You might be thinking Artificial Intelligence (AI) is something big companies do, not smaller businesses like yours. You might not even be sure of what AI is, so here’s a quick explanation you might find useful. AI is basically where a machine is introduced to collect or analyse data in a faster and more reliable way.
This can be a piece of hardware (computer etc) or software (computer programme or app) specifically designed for a particular purpose. They also learn how to do the thing they’re designed to do better or more efficiently while they do it.
AI is used to help businesses reach their target audience, increase brand awareness and generate sales. So, here are some of ways you can use AI to boost the performance of your small business right now:
The data you can get from AI will allow you to make better and more informed decisions, which can lead to increased engagement and revenue. Precise targeting, more personalised communications and efficient spending are three of the instant benefits you’ll get. Marketing automation also enables you to understand your customers’ needs and motivations, so you can service them in a better way.
Your potential customers generate data from almost everywhere they interact with you, from your website or eCommerce store to your social platforms. AI is already available that can use this data to give you insights about your leads and help you drive sales.
Keep up with competitors
AI can also help you track what your rivals are doing by checking their social media accounts, changes on their websites and any news activity, among other things. Some applications can even point out gaps in markets and the strength and weaknesses of your competitors.
You’ll know what a worry cyber threats and hacking can be to business owners. The good thing is, AI can help make things more secure. By looking out for unusual patterns and any potential weak spots where you might be vulnerable to attack, AI can be a highly effective tool in the fight against cybercrime.
Strengthen customer relationships
As we mentioned earlier with marketing automation, AI can take your relationship with customers up a level through the use of data, so you can engage with them in a way they like about things they’re interested in, such as offers and rewards. Many customer relationship management (CRM) platforms now come with AI as standard, to help you achieve all of this easily.
Some companies are using AI to automate risk processes to reduce human error. Finance companies, in particular, have done this for years when making lending decisions to customers. Machines don’t get tired either, so they can keep doing potentially risky processes for longer.
This is becoming more and more commonplace with businesses now. From weeding out applicants that don’t match the job spec and onboarding new starters to gauging employee satisfaction, AI makes all these processes quicker and simpler.
The benefits of AI for your business are almost unlimited. It can help you become more flexible, improve your marketing and customer relationship, look after your data, and make things faster and more straightforward, so you’ve got more time to grow your business.
Maybe it’s time to start embracing AI for your small business.