AI is one of the biggest buzzwords in business right now. Companies such as Google, Microsoft, and Amazon are already integrating basic forms AI into various aspects of their businesses, but how does it benefit your SMB? Here’s how to implement AI in your business today.
Find ways to compete:
Competition is a reality of doing business. It doesn’t matter if you’re an established enterprise or just starting out, it’s always a good idea to find ways to compete with your competitors. This can mean offering better pricing, superior customer service, or any number of other factors that will help you win business away from the competition.
Pricing is one of the main areas where customers compare providers. If your product is unique enough, you can get away with pricing that’s higher than your competitors without losing sales. However, if you’re selling a commodity product like bottled water, it’s important to make sure you’re pricing it competitively. Look at your competitors and see what they’re charging for similar products. If they’re charging more than you are for comparable water, you might want to consider adjusting your price.
Pay attention to customer service as well. You don’t necessarily have to beat your competitors on this front (if they’re doing a great job, there’s no reason to drive customers away), but it’s still advantageous if you can provide excellent service while they don’t. For example, if one company provides great service and another company provides mediocre service but charges less for similar products, the customer will go with the company that provides better service.
Find ways to do more with AI
Artificial intelligence is getting more powerful every day. Google, Apple and Amazon are fighting for the title of “most valuable company in the world.” AI is transforming industries and solving problems that people once thought were impossible. One of the perks of living in this age is that you can use AI to make your life easier. It’s not just for gigantic companies or smart people with PhDs. Anyone can use AI to solve problems and increase their income.
AI can find a new customer, build your business’s reputation, and increase your community even if you have a small budget
One of the great things about marketing is that there are almost always multiple options for getting your message to your audience. There are many effective ways to attract more customers, but AI makes the process more efficient and cost-effective.
One of the most effective uses of artificial intelligence is to create content that is tailored to individual people. If you’re a fitness instructor and someone emails you to ask about a personal training session, a robot assistant can craft a personalised response within seconds, giving the person all of the information, they need. This strategy also works on social media platforms like Facebook where it can be used to generate relevant ads for each customer.
This technology works by using customer data from previous interactions with your brand or service. For example, if someone bought a pair of shoes from Zappos then filled in their online customer survey, AI can analyse that data and use it to generate an email response for them when they make another purchase from Zappos. This way, Zappos knows what pairs of shoes that person likes and can tell them about similar products that will appeal directly.
What AI means for your business
To the outside observer, the concept of artificial intelligence (AI) can seem a little bit abstract. But AI is already part of everyday life, from smart home assistants like Alexa to driverless cars. Truly intelligent machines are still very much a work in progress, but there’s no doubt that businesses will find ways to implement AI into their operations in the not-too-distant future.
We’re already seeing its impact on customer relationships and interactions on social media, with chatbots helping to ease the burden on human customer service teams. Adopting AI into your business model is bound to have an impact on your marketing strategy, too.
Artificial Intelligence is still in a state of development. Yet, it holds great promise for businesses of all sizes and types, no matter what you do. Think about the possibilities for just one small business sector and extrapolate that to every possible industry. Do not let AI be replaced by fear, but embrace the opportunities before us.