‘Artificial intelligence is no longer out of reach. Find out why small and mid-sized businesses should leverage AI tools to optimize their operations.‘
Though many business owners understand that artificial intelligence can play a significant role in their long-term survival, the technology hasn’t entirely shed its reputation of being too expensive and sophisticated for non-techies to apply to everyday processes. The simple fact is, however, that AI is no longer a technology reserved for tech titans and large corporations. On the contrary, artificial intelligence should be embraced by businesses of all sizes, as there are many ways they stand to benefit from its implementation.
From its growing affordability and capacity to speed up workflows to its ability to enhance marketing processes and refine customer experiences, here’s why small and mid-sized businesses must put their fears of AI aside and leverage it to get a leg up on the competition.
Accessibility is Driving Down Costs
Think about the number of apps you rely on to make life easier that use some form of artificial intelligence. From UBER and WAZE to Google Translate and Spotify, AI is becoming more and more ubiquitous across a range of activities we partake in daily. Why shouldn’t small and mid-sized business owners also benefit from it?
Artificial Intelligence, machine learning, and big data have remained the hottest topics in tech for years. As these conversations grow louder, more and more AI applications are entering the market. Competition and adoption rates are increasing, which is subsequently driving down pricing. Although investing in a highly-customized AI solution may prove costly, there are many affordable off-the-shelf solutions that are easy to integrate and that don’t require expert personnel to manage them (SPOILER ALERT: ActualConversion is one of them!).
AI Eliminates Tasks, not People
Artificial intelligence tools are celebrated for their ability to reduce manual work and increase productivity. Think about how much time an employee spends tagging items for an online store, or the number of hours a marketer devotes to gathering and analyzing data.
AI doesn’t threaten to take these people’s jobs away; it merely reduces or eliminates the time employees spend on these tasks, giving them more freedom to focus on activities that have a more positive impact on a business. If, however, your company happens to have limited employee resources, an AI tool can also help quickly fill this void.
AI Increases Marketing Efficiency & Accuracy
Small and mid-sized business owners know all too well how important it is to invest in marketing. That said, unlimited budgets are the dream, not the reality. Competition for consumer attention is at an all-time high and showing no sign of slowing down, which leaves little room for trial and error when it comes to sorting out which tactics work and which ones do not.
Introducing artificial intelligence into your marketing practices allows you to get to know potential customers better and make smarter decisions about how to interact with them. More specifically, AI tools can open doors that lead to more efficient data collection and analysis, meaningful real-time predictions and recommendations, advanced targeting and optimizations, competitive intelligence, etc.
These solutions are leveling the playing field so that businesses of all sizes can better reach their target audiences and convert them into customers more efficiently.
AI Enhances Customer Experiences as a Whole
Not only can AI be leveraged to increase brand awareness, but it can also be used to boost customer engagement and retention. Remember, there are many consumer/brand touchpoints that pepper the customer journey. Relying on the right tools helps you get the most out of each interaction, putting you in a better position to shape great experiences.
Consumers have come to expect personalization. Delivering this type of experience keeps your brand top of mind and cements customer loyalty. Personalizing brand experiences, however, takes much time, skill, and effort – three things most SMBs tend to lack. Whether it be algorithmic product recommendations, hyper-targeted digital advertising, or a simple chatbot to field customer requests or inquiries, there are many ways AI-driven processes can be implemented to help you collect the right kind of data. This information can then be harnessed to create the most memorable, personalized experiences.
Artificial intelligence isn’t something to be scared of. It’s not out to squash small business ventures nor will it wipe out the entire human race. It is far more accessible and understandable than most think it to be, and as time passes, more of your competitors will turn to AI to help solve their everyday challenges. Why not beat them to the punch and find out how AI can best serve your business goals today?
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