3 Ways to Drive Business Growth Using AI Artificial intelligence (AI) has been a breakthrough technology for some of the most successful enterprises. Here are three different ways AI is being used to accelerate business growth.
By Auria Moore Edited by Kara McIntyre
Opinions expressed by Entrepreneur contributors are their own.
Some of the most revolutionary businesses of today were crafting internet strategies as early as the year 2000. Unfortunately, not every business followed its example right away. Some skeptics wrongly predicted the internet would collapse in 1996, which influenced some companies to deprioritize anything related to the web.
That was a costly mistake now that an infinite number of e-commerce businesses launched within the last two years and are thriving, while many who went against the grain in the earliest years of the internet are still trying to catch up.
The same could easily be said about Artificial Intelligence (AI) today. For example, when you shop online, AI technology picks up on your habits, targeting ads towards you, recommending products and providing insight for companies based on your browsing history.
There are three central areas where AI can drive business growth:
- AI-powered analytics
- Customer service satisfaction
- Targeted digital marketing campaigns
If you're getting your small business off the ground or are an established corporation, your business can benefit from AI.
Related: 5 Ways Artificial Intelligence Is Radically Transforming Creativity in Business
AI-powered analytics
The topic of cookies has made consistent headlines in recent years, with the future of cookies still unknown. When people visit your website and 'accept recommended cookies,' you gain vital information about their interests.
AI can collect and connect different types of data, including:
- Demographic
- Social
- Geography
- Browsing patterns
Working in the background while users continue on their browsing path, AI permits businesses to secure generous amounts of information about their users. With this data, you can make strategic decisions on how to best communicate with customers and promote new offerings.
The more data your AI software can generate and sieve through, the more targeted and personalized your marketing can become, which will, in turn, accelerate traffic for your business.
AI-powered analytics can give detailed insights into buyer preferences, behaviors, trends, and interests. As a result, this technology can help you create products that the market is enthusiastic about and reach buyers at the most opportunistic times and channels.
Monitoring competitors is also simplified using AI. There are numerous tools to help track competitor activity and performance so your business can stay ahead. For example, instead of reacting to competitor releases and announcements, AI can be used to watch competitor movements so humans don't have to.
Related: Artificial Intelligence Strategies Startups Should Use to Grow
Customer service satisfaction
One of the most significant obstacles for businesses is the ability to serve customers better. When it comes to customer support, expectations are high.
Since nine out of 10 consumers say free shipping is their top incentive for purchase, businesses are working to make sure they keep a doors-open policy if customers need support and can effectively communicate any changes in expectations.
We're not talking about those robotic, awkwardly phrased replies that you get on the company site. Instead, AI can help you communicate in a more personalized way, which can help you increase your brand reputation and grow your business exponentially.
A total of 41% of consumers prefer chat support because they will get the answer to their problem fast. It is progressively becoming the most preferred platform for customers to contact brands when they need assistance. AI can also help you track these conversations in real-time.
This type of insight can help you determine peak business hours, the amounts of agents needed to be available to customers and what kind of support customers prefer (i.e. chat or phone).
Businesses can further use it to provide feedback to agents so they can be in the best position to support the customers when they interact.
Related: The Complete Guide to AI for Businesses and How It's Making a Difference
Targeted digital marketing campaigns
Just because you have excellent products or services, it doesn't mean the market will want to buy them. A marketer's job has never been easy, and when the market changes, the more arduous it can be — and the market is constantly changing.
With people spending more time online through their smartphones, tablet devices and social media, businesses have an opportunity to reach them on a vast array of channels. Companies must come across as open, communicative and responsive, with a tone that welcomes customers. Personalization is not a new concept to marketers, but it requires consistent practice, especially as times change.
A total of 87% of marketers have reported a measurable lift from their personalization efforts, generating solid results, although personalization isn't easy.
In a see-saw of market uncertainty, AI can help businesses collect and connect data to provide insights that help create successful marketing campaigns.
AI grants marketers the ability to enhance personalization at an individual level. For example, the technology can predict customer behavior based on brand interactions, so businesses can communicate at ideal times and enhance experiences. It can also recommend products and services relevant to the right buyer, which will improve brand reputation.
Related: 3 Ways You Can Use Artificial Intelligence to Grow Your Business Right Now
The power of AI
So, what can AI do for your business? The most basic answer is that AI can do pretty much anything as long as you program it correctly. Don't ignore the value AI is already bringing to leading businesses and the possibilities it can bring to yours.
While some of today's technological advancements can seem a bit intimidating, it's crucial to deepen your knowledge of how they are used and how you can use them to support your business so you don't fall behind tomorrow.
