By increasing your reach through the strategic implementation of AI, you are filling the top of your marketing funnel and giving yourself the best chance of Morocco Phone Number List success in marketing. Find out how you can use the RACE Framework to win more customers. Need a winning marketing strategy? Book your free 1-2-1 consultation to develop your new strategy with the RACE Framework BOOK CONSULTATION Act - Draw visitors in and make them Morocco Phone Number List aware of your product 5. Propensity modelling As already mentioned, propensity modelling is the goal of a machine learning project. The machine learning algorithm is fed large amounts of historical data, and it uses this data to create a propensity model which (in theory) is able to make accurate predictions about the real world.
The simple diagram below shows the stages of this process. 6. Predictive analytics Propensity modelling can be applied to a number of different areas, such Morocco Phone Number List as predicting the likely hood of a given customer to convert, predicting what price a customer is likely to convert at, or what customers are most Morocco Phone Number List likely to make repeat purchases. This Morocco Phone Number List application is called predictive analytics because it uses analytics data to make predictions about how customers behave.
The key thing to remember is that a propensity model is only as good as the data provided to create it, so if there are errors in your data or a high level of Morocco Phone Number List randomness, it will be unable to make accurate predictions. 7. Lead scoring Propensity models generated by machine learning can be trained to score leads based on certain criteria so that Morocco Phone Number List your sales team can establish how 'hot' a given lead is, and if they are worth devoting time to. This can be particularly important in B2B businesses with consultative sales processes, where each sale takes a considerable amount of time on the part of the sales team.