A big part of this is the foundation of attribution analysis. What pieces of data have driven conversions in the past? And then, with things like retargeting, you’re trying to focus on predicting what things are likely to cause conversions in the future. The way AI and machine learning help with this is dealing with what are called “weak learners.”
A weak learner is any dimension or metric whose predictive power is just barely above random chance. It’s called a weak learner because it’s a weak signal. It’s not a signal that by itself is a very strong signal. So for example, the number of times someone has retweeted your tweets, right? For a fair number of businesses, that’s going to be a really weak learner. In fact, it may or may not even be statistically relevant. But at the very least that is probably going to be a weak learner.
There are also things like how many times someone has opened an email, the number of social channels someone follows you on, the pages they visited on a website, the amount of time they spent on a page.
When you think about all the data that we have access to as marketers and then we consider that most of these metrics are pretty weak, you get to start getting a sense of the scope of the problem.
We have all this data and none of it is the one answer that we’re looking for. The answer that says, “This is the thing we need to do more of.” It would be nice if it didn’t work that way. It would be nice to know you should always send email on Tuesdays, that’s going to cause all your conversions. Doesn’t happen.
So how does AI help with this? Through techniques that aggregate weak learners together and make them function as a stronger learner, we can get a sense of what combinations of dimensions and metrics matter most.
Hear Penn’s full answer to the question of how AI will enhance marketers’ ability to convert sales and retarget customers in the above video.
See Christopher Penn present the keynote session Using AI & Deep Learning to Generate Marketing Results at the FUSE Digital marketing Summit.
Denis Wilson was previously content director for Target Marketing, Publishing Executive, and Book Business, as well as the FUSE Media and BRAND United summits. In this role, he analyzed and reported on the fundamental changes affecting the media and marketing industries and aimed to serve content-driven businesses with practical and strategic insight. As a writer, Denis’ work has been published by Fast Company, Rolling Stone, Fortune, and The New York Times.