Conversion rate optimization is the heart of the marketing and analytics game. Traditionally, once your campaign is set up and has some actionable data, a data analyst or marketing strategist will go into the campaign and make changes to ad copy, target audiences, target keywords or phrases, site design and increase or decrease budgets in order to increase the campaign performance with better conversion rates, lower costs, and a more engaged audience. This system works, but it comes with its set of flaws.
The analyst may have misinterpreted data, misread the data based on an incomplete analysis, or perhaps they may have allowed personal, emotional responses get in the way of the objective data-driven decision making process. Whatever the case may be, there is a tremendous opportunity available to take the human element out of conversion rate optimization by utilizing artificial intelligence technologies.
Artificial intelligence systems are built and designed to solve complex problems by utilizing objective data and recognizing patterns within that data. Within the conversion rate optimization space, this means running campaigns and using an AI system to objectively analyze and execute changes on your behalf. The AI system can sort through millions of different scenarios and determine estimated outcomes within seconds of receiving data – the same level of analysis might take a human analyst several days to accomplish.
AI systems also learn from their mistakes based on optimization records. If the AI system created a series of changes, and a day later performance has stalled or decreased, the system will recognize the areas of decreased performance, alongside the changes that were conducted and determine the cause for the decrease performance. In other words, if the system makes changes that are “wrong”, it will correct itself as soon as the opportunity is recognized. A human analyst may be slower to recognize the decreased performance which means they will be slower to react and make changes.
It will be interesting to see how artificial intelligence systems grow in popularity and what this growth will mean for human marketing consultants.