Artificial intelligence, or AI, refers to computer software and hardware that analyzes, learns, and adapts in much the same way that people do, but with the ability to tackle much larger and more complex questions. You might not immediately think it has anything to do with marketing. However, it’s the underlying technology that makes better marketing possible. With AI, you can handle and analyze your customer data much more efficiently, and without expensive data scientists and analysts. Ideally, it fuels predictive analytics, so you can make better decisions faster, providing insights that let you move your business ahead of your competitors.
Predictive modeling analyzes the characteristics of business or consumer leads to find what characteristics (or signals) correlate with desired behaviors (such as purchasing your product), and then creates and tests a statistical model to assess the probability of future behaviors and outcomes. The model is then used to predict,