Big Data, Artificial Intelligence (AI) and Machine Learning (ML) is here to stay and will change the way companies structure their businesses, especially when it comes to marketing and sales strategies. These technologies have been used by top level companies for over a decade and have been trickling down into small to medium sized businesses (SMB’s) over the past few years. If you’re not leveraging, collecting and training the information that you collect from web properties and assets, your competitors surely are and they are taking the necessary steps to future proof themselves from external threats.
AI is used in many applications, from streamlining and optimizing processes to reducing costs and adjusting supply chains. The SAP ERP software is huge with this and is deployed by almost every Fortune 500 company. We use SAP’s Predictive Analytics modules in some client projects because it helps organize large data sets and display graphical representations of patterns that are much easier to digest.
AI isn’t just a magic USB waved around in YouTube ads, it’s a very complex system of computing and algorithms; but now it is more accessible than ever, largely due to advances in cloud computing and more startups entering the space.
Machine Learning is a little bit more complex because it leverages algorithms and is designed to optimize its decision making processes. Think of ML as an AI that continually trains itself and learns.
Below we will cover the most common applications of these technologies that can apply to almost any industry, including your own.
Measure Data and Key Performance Indicators (KPIs)
Optimizing and measuring data is important and necessary to properly track your organization’s KPIs. The goal in business is to deliver better results in less time, i.e. increase efficiency and output.
There is no such thing as random or a coincidence, and with enough data, patterns can be established. This is particularly true for consumer behaviors. Everyone wants to consume and you can help influence their decision making process. Think about all those “custom ad experiences” every tech and media outlet gives you.
But more importantly, using data and AI to understand why customers and consumers do what they do will help you to establish more accurate predictions and shift your strategy to better meet consumer needs.
Improving Customer Experience
Customers will gravitate to places where they feel welcomed and had a good experience. They will also voluntarily tell their friends, and referral traffic is the most powerful. AI allows companies to deliver a customized and more personal experience.
One example would be chatbots. Sure they are the least personal at first, but they are effective in getting basic information from a customer before a live agent can chime in and solidify a relationship. Chatbots reduce labor overheads and help streamline customer service. This allows resources to be freed up to better address the more technical customer service issues.
Improvising and Optimizing Marketing Strategies
AI tools are extremely effective in any type of marketing campaign. They help you identify and get in front of your target audience. Additionally, they assist in re-targeting and automating follow-ups which is crucial in developing business relationships; especially in higher ticket and service based industries.
Split testing and optimizing your landing pages and funnels can help you identify small changes that can greatly increase conversions and upsells. Many times, these changes aren’t as straight-forward and obvious but with the help of Big Data and Artificial Intelligence, marketers can identify patterns and develop actionable steps to implement them.
Artificial Intelligence Automation
Artificial Intelligence is great for optimizing and automating routine tasks. This frees up more time, labor and capital that can be better deployed elsewhere. If you notice that your business operations involve a lot of routine tasks, there is most likely an AI solution that can take care of that for you.
There are tools for prospecting, pre-qualifying, communicating, analytics, invoicing, customer relationship management (CRM) and more. The more you can automate mundane tasks the more efficient your business will run and in turn increase your productivity and revenue.
Tl;dr: AI will increase your efficiency in every business process and help drive revenue.
What artificial intelligence strategies are you and your organization leveraging?
