This article is part of our High-Tech Online Magazine. As a computer engineer, I have been building new markets for Tech Startups for over 5 years. I have faced the challenges that is inevitable in the growth of a startup. The primary being limited resources (human, technology, and time).
That is actually the main reason for the book by Lomit Patel. This article aims to do a book review about the book: “Lean AI: How innovative Startups use AI to grow“. After reading this book, I have been impressed by the power of Artificial Intelligence and Big Data for Digital Marketing and Startups that are listed here. Let’s start the journey with what you will learn in this book.
The era of Big Data and AI (Artificial Intelligence).
In the era of Big Data and Artificial Intelligence, it’s vital to manage your Startup’s resources with the best performance possible.Based on my own experience, many Tech Startups are still working with the concept of “physical marketing” and not exploiting “Digital Marketing”. Therefore, most of them are still not exploiting the use of Big Data by potential customers and current customers. The use of big data and artificial intelligence is one of the key differentiators for the startups that move at a jet speed.
The application of Big Data and AI speed up your results.
The Lean principle is not new for developing a product in most of the Startups. The same principle applies to a new marketing strategy. It consists of trying a new strategy or product, analyzing the feedback of this new strategy, improving this strategy based on these results and repeat the same cycle. In the past, it took months to complete any one process in this cycle.
Thanks to the big data and AI, you can now measure the results on weeks or even days. It is also important to remark that AI is a critical point for this evolution, but without the Big Data, it can not work independently. Finally, human analysis is important too. Therefore, the formula is AI + Big Data + Human Analysis.
Technologies evolve faster than ever.
Some of the most remarkable examples are what we see on computers and smartphones these days. Do you remember how computers look like in the ’80s or ’90s? They were very heavy and big. The speed of technology evolution has multiplied its speed dramatically and now thanks to the Big Data and AI, you are able to do a test faster than ever. However, Machine Learning capabilities are very important.
Machine Learning capabilities and Quantum Computers.
The Machine Learning capabilities have evolved very fast, in part thanks to the GPUs (Graphics Process Units). The same improvement came about Quantum Computers. Thanks to this evolution, it is now possible to work on a large scale test that was close to impossible before the Artificial and Big Data era.
Digital Marketing and Machine Learning concepts.
The book explains everything you should know about Startup’s growth, digital marketing, AI and Machine Learning.
You will learn the concepts such as how the “Learning” Algorithms work, approaches to take and the type of Learning Algorithm in existance:
- Supervised Learning algorithms.
- Unsupervised learning algorithms.
- Semi-supervised learning algorithms.
- Reinforcement learning.
- Deep learning.
Deep learning has also become very popular in recent times. Thus, it is very relevant to understand the concept of “Artificial Neural Networks” ANNs) explained in this book.
Smart Marketing for Customer Acquisition.
You will learn about different solutions to test your strategies for newer customer acquisitions. However, most startups don’t have the budget to invest in their own AI or ML solution. It is also very relevant, to understand how the behavior of your visitors at your website or app. There exists different applications to track these statistics. Imagine you are targeting the wrong audience (by age, sex, territory, role job, etc) and you have never noticed this mistake.
This book explains the different approaches for customer acquisitions which are not only limited to these strategies or approaches. It also uncovers new strategies and solutions for this purpose.
It also shows different ways to monetize your business by digital marketing and the strategy for all these approaches. Nowadays, there exists many activities such a partnership, affiliate marketing, integrations, social media, emails and they reinforce the importance of Big Data and automation of the activities in order to get the results as fast as possible.
Your Startup grows and managing your startup will be more complex.
Do you know what one of the biggest challenges for all startups is? It is the international markets. Not all the strategies work the same way. Thus, it is very relevant once again to measure the outputs. Another thing that is very relevant is the challenge of customer retention. It is vital that you should plan a proper strategy in order to have the highest retention on your customer portfolio.
Remember that AI and Big Data will help in your startup’s journey, but there are other human factors to work on, for example employee retention. Managing these strategies is also a key differentiator because the brand or product itself won’t work with the wrong strategy.
About the Author of this book: Lomit Patel.
Lomit Patel, the author of this book knows what it takes to boost growth to make a start-up successful. He has worked with Roku (IPO), TrustedID (acquired by Equifax), Earthlink and Texture (Acquired by Apple). As the VP of Growth at IMVU, he is responsible for user acquisition, retention and monetization. Apart from this he is also an author, advisor and a well-known speaker. He has been recognized as a Mobile Hero by Liftoff.
Author’s conclusion and recommendation.
My digital marketing skills were blown away by the power of the Big Data and Artificial Intelligence described in this book. Personal relationships are still very important nowadays. However, markets evolve, people evolve and you have to adapt to the new digital era. In my personal opinion, all these companies or startups that have the “old fashion” marketing approach will not last long. Are you a Digital Marketing, Big Data, Artificial Intelligence, or Startups Enthusiastic? If you are so, then I definitely recommend that you read this book.
The book is available at Amazon.
Lean AI: How Innovative Startups Use AI to Grow, is available for order at Amazon today.