Artificial intelligence has been a hot topic for the past few years. The technology is already being used by large companies to improve efficiency, but what about small businesses? AI can help with everything from marketing and sales to customer service and accounting.
Artificial intelligence can help small businesses by automating tasks and providing insights.
Unless you live off the grid, AI is likely to be present in your daily life, whether you know it or not.
According to a recent worldwide consumer study, just 33% of customers believe they use an AI-enabled product or service, whereas 77 percent really do.
Have you ever been curious about how your phone autocompletes words while you write a text message? Or the speed with which digital assistants on an online chat service reply to your message? Artificial intelligence is the solution. AI is all over these days, and it’s quickly gaining traction.
Artificial intelligence is transforming the way businesses function, just as it does in our personal lives—and not just mega-retailers with big resources, but businesses of various kinds in a variety of sectors.
What is artificial intelligence and how does it work?
Artificial intelligence has been around since the 1950s, despite the fact that it seems to be a new technology. AI is known by many names, including machine learning, deep learning, and cognitive computing, depending on the context.
Let’s spend the next 15 seconds defining it now that you have a short background and a few AI aliases.
We’re going to ignore the talk about self-driving cars and robots taking over the world, and instead concentrate on Merriam-definition Webster’s of AI: “the capacity of a computer to mimic intelligent human behavior.”
It’s a method of programming robots or computers to do activities or answer to questions in a human-like manner. AI can give human-like answers by collecting thousands of data points and establishing rules (an algorithm) for the problem-solving process based on human neural networks.
How Artificial Intelligence (AI) can help you operate a smarter small company
Perhaps it seems that artificial intelligence technologies are only available to large corporations such as Google or Apple. However, as these mega-corporations continue to spend millions of dollars in developing AI and bringing it into the public, it is becoming more accessible and cheap for small companies than ever before.
Let’s take a look at how you may use machine intelligence to enhance your company’s efficiency and profitability.
1. More intelligent email marketing
For years, artificial intelligence has played a major role in marketing. The good news is that it’s a well-established idea that’s a fantastic place to start.
Have you ever gotten an email from a company with a subject line that said something like, “Come back, we miss you,” suggesting that you hadn’t visited their shop in a while? If that’s the case, artificial intelligence is at work in the background.
With a return-on-investment (ROI) of $38 for every $1 invested, email marketing is one of the most profitable.
This raises two issues:
- If you haven’t started utilizing email as a marketing tactic for your company yet, now is the time to do so.
- It’s time to fine-tune your email strategy using artificial intelligence if you’re currently employing one.
If you have a physical shop, the easiest method to gather client email addresses is to use a POS system at the point of sale. If you’re just an online shop, you’ll collect their email address when they visit your site or check out.
Email marketing tools like MailChimp will be integrated into modern POS systems and ecommerce platforms. You may use MailChimp to build segmented email lists by separating your physical and online client list into smaller groups, such as by geography or buy frequency.
Segmenting your email lists will allow you to send more personalized email marketing to your consumers. For example, if you’re holding a special event at your shop, sending an email to out-of-state consumers isn’t a good idea.
Automation can (and should) be used to take it a step further. You may use email automation to generate emails that are sent automatically in response to a subscriber’s action, inactivity, or a particular date, such as an anniversary. In essence, the triggers are AI at work in the background. A programmed (or machine-learned) reaction is triggered when a subscriber performs a certain action, and so on until the client (ideally) converts to a sale.
2. Increased sales
You can’t speak about marketing without mentioning its sibling, sales. Because there is so much overlap across these business sectors, it’s difficult to separate them like two peas in a pod.
Artificial intelligence for sales is a well-established idea that works hand in hand with AI for marketing. As a result, it’s another another fantastic method to get into the realm of AI without feeling overwhelmed.
You may or may not have a dedicated sales staff, depending on the nature of your company, therefore we’ll address both situations in the following two paragraphs.
3. Reduce the amount of time you spend doing the same thing again and over.
There are hundreds of technologies out there that utilize machine learning to aid with the sales process for those with a dedicated sales staff; it’s simply a matter of where exactly you need the help.
Are you searching for a method to avoid the back-and-forth of attempting to arrange meetings at times that are convenient for everyone? If that’s the case, using an AI personal assistant like X.ai to arrange meetings may let your staff focus on more essential tasks.
4. Investigate what works (and what doesn’t).
Perhaps your phone sales have dropped off a cliff, and you’re not sure why.
Using a technology like Talk IQ, which connects with your phone system, to evaluate sales team and customer interactions. It may assist you in identifying key distinctions in salespeople’s approaches and evaluating the success of sales techniques based on KPIs to help you fine-tune your plan.
5. Add a chatbot to your team.
Don’t worry if you don’t have a dedicated sales staff; there are still lots of tools available to you. For example, chatbots, those pop-up windows that show when you first arrive on a website, are a popular sales technique.
It’s a good idea to include a chatbot on your website if you have one. Consider it: it’s the equivalent of having a staff on call 24 hours a day, seven days a week. It’s also a popular communication tool among customers: Before contacting a business, 53% of consumers prefer to utilize online chat. Customers receive quick answers with tools like WhosOn.
6. Recognize the steps your customers take on your website.
You may also utilize AI technologies to monitor your users’ trip as they browse your website and evaluate their behavior.
These useful information may assist you in providing a more customized client experience. Because 80 percent of marketers believe that tailored content is more successful than non-personalized material, utilizing this kind of data and business intelligence may help you increase your profits.
7. Transform human resources
Finally, we’ll discuss a less apparent sector of business where AI is quietly making inroads: human resources (HR). Candidate screening and staff communication aren’t often thought of as having the same direct impact on a company’s bottom line as sales and marketing. However, recruiting is a significant investment, and employee turnover may have a significant impact on your bottom line.
AI-powered tools can help you rapidly sift through hundreds of applications so you can focus on the most promising prospects.
A chatbot like Talla, for example, may simplify the interview process by offering a series of questions based on the role’s requirements, saving you time throughout the screening process. After you’ve hired a new team member, you may use it as a FAQ knowledge source for perks, policies, and other pertinent business information.
To sum up
While some small companies have been eager to embrace artificial intelligence’s impact and advances, others have been more hesitant. Regardless of your point of view, AI is here to stay. It’s possible that it’s already saving you time and money. It has the potential to make our lives easier while also increasing the efficiency and profitability of our companies.
If you can’t fight them, join them, as the phrase goes, and embrace the advantages of artificial intelligence.
Artificial intelligence is becoming more and more popular in the business world. It’s not just for large corporations anymore. Small businesses are starting to use it as well. Reference: crayon ai.
Frequently Asked Questions
How can artificial intelligence help small businesses?
Artificial intelligence can help small businesses by automating tasks that are repetitive and time-consuming. For example, AI could be used to automate the process of data collection and analysis for market research purposes.
How AI can help businesses?
Artificial intelligence can help businesses in many ways, including reducing costs and increasing productivity.
How AI is implemented in small business?
Artificial intelligence is implemented in small businesses by using computer algorithms to automate processes.
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