We are revisiting the subject of algorithms and will focus on the amazing applications they already have in marketing. Algorithms are the backbone in many AI-based decisions. They are not as new as we normally think, but since we normally are not aware of how and where they are used… things get iffy.
Join us for an eye-opening presentation and discuss a field of technology that will saturate societies in the future.
Algorithms in Marketing
Highlights of Phil’s presentation on algorithms in marketing are:
- An algorithm is a set of guidelines that describe how to perform a task
- They describe, step by step, the procedure (like a map) that will lead to the sought after result (destination)
- Two steps:
- defining the purpose and
- searching for input/data
In marketing, algorithms are increasingly used to construct “semi-fictional” presentations of an ideal customer - based on market research and observed behavior patterns (data mining).
To do this, social profiles (e.g. generated from Twitter accounts by studying a person’s social relationships and networks). This helps describe a person’s behavior much better than hard data, as it determines what a person actually thinks/feels (say, about a product) compared to what the person might say he thinks/feels (and will do in regards to a product).