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co-founder and CEO of fitpeo Inc. is an initiative to bring better preventive care to those who need it most.
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Over the last few decades, there has been no shortage of impressive technological developments. But few have the potential to be as exciting and life-changing as we know it is machine learning (ML).
Machine learning, a branch of artificial intelligence that describes applications that learn and improve from experience without being explicitly programmed, currently accounts for the largest share of AI funding.
Machines getting smarter over time may seem like science fiction, but it’s a reality. And in today’s fast-paced and highly competitive world, ML can be the difference between stagnating and staying ahead of the competition.
FitPeo uses machine learning in several areas of its business. Based on our experience, let’s see how entrepreneurs can use machine learning to help their businesses.
1. Harness consumer data for better insights
Businesses today collect vast amounts of customer data. This includes basic data such as email address, IP address, age and gender. However, interaction data such as website visits, user flows, engagement (posting, sharing, replying to likes), click-through rates, and conversions; subscription details, previous purchases, devices, average order value, etc. Behavioral data is also included.
Machine learning applications can analyze this data to find insights that can be leveraged for more targeted and compelling marketing campaigns or better product ideas. For example, you can find entirely new consumer groups that use your product in ways you never expected. With this information, you can target this new customer segment.
2. AI-driven marketing
Marketing experts recommend that small businesses should spend 7% to 8% of their gross income on marketing. This is a significant amount and we want to make sure that we spend that money wisely. Additionally, you don’t want your marketing obligations to distract you from other urgent or important tasks.
Automated marketing tools can do many of the heavy lifting, such as selecting and analyzing keywords, finding appropriate content topics, automatically publishing posts on social networks, sending regular emails, and more. Some artificial intelligence tools can also create engaging ads for each individual user, making it more likely that your content will resonate and reach the right people at the right time.
3. Enhanced decision-making for stronger business planning
Creating an effective business plan requires knowledge of current market trends and target customer segments, as well as a deep understanding of the problems you want your product or service to solve. Machine learning can speed up and simplify this research by analyzing market and consumer data and providing the best recommendations to focus on.
4. Sentiment Analysis
Sentiment analysis is a powerful and increasingly popular marketing tool that enables businesses to understand the emotions of their customers. By understanding how your customers feel about your brand and products, you can improve the customer experience and improve customer service.
Machine learning tools can analyze thousands of data points across social media channels, reviews, and responses to content to gauge customer sentiment. This allows you to respond quickly to customer needs, intentions and preferences, giving you an edge over your competitors.
5. Automation of routine tasks
Repetitive rule-based tasks can waste a lot of time if done manually. These tasks include creating and processing invoices, backing up data, and responding to simple customer inquiries. Fortunately, most of this heavy lifting can be handled by smart bots today. And intelligent ML-driven bots improve over time, finding new ways to increase efficiency and reduce workload.
6. Customer Service Chatbot
Gone are the days when chatbots were cumbersome, unresponsive, and, frankly, clever but useless. Today, conversational AI chatbots can mimic human interactions to provide intelligent, helpful and natural responses. These conversational AI chatbots leverage machine learning and natural language processing (NLP) to facilitate fast, personalized customer service anytime, anywhere, without the need to program responses.
7. Cyber ​​security
We live in a world where one cyberattack occurs every 39 seconds and the annual cost of cybercrime is expected to reach $10.5 trillion by 2025. A cybercriminal can target a large number of small businesses so that he can profit as much as one large company, and smaller businesses tend to have weaker security defenses.
Machine learning-powered cybersecurity apps can analyze patterns and spot anomalies, so you can spot cyberattacks before they become a problem. It can also automatically scan and install updates and patches to protect your system from vulnerabilities.
8. Sales forecast
Sales forecasting is the process of estimating sales revenue for a specific period of time. It is an essential activity for entrepreneurs as it helps them make informed decisions about everything from marketing activities, staffing and inventory to new product lines.
The key to good sales forecasting is accuracy. Machine learning tools leverage historical and real-time data to make highly accurate predictions about consumer behavior. These tools can predict which days, weeks, and months of the year will have the best sales. You can also analyze the impact of holidays (special days) for both positive and negative impact.
9. Price optimization
Determining the pricing of a product or service is one of the most important decisions an entrepreneur makes, and it can be difficult. Entrepreneurs need to be aware of price sensitivity (how changes in price affect customer decisions).
Traditionally, companies have had to rely on surveys to understand people’s willingness to pay to varying degrees. Today, data-driven models can provide dynamic and smart pricing. These machine learning algorithms ensure that your products are always priced appropriately for your target audience and market.
summary
Machine learning tools are becoming more sophisticated and affordable every year. Today, a simple Google search can find ML-powered tools for nearly any business use case. However, we encourage you to explore different tools to see which one best suits your needs now and in the future.
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