Artificially intelligent machines are becoming smarter in every day. Deep learning and machine learning techniques enable machines to perform many tasks at the human level. In some cases, they even surpass human abilities. Machine intelligence can analyze big data faster and more accurately than a human possibly can. Even though they cannot think yet, they see, sometimes better than humans (read our computer vision and machine vision articles), they can speak, and they are also good listeners. Known as “automatic speech recognition” (ASR), “computer speech recognition”, or just “speech to text” (STT) enables computers to understand spoken human language.
Content is insights! Expressed in myriad forms and styles, it is information that makes readers feel, think and change their lives. We’ll dive into the world of automatic content creation but before that let’s cover a bit of the terminology.
If you google for content, you mainly encounter with the phrase content marketing.
What is content marketing
Content marketing is one of the most effective strategies for inbound and digital marketing. Content raises awareness of your brand, builds trust with your audience and turns them into customers who may become evangelists. Content marketing is mostly related to social media platform such as Twitter, Facebook, Pinterest since they are great publishing platform to reach out millions of people.
Sellers used to set the price for a product or service based on a manual analysis of the cost, demand, supply or competition. Without sophisticated algorithms, two pricing strategies were common:
- Premium Pricing: Premium pricing is where companies set the price higher than average competitive price. The key factor for the success of this strategy is differentiation. Premium pricing effectively works when the product has a unique feature that differentiates it from similar products in the market and has a competitive advantage.
- Penetration Pricing: Penetration pricing is basically setting the price relatively lower than the market competition. Companies use this pricing strategy to raise brand awareness and increase customer loyalty. Initially, penetration pricing may cause revenue loss but the main goal of this strategy is market penetration.
Profit maximization is not always possible with both strategies. At premium price level, demand would be low. Even if you have a high demand for penetration pricing, the price will remain low. What if you can cover all the price segments and respond faster to demand fluctuations in the market? This is possible with dynamic pricing.
Website personalization is continuously becoming important in the success of almost any marketing campaign these days. This basically allows marketers to provide a unique experience to customers for them to feel more connected, more valued and more understood. Consumers reward such experiences with more engagement, increase in conversions, continued loyalty and increase in spending.
Website personalization is the process of creating a customized experience to visitors on your website. Rather than a broad and single experience, website personalization helps visitors get unique experiences tailored to their desires and needs. Website personalization requires data.
Any new company needs to first make its marketing funnel work. Acquiring and retaining customers are the lifeblood of any business. Once a business can retain customers, building better monetization options are worth spending time and effort.
First, as we explained on our previous post where we defined dynamic pricing, pricing is a very attractive lever for monetization. Once pricing is as effective as possible, recommendations are easy to implement and can provide significant revenue upside. It is easy to get confused about recommendation systems as they are also called recommender systems, recommendation engines. All of these mean the same thing, a system that predicts what your customers want.