Artificial Intelligence Is Crucial for Your Business. Here are 4 reasons why:
Artificial intelligence (AI), what is it? The technology used by many industries is raging at the moment and has been for several years. Also referred to as the 4th industrial revolution, AI reforms our jobs and consumers’ behaviour.
In the world of marketing, artificial intelligence holds a crucial position. It can enable your business to save time and encourages productivity. The information it provides businesses allows marketers to create and implement a better and more relevant strategy for your company. But, how exactly should you implement artificial intelligence into your business to make the most of it?
#1 Get to know your customers better
Artificial intelligence is one of the most useful tools for data collection. The information gathered provides businesses with a deeper understanding of the motivating factors for their audience; a critical aspect for refining your businesses targeting.
AI is beneficial for effective customer segmentation. This is essential if you want to save time and target the most relevant types of individuals for your campaign. A report made by Campaign Monitor found that there was a 760% increase in revenue from segmented campaigns. AI can segment your database with the parameters you choose, this is dependent on the campaign and the resources you have. Moreover, AI allows you to determine recurring patterns that a human might not have seen and prevents human bias. As you can see, AI is a time-saver as well as a very productive tool.
#2 Offer a better user experience
The goal for most businesses is to offer the best experience for the user to facilitate their purchasing decision and eventually drive more sales and increase customers’ loyalty. To get the best experience possible, the information you are providing must be useful, usable, desirable, findable, accessible and credible. And, to achieve those requirements, artificial intelligence is an essential tool.
Forbes recently reported that 75% of enterprises using AI can enhance customer satisfaction by more than 10%. The use of AI for products and content recommendations takes a big part in improving the user experience. For example, Netflix uses artificial intelligence to recommend shows that you are likely to enjoy based on the previous content you watched. That way, the user does not have to search through a long list of options.
Artificial intelligence can also be used for visual search technology. It analyses the picture, which includes the content and context, to be able to provide the best-related results. That way, your audience saves a lot of time while still getting answers rapidly and easily.
For example, ASOS Style Match allows you to upload a picture of the clothing or accessories you like, and then suggests similar products available on their platform.
As a result, artificial intelligence can also be used to optimise digital campaign ads. By analysing what your audience is more interested in, you can target the right type of people, at the right moment.
#3 Chatbots and conversational AI
A Chatbot is a piece of software that conducts a conversation via auditory or visual methods. Many companies have started adopting them to communicate more easily with potential or current customers to create a closer relationship. Being able to help your customers with a purchasing decision or just to inform them has never been easier than with chatbots.
Offering a chatbot service to your customers brings many benefits to your business. First, it is a service that works 24/7. Your customers will feel more satisfied with their user experience, as they feel your business is attentive and prioritise their needs. It can also streamline your customer service by off-loading simple tasks and focusing on solving more complex customer queries. From here, your business can monitor the issues that arise more often and invest resources to improve the downfall in your operations.
Consumers feel more privileged and accompanied when someone is present during their shopping experience. For example, Flybot, a chatbot on Facebook Messenger; tells users the best travel destinations depending on your budget, the number of people present, and the type of vacations you are looking for and so on. This allows the user to be aware of the best deals with minimal effort.
Based on all the data gathered, artificial intelligence can forecast analytics. It considers all the factors that could occur such as the weather, marketing calendar, but, most importantly, human behavioural patterns. Thanks to this, the AI will predict your business’ future sales income. However, AI is not only predicting what will happen because of what happened in the past, rather it also determines solutions to issues that might have happened.
AI has also been identified as a powerful pricing strategy predictor. IBM learned that as many as 73% of respondents (retailers) are planning to use intelligent automation to enhance their pricing and promotion by 2021. Your pricing strategy can impact your business by satisfying your customers while keeping a wide profit margin and maximising your revenue. To achieve that, artificial intelligence will go through a huge amount of data and analyse many pricing hypotheses to finally conclude the most profitable answer. It also takes into account your business goals and existing pricing strategy.
Data is the key to improve your business. But, when you have too much data, it can feel like your drowning in information without any idea of where to begin. This is when artificial intelligence comes in handy. It gathers information for you but also suggests relevant content. As a result, your business will save time and money while satisfying your customers in the best way possible.
Sierra Marketing has provided many businesses with the tools to discover their potential. By analysing your past and present state, we can assist to develop your long-term strategy and growth plan.
Get in contact today to discover new and improved ways to take your business into the future.