Artificial Intelligence (AI) is one of the fastest growing sectors in the world at the moment, particularly hot among marketers and business owners.
Research shows that the global AI market is to expect to grow at a compound annual growth rate (CAGR) of 15.83% to reach over $738.80 billion by 2030. In 2024, the Artificial Intelligence market size is projected to reach a whopping $305.90 billion.
It comes as no surprise, therefore, that many businesses are turning to this cutting-edge technology to drive digital transformation for their business. From retail to transportation and health care, businesses and organizations of all types and sizes are looking to harness the power of this multi-faceted AI technology to drive digital transformation and create value.
For example, online supermarket Ocado implemented a deep neural network on its platform and enhanced fraud detection by 15 times.
Meanwhile, motorcycle manufacturer Harley Davidson reported using an AI-driven platform for marketing and was able to increase their sales leads by 2,930%!
So, how can you use AI solutions to help your business grow?
Key Ways to Harness the Power of AI in Your Business
Whether your business is large or small in whichever industry and niche, some of the best ways you can harness AI to help your business grow and propel it to greater heights are:
1. Automated workflow
If you are not using simple task applications yet, you need to look into acquiring these new technologies. Depending on your company’s size, it would be an excellent idea to find applications that can handle simple administrative tasks.
By doing so, you can free up your time, as well as your employees’ time, for more important aspects of your business.
AI-powered technologies can take over repetitive and time-consuming tasks, allowing your employees to focus on more creative work. You can use AI technologies to run routine operations like processing a request and managing schedules, which can help you save many man-hours.
Moreover, you can also use AI in your Human Resource (HR) processes. For instance, your HR team can speed up the recruitment process by using AI tools to evaluate applicants’ resumes and find the best candidates.
2. Enhance marketing campaigns
Artificial Intelligence provides vast opportunities for creating more efficient and effective marketing campaigns. AI-powered analytics tools can harness and analyze huge amounts of data to derive valuable insights into customers’ behavior.
For instance, AI can test human reactions to various ads. It can test the length of the ad, the language, the music, and so on. From there, it can select ads with the best chances of producing the right responses for your audience.
With this data, you can gain a better understanding of trends and patterns. It can tell you how to construct the ad for your brand and help you create a more effective marketing campaign to reach your audience.
3. Boost customer service
Great customer experience is at the heart of every successful business. Answering customer inquiries, responding to feedback, and quick responses are things that your customers highly appreciate. This is where AI-enabled chatbots come in.
Research reveals that about 80% of people who contact customer support ask typical questions that an AI-enabled chatbot can easily answer. And while consumers prefer to speak to a human agent, 46% are comfortable with AI-assisted human interactions.
This means that AI-enabled chatbots can go a long way towards meeting the needs of your customers. Chatbots are an excellent way to ease the interaction with your customers and to raise engagement.
4. Opinion mining
Opinion mining, also known as sentiment analysis, utilizes natural language processing (NLP) and machine learning to analyze social media news, reviews, or posts. This data can be vital in assessing public opinion about your product, service, or brand in general.
By tracking the sentiment around your brand, you can better understand your customers, identify their issues with your brand, and address them immediately.
Take it further and pair the data with consumer demographics which allow you to segment your customer database. This will help you develop a winning, highly customized strategy for every group instead of using a one-size-fits-all approach.
5. Improved search engine optimization
One of the most important things to remember about AI in Search Engine Optimization (SEO) is the power of voice search. With voice search technologies like Alexa, Siri, and Cortana, the search query landscape is constantly improving.
Now, question words like “what,” “who,” “where,” “why,” and “how” have all become query triggers. With this, keywords are becoming more important than ever. For instance, Google’s AI RankBrain attempts to understand the context of content on websites.
As Google gets better at analyzing search queries, it is more important than ever to get your keyword search right and then tie those keywords back to your content. This means that you have to focus on providing real value.
You have to start answering questions that people are asking instead of just stuffing as many keywords as possible into a blog post.
6. Enhance coaching and training
With AI and machine learning software, you can better support your salespeople. You can provide them with the necessary tools and resources to perform at their best.
For instance, you can use ML algorithms to capture and analyze customer interactions. With this data, you can identify and develop the most successful sales strategies which you can use to effectively coach and train your sales representatives and close more deals.
Another way to train your sales team is using an intelligent chatbot that relies on in-depth user engagement analysis to stimulate conversations with a customer and recommend the right questions at the right time.
7. Garner Competitive Intelligence (CI)
In today’s highly competitive business landscape, following a leading company’s example is no longer enough. If you want to stay ahead of your competitors, you need to be proactive and innovative, respond faster, and act smarter. To do these things, you need to keep a close eye on the marketplace and know how your competitors are performing.
This is where Competitive Intelligence (CI) comes in. This AI-powered software monitors your competitors’ activity throughout different platforms, reveals product and service gaps, and identifies their strengths and weakness.
With AI technologies becoming more affordable and accessible, companies across the board are turning to AI to improve their ROI and grow their brand. Don’t miss out on the chance to add AI-powered tools to your business arsenal.
AI will not only improve your workforce productivity, but also improve your brand’s image and make your customers happier.