As the competition in the SaaS community continues to grow, it could be time to consider machine learning to scale your SaaS business. By utilizing the data that you already have access to, you can create opportunities that can highly impact users in their decision making process, which in turn can grow your business in many ways, setting you on a path to outlive your competition.
For many SaaS businesses, Machine Learning can be a very overwhelming concept to understand when it comes to implementing it within your organization, but when you consider that “by 2024, 50% of AI investments will be quantified and linked to specific key performance indicators to measure return on investment” (Source) it’s time to get on board.
Even though machine learning might seem to be unfamiliar to many of us, we actually interact and experience it every single day. If you have ever wondered how predictive text, or chatbots work, or just how your favorite streaming service knows what shows and movies to suggest to you, it’s all due to machine learning.
What is Machine Learning?
In the simplest form, “Machine learning” (ML) is a type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values” (Source).
Machine Learning and Saas
By adopting machine learning, create opportunities for your users that will influence their decision making process, ultimately getting them to the desired end result fast, which in turn helps you grow your business, all while maintaining your position within the competitive SaaS space.
Here are a few ways in which machine learning can add value to your business
1. Personalization & Habits - Users today are looking for more and more connection to a product, brand or experience and they are willing to give up some personal information in order to do so. Machine learning allows marketing and sales teams to understand the user, their likes, dislikes, habits and identify the high value users that can help grow your business, all while delivering the messaging the user prefers, on the platform they prefer. This allows you to create a user experience that is more usable and intuitive. Everyone wins.
2. Automation & Operations - With automation, comes ease and the freeing up of resources. Your marketing team can have peace of mind knowing that their marketing campaigns are running successfully, across multiple channels, and garnering the leads that you are looking for. A common example of automation is chatbots- chatbots allow you to optimize your teams by supplying pre-programed solutions to common questions, in half the time. Chatbots also provide infinite data points that can help you make improvements to your business, and continue to deliver solutions that your users want.
The final, and most important value that machine learning offers is that of Predictive Analytics, and this is where Predikat can influence your machine learning strategy.
3. Predictive Analytics- By utilizing predictive analytics, you can create a better user experience, increase user engagement, and also increase user churn. Predictive analytics can help you and your team gain a better understanding of user behaviour, that will help you create more tailored marketing campaigns that trigger alerts or calls to actions that appear during a time where the user’s engagement may be down, allowing you to bring them back, improve engagement and increase user retention.
If you are looking for more insight into our predictive analytics and how they can influence your machine learning strategy, connect with us and start scaling your SaaS business today.