Artificial Intelligence (AI) has quickly become one of the most impactful tech revolutions in history. Since its development in 1951, it has become a significant factor in many aspects of our lives over a relatively short time.
When appropriately applied to existing strategies and departments, AI technology can be beneficial for businesses. Here are four ways companies can use AI to improve their reach, revenue, and overall success.
1. It Boosts Revenue
Over the last few years, causal AI has been used in product recommendation systems that essentially suggest products or data to clients based on different methods of analysis. This way, a product recommendation will appear at varying times per day for online shoppers in your country or worldwide, depending on when those shoppers are most likely to be active.
Whether through advertisements, e-mails, or an eCommerce website, this recommendation’s primary goal is to facilitate purchase decisions by helping potential clients find the products they want. This recommendation is mainly based on the client’s online purchase history.
When clients see recommendations that are specifically tailored to their preferences, they become significantly more likely to make a purchase.
2. It Enhances Customer Service Through Chatbots
Customer service is always one of the crucial aspects of a company’s success, and AI has enhanced it by implementing chatbots. This software imitates a human conversation with clients over smartphones, mobile apps, and websites, eliminating the need for call centers for many companies.
Chatbots are one of the most valuable ways in which AI can help any business, considering that one of the aspects that users value the most is fast and personalized customer service. They want their questions answered anytime and anywhere, and the chatbot is one of the few tech innovations that can make it happen.
3. It Improves Content Marketing Strategy
Nowadays, most customers look online for the services and products they need. Because of this, we have seen a massive change in business marketing strategies.
Companies in every industry are putting resources into expanding their reach through websites and social media. And the way these companies are making it happen is through content marketing, which is a technique for engaging, delighting, and attracting clients by providing valuable content.
While content marketing came before artificial intelligence, the truth is that this latest tech innovation has enhanced content marketing so much that it’s now one of the most efficient business strategies. AI uses algorithms that help analyze current information about target demographics, which helps marketers create more effective tactics than ever before.
4. It Provides Better Competitive Intelligence
Competitive intelligence, combined with analysis and research, has long been one of the main cornerstones of every company that wants to make a big hit online. Fortunately, the rise of AI has made it easier than ever.
In a nutshell, competitive intelligence is the process of analyzing and collecting data about your potential and current rivals in the market. Competitive intelligence allows you to track every movement your competitors make and determine what is working for them and what is not.
By leveraging AI in your competitive intelligence operations, you can efficiently track and understand what your rivals in the market are doing with minimal effort. This is a critical strategy that most companies have implemented over the last few years to increase their revenues and influence in the market.
While the success of your business depends on your decisions, the truth is that AI can be extremely beneficial in this journey. These four ways to implement AI in your business practices are just scratching the surface of the possibilities.