Machine learning is a highly talked about topic. Amidst all this noise, it’s important to understand the meaning and relevance of machine learning to marketing and how it helps to enhance customer engagement, and do it at scale. Machine learning can be defined as an application of artificial intelligence that provides systems the ability to automatically learn and improve from the experience (without explicitly being programmed to do so). The benefit to marketers is that it helps them to collect and process massive amounts of data, enabling them to better get to know their customers in real-time, and act in milliseconds to provide relevant offers creating a personalized and engaging experience. And more marketers are adapting machine learning into their marketing programs. 48 percent of companies plan to use machine learning to gain a greater competitive advantage.
The Internet of Things (IoT) has shifted from a trend to something all marketers need to consider.
Fraud is increasingly becoming top of mind for loyalty marketers as 72% of loyalty programs have experienced fraud-related issues. For example, online criminals are aware that rewards and miles are worth over $48 billion in the United States and as such rewards are now a target of theft via online hacking. In fact, on average, these criminals perform this fraudulent type of activity for an average of 5 years before getting caught. As more efforts are focused on helping to protect members’ valuable rewards, it’s important all members of your organization are aligned when implementing a fraud solution. Consider these five tactics to help prevent loyalty fraud: