Connect with us

Hi, what are you looking for?

Investing

How to use AI to boost your business growth in 2020

AI

AI has gone beyond being the focus of the week at tech conferences. AI is the most effective way for businesses to automate monotonous processes and gain insight into their customers’ behaviour.

It’s hit a major pain point for many entrepreneurs – namely getting caught up in the day-to-day tasks. On average, an entrepreneur can spend 68.1% of their time on these types of tasks, which means they only spend of 31.9% of their time to work on strategy and business goals. In these uncertain times where most industries are experiencing rapid growth and a larger demand than usual, finding new ways to optimize productivity is imperative.

By digitizing time-consuming tasks that can be effortlessly delegated, business owners get more time to better concentrate their efforts on working towards their long-term business goals.

Some business leaders may need to take advantage of artificial intelligence to boost revenue or productivity, yet not being tech experts, they may not know how to do that efficiently. To help, we’ve gathered some ideas on how business leaders can incorporate AI into their processes.

Boost Search Visibility

Digital advertising is one of the most effective marketing tactics. It’s also vital to business growth. When it works, we notice the spikes immediately. When it doesn’t, it creates disappointment throughout the organization. But whether or not you like it, it’s all about the user intent.

Understanding people’s intentions is a sure-way to make better decisions, cut down waste (related to energy, time and money) and generate better performing ads capable of boosting your visibility.

If you already have that data and the ecosystem, all you need to implement is the right AI platform that delivers insights straight to your workflow.

Oftentimes customers claim to hate ads and try to get rid of ads businesses spend millions on. But that only happens when ads are irrelevant and intrusive.

As we know it, there’s a special type of delight associated with a good ad that we cannot ignore, especially when the rest of the user journey is equally rewarding or better.

By using AI practical apps, a business such as yours can scale operations without sacrificing personalization.

Give customers value, boost engagement and revenue

Smart business leaders use AI as a part of a user journey orchestration strategy to give clients more value. In situations where retention grows stronger than acquisition, AI leads to individualization at scale and in real-time.

It gives businesses the ability to reach a wider audience.

What’s more, leaders must be using artificial intelligence in three fundamental ways: to boost interaction and customer experience, cut down costs, and improve revenue generation using the right automation processes and pattern detection – fraud detection, buying patterns, etc.

Deliver Personalized Customer Experiences

Business entrepreneurs looking to improve their revenue this year must advance their delivery of a user-centric experience using the AI-first approach.

The hardest part is providing a convenient and personalized experience with a balance of trust and privacy. The design thinking approach allows businesses to discover and strike the best balance, and here’s how: 

Extended customer journey via digital signage

Artificial intelligence has changed the way we purchase products. For example, modern real-time monitoring while the customer is in the shop can influence how certain products are priced and which promotional tactics are used.

For instance, when a football fan enters a brick-and-mortar store, their personal data can be used to provide discounts on their favourite team’s jersey, etc.

Adaptation to the mobile world

Nowadays, people mostly use their phones to browse the web, but the majority of the information that retail stores offer to users and customers is originally designed to be displayed on websites and not on mobile devices.

In 2020, mobile-friendly content is the king – it helps differentiate your business offerings from those of your competitors, it delivers product recommendations and promotions in real-time and goes a long way to improve the likelihood of customers making purchases. The impact of AI-driven content on increasing customer purchases:

  • Analyzing customer data helps businesses uncover micro-segments and trends such as user behaviour, geo-location, and device type.
  • Suggestions based on each customer’s distinctive interests to improve the chances of making a sale.
  • AI-driven personalization helps businesses unify data from the customer, which helps to compel the customer to act.
  • Chatbots help sell products and improve communication with customers.

Competitive advantage

Data remains the fuel that has to be processed to make it valuable for the modern digital economy. Businesses can use AI to instantly crunch huge amounts of data and get better answers to questions relevant to their domains. For example, a digital content company might need insight into what movies their users prefer and make an accurate prediction on whether they might cancel the subscription.

Businesses may need to know which items sell best at different periods of time throughout the year. AI makes access to these forecasts more manageable, with relatively high accuracy based on contextual and historical data.

Insights mean everything. They are your competitive advantage, enabling you to create better services and products, reduce the risk of failures, cut down expenses, improve safety and compliance and boost operational efficiency.

In 2020, the best way to scale your business growth is by becoming more customer-centric, data-driven, and personalized. As AI continues to progress, modern practices will continue to evolve. In the end, it’s about generating customer value. Regardless of how you achieve that, being adaptive to change, and open-minded will bring you one step closer to staying relevant and competitive in the face of new challenges.

Read more:
How to use AI to boost your business growth in 2020

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) sees the country posting a wider balance of payments (BoP) deficit this year as the global outlook remains...

Investing

HMRC’s new penalty regime for late filing and late payments of VAT will be fairer but more complex with interest being charged on all...

Economy

Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill...

Investing

If you’ve been waiting ages for an online order to arrive, you’re not alone. Companies including ASOS, H&M and JD Sports have been getting...

Investing

Ulster University economists expect the Northern Ireland economy to shrink next year, followed by a weak recovery in 2024. The Ulster University Economic Policy...

Investing

The number of people working in programming and computer consultancy has risen by more than 250,000 workers over the past decade, according to Census...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.