How Can Machine Learning Help in Getting the Maximum out of the Marketing Budget or Minimize Marketing Waste
Organizations spend a fortune on marketing. Every dollar spent on marketing demands ROI. With a number of marketing channels in place, be it offline or online - organizations always strive to improve the targeting. Marketing aims to target customers at the right time, with the right product, at optimized price and best time. All of this marketing effort makes it really difficult for the marketing teams to plan and allocate resources and budget. Marketing budgets (particularly after a strong social media presence) have to optimize the budgets and improve the targeting methodology. Data analysis, machine learning and AI allows us to improve customer targeting, product placements. At the same time, these capabilities allow marketing teams to really get the maximum from their budgets. In other words, the teams can minimize the “marketing waste”. This talk focuses on sharing insights on - how can the organizations improve their customer targeting and optimize their marketing budgets.
Key Takeaways 1) What is required to have a successful ML/AI setup for retail 2) What are the areas in the retail industry which can be benefitted by ML/AI 3) What are the common pitfalls to avoid
Vaibhav Verdhan is a seasoned data science professional with rich experience spanning across geographies and domains. He is a published author with books on machine learning and deep learning. He is a hands-on technical expert and has led multiple engagements in Machine Learning and Artificial Intelligence. He is a leading industry expert, is a regular speaker at conferences and meet-ups and mentors students and professionals. Currently he resides in Ireland and is working as a Principal Data Scientist at Johnson and Johnson.