How Marketing Agencies are effectively using ML for their advertising campaigns – Overview
- Predictive analytics is a qualitative technique using machine learning and data mining to predict and forecast likely future outcomes with the aid of historical and existing data.
- Predictive analytics works by examining current and historical data and projecting what it learns on a model generated to forecast likely outcomes.
- Predictive algorithms use one of two things:
- machine learning
- deep learning.
- Machine learning model predictions allow businesses to make extremely accurate guesses as to the likely outcomes of a question based on historical data, which can be about all kinds of things.
- Machine learning (ML) can increase the rate at which data is processed and inspected, making it a useful technology for predictive analytics programs.
- By using machine learning, predictive analytics algorithms can train on even huge data sets and perform deeper analysis on multiple variables with small changes in deployment.
Benefits of using ML in Marketing Agencies
- Accelerate revenue growth
- Generate higher ROI on campaigns
- Get more actionable insights from marketing data
- Better advertising decisions through machine learning
- Improve performance
- Drive down costs
How We Used ML in advertising campaigns for Marketing Agencies?
- Created a Machine learning Model to assess the effectiveness of an advertisement campaign.
- We examine various advertisement variables like cost per click, click rate, and cost per result and then provide insightful results on how to reduce the overall cost per click and then enhance an advertisement’s performance.
- Performed statistical analysis based on user demographics
- Compared the advertisement performance in different states.
- Built a regression model that will predict the cost per result of an advertisement campaign
Market Size: AI and ML in Marketing Agencies
Artificial intelligence (AI) in the marketing market was valued at USD 5.00 Billion in 2017 and is likely to reach USD 40.09 Billion by 2025, at a CAGR of 29.79% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2025.