How Can Artificial Intelligence Help Small Businesses?
We come across the developed concept of Artificial Intelligence every single day and interact with it almost around the clock. Be it on popular sci-fi movies or in our everyday lives, the presence of AI in our life is undeniable.
Admittedly AI in our day to day lives isn’t as advanced as one on the big screen, but it is rapidly evolving.
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Statistically, only 33% customers know they are using an AI technology while 77% are actively using it.
The simplest example of AI and its everyday use are the autocorrect, voice assist, and chat assist features that we see on our phones and websites. Have you wondered why they are so fast and efficient or why they can come up with hits and answers on the go?
The answer is – AI.
However, a lot of people are still not aware of what Artificial Intelligence is and how it can be used in multiple ways, in every sector; especially when it comes to businesses.
Internet and social media have already revolutionized the concept of business marketing. Now with AI in the same race, the parameters for marketing and brand development are going to change.
How is AI used for small businesses?
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Companies like Google and Apple have not only come up with their own AI software and other AI-based products, but they also have paved the way for other companies to develop and use AI. They have also made the technology so easily accessible with every smart device that the companies have provided.
When it comes to small businesses, AI can be a game-changer due to its accessibility and efficiency. If applied optimally, it can change the entire business’ marketing scene and help it get a better platform and representation.
A common problem for locally-owned businesses is the small budget allocated for marketing campaigns and PR. AI can become an optimal solution here as it offers a cost-effective way for the business to tap into the power of marketing.
Admittedly, the adoption of AI is rather slow. Small businesses are yet to fully inculcate AI in their workings and promotions.
Nevertheless, here are a few reasons why using AI for any small business can help it scale exponentially.
Advantages of AI for small businesses
AI for small business can aid in the marketing process of the entire business.
Organizing data and resource productivity to maximize sales is another way in which Artificial Intelligence can be put to use. The only issue is that since everyone else in the business is going to have the same resources, there is an increased need to create more appealing and customer-centric content.
Organizations that have started using AI into their business are seeing a considerable improvement in ROI.
Let us now take a look at some of the major advantages of AI:
1. Smart Marketing
Using social media for marketing is one of the most efficient and inexpensive ways to launch and promote small businesses. Technology has become ‘smarter’ with the help of all the new AI tech being rolled out regularly.
The most convenient way of using AI is through email marketing. Email is still one of the most powerful resources for B2C marketing today and with AI actively monitoring customer usage and visitor frequency, you can create and send automated emails right into your potential customer’s inbox.
Check out, there may be a few emails like these lying in your inbox right now!
2. Increase in Resource Productivity
According to Accenture, AI has the power to increase productivity by 40% or more by the year 2035.
Using AI in small businesses saves resources in the form of time and personnel. AI aids the hiring process in addition to boosting every other aspect of a business.
It can be used to go through thousands of applicants and find the one who is statistically the perfect suitor as per the company’s criteria. It helps save time that normally would take multiple days and it also saves the trouble of a hiring committee.
The error margin after AI is used is also considerably lesser than usual.
3. Better Understanding of The Customer Journey
Customer Relationship Management (CRM) systems are systems that are designed to gather customer data from a range of platforms to provide customers with a more interactive and enhanced experience.
AI also helps set up Automated Customer Communications to answer questions and initiate customer communication. Chatbot AI helps small businesses alleviate the pressure of having a customer service team.
Since AI monitors data across platforms, it is easier for small businesses to keep track of what customers prefer, the latest trends and develop their business accordingly.
4. Increased Sales
Marketing and sales always go hand in hand. So, if the marketing procedure becomes more efficient and productive, it will proportionally cause the sales to boost up too.
AI will allow more customer-centric campaigns to run, making the customers feel valued through targeted ads. It will also increase the company’s revenue potential.
While the sales team of the company focuses on more important and application-based tasks, AI can perform even the most mundane tasks and assist salespersons.
Since AI is able to process massive amounts of data very quickly, it can help businesses explore every area of opportunity. This will help smaller businesses maximize their marketing radius, thus increasing sales significantly.
The Future of AI for Small Businesses
Although AI is coming to encompass every aspect of our lives today, it is still on the path to development.
The coming decade will shape the future of AI technology and existing business models with it.
Regular updates in the field will ensure that all businesses benefit from the ever-progressing technology.
Smaller businesses right now are concerned about the cost of AI. But in the coming years, the technology will be more accessible and easier to use causing it to be the most cost-efficient option.
It’s safe to say that the time has come for everyone in the small business sector to embrace the future with Artificial Intelligence.
What do you say? Are you planning on integrating AI into your own business? Drop a comment to let us know!