So, what exactly are neural networks?
In this case, we are talking about artificial neural networks (ANN). This name comes from their similarity to biological neural networks. Each neural unit is connected with many others, and links can enhance or inhibit the activation state of adjoining neural units. But this is where most of the similarities stop. ANNs are designed specifically to solve one task or closely related set of tasks.
Artificial neural networks are one small part of artificial intelligence. Deep learning currently provides the best solutions to many complex problems. Some of the popular applications are in: image recognition, speech recognition, natural language processing, character recognition, image compression, stock market prediction, and some others too.
How ANNs relate to marketing?
ANN can also be used aiding in market segmentation and measurement of performance while reducing costs and improving accuracy. We can use ANN in the classification of customers helping companies to make informed marketing decisions.
They are also used in sales forecasting, estimating future events and reducing uncertainty in sales. When performing marketing analysis, neural networks can assist in the gathering and processing of information, ranging from consumer demographics and credit history to the purchase patterns of consumers.
Besides everything mentioned, there are still new applications to be found!