The customer is at the centre of every business and what they are looking for is constantly changing. Luckily advancements in Artificial Intelligence (AI) are allowing businesses to target and carter to clients like never before.
But this isn’t something just big companies are looking at; local businesses can use AI too. Some of the top reasons for using AI are identifying business opportunities, improving employee productivity and competing with other businesses. Here are three ways to use it.
Using data science to analyze user behaviour, preferences, feedback, and characteristics allows businesses to predict behaviour and personalize experiences. This helps increase engagement, something no business can afford to ignore.
McKinsey and Company research found that brands on top of artificial intelligence personalization mined five to eight times the marketing Return on Investment (ROI) and sales growth of 10% over those companies that didn’t. With statistics like these it’s time to look at how you can personalize your customers experience.
But it doesn’t take big budgets and data scientists to apply these principles to your small business. There are affordable third-party programs like Adobe’s Marketo, Salesforce’s Pardot and the USA Today Network’s LOCALiQ that can provide the information you need to shape your business with your customer in mind.
2. Predictive Analytics
Predictive analysis is the ability to analyze data and make predictions about customers. Doing this can help you identify customers that are ready to buy. It also can help you identify potential customers so you can focus your multiple marketing strategies towards them.
It’s not just social media and online platforms that provide this data but Point of Sale (POS) systems like Inclera provide analytic services drawn from your transactions, finding the patterns in your customers’ buying habits. Research from Dresner Advisory Services show that only 23% of businesses are using predictive analytics. That leaves a large window for you to gain an advantage over your competitors.
3. Voice Recognition and Response
So far, the most readily available voice assistants have been marketed for home, but they also offer usefulness for businesses. Google has said that already 20% of all searches are done by voice, and with over 43 million smart speakers sold in America it’s only a matter of time before their use in an office environment is the norm.
Speech recognition and virtual assistant devices cut down on data input time, allow you to remotely manage the office and help you organize everything and bring it up quickly and easily. You can get information on anything, from orders to inventory, simply by asking.
Small businesses can access these tools and their easy-to-use interfaces to save them time and money and increase competitiveness in this increasingly data-driven economy. Inclera’s analytics help you move into this new world of artificial intelligence for business.