5 Ways to Grow Your Business Using AI
Posted: 07/06/2020 | Author: Angela Ozar for Creatives On Call | Tags: Thought Leadership
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Large and small businesses alike are utilizing artificial intelligence to help automate parts of their business. Artificial intelligence or AI as it’s commonly referred to uses machine learning to perform tasks a human would be capable of. It’s a technology that functions like a human brain. Creatives On Call would like to unpack this a little for you to better understand what exactly it is and what areas of your business could use it.
You are probably already familiar with AI in your day-to-day activities. If you have spoken with Alexa, Siri, or responded to a message or text sent by a company then you have interacted with the technology.
AI aims to make life easier for consumers and businesses. It’s already achieving great results. The consulting agency Mckinsey found that 82% of companies that have implemented AI have seen a return on their investment.
It’s no wonder that the global market for AI is estimated to reach $40 billion this year, a compound annual growth rate (CAGR) of 43% from 2019, according to a report by Research And Markets.
There are several ways businesses can implement AI to streamline their operations and improve the overall customer experience. Here are five ways companies can use the technology and examples of how it’s proving to be effective in business growth.
1. Improve Customer Service
Customer service is one of the most common ways businesses are using AI. It’s a natural progression from phone menus and delivers increased customer satisfaction. This combined with humanizing your brand, can have a huge impact on interest and sales.
AI can provide 24/7 automated responses to common customer inquiries. This is especially powerful for small businesses that can’t afford to fund large call centers. It helps speed up response times to frequently asked questions and is more cost-effective for companies.
And data shows consumers are okay with talking to a machine instead of a live agent. 40% of consumers do not care if they talk with a human or a chatbot as long as they are getting the help they need.
Macy’s is a good example of a company using a virtual assistant to improve customer service. Through a mobile device, “Macy’s On Call” will answer customer questions about finding services and products located in the store. It helps solve the problem of trying to find a sales associate in the store when a customer needs one.
More and more companies will be using AI to automate customer service. Servion Global Solutions said in Finance Digest that it predicts it will power 95% of live telephone and online conversations by 2025.
2. Optimize Search Marketing
Search marketing is a valuable and affordable marketing strategy for businesses. All types of industries use search. Companies can optimize their search efforts by utilizing AI in addition to what they are currently doing.
Voice search technology such as Alexa and Siri is a prime example of how it can aid in SEO. AI can automate keyword optimization, website performance, and tags. For content marketing, it can assist in generating content automatically and create custom news feeds.
Experts state that companies now need to consider a voice-search strategy to integrate into their websites and optimize for mobile. AI is making search more conversational and human-like, which is what consumers now want.
3. Increase Conversions
One of the best applications for AI is to execute digital marketing. Companies can use AI to create conversational ads and engage with consumers on social media. Want to learn how you can find a professional to handle your company’s AI needs? Let us know.
Conversational ads make traditional ads come to life with an engagement element. For example, a customer who sees a travel ad can book a flight right within the ad in real-time.
AI is used in messaging channels like WhatsApp and Facebook messenger or through Rich Communication Services (RCS) to reach audiences with targeted discounts and offers. It’s intelligent messaging. Businesses have experienced higher lift and conversion rates through messaging and RCS.
Subway experimented with offering two different promotions through (RCS) messaging and it exceeded their expectations. The first offer was two-foot-long sandwiches for $11.99 and the other a meal deal for $20. They received a 140% higher conversion rate on the two sandwich promo, and 51% more conversions on the meal deal than the same offers sent through traditional text messaging.
Marketers can better target specific audiences with AI and it’s cheaper and more effective than other more marketing solutions.
4. Increase Cybersecurity
Customer privacy and cybersecurity are top priority these days with the news of large companies such as Facebook and Marriott announcing data breaches in 2019.
Companies can be proactive in preventing cyber crimes from happening by using AI security programs to troll for potential threats.
These systems can flag suspicious illegal activity and stop attacks while they are occurring or prevent them from even happening. This lowers the risk of businesses discovering that data has been compromised and losing their customer’s trust.
Microsoft, Sqrrl, and Chronicle are large brands using machine learning to fight cybercrime attacks. AI is improving cybersecurity because it is good at scanning large amounts of data and analyzing it.
All businesses are open to cybersecurity threats because they handle customer data. Now, business executives can sleep at night knowing an AI-powered system is on the watch to protect their customers.
5. Automate HR Tasks
AI technology is not only cost-efficient for marketing and sales tactics but is time-efficient as well. AI tools can save time in the recruiting and hiring process and reduce employee turnover.
AI HR tools scan candidate information for specific criteria that best match a company’s desired qualities and skills in an employee. This helps shorten the recruiting process and increases the quality of candidates.
It also functions as an employee resource for feedback and questions. The systems can collect feedback on the HR processes from new employees and answer common questions on benefits and policies. This also works well for small businesses.
The Future of Business with AI
AI has implementations for every part of a business's operations from marketing to recruiting and on-boarding new employees. Contrary to popular belief AI-powered software is affordable to even small businesses.
There is no doubt that AI is the future of business and we will see more integrations across all industries and being used in different ways. It’s cost and time effectiveness and its ability to help companies craft a better customer experience will ultimately result in business growth.
Do you have an AI business strategy? Creatives On Call can help you with implementing AI solutions and strategies into your business. Contact us here.