Success does not solely depend on products and their quality. The customer experience (CX) plays an important role and CX and AI (artificial intelligence) go hand in hand.
According to a recent report, digital transformation investment is expected to approach $7 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises by 2023.
AI has become a powerful weapon for businesses. It is clear that this is not a future trend, but that AI is here right now. Companies should use this technology to take them to the next level. If you want to get familiar with what AI is, why it is important, and the number of ways to implement this technology in your business, then this post is for you.
Let’s get started!
What is AI?
Artificial intelligence is an umbrella term for diverse technologies that use machine learning algorithms, NLP (Natural Language Processing) and statistical analysis to perform tasks generally associated with human intelligence. The most common examples are robots performing physical tasks, specifically associated with human intelligence. AI is also the most common example, used for virtual assistants like Siri, Alexa, etc.
Why is AI important?
From a business point of view, AI is important because it can automate time-consuming tasks, enhance efficiency, improve security and make business operations cost-effective. For example, a data center uses AI that can learn its own coding requirements and adjust itself accordingly. Moreover, e-commerce companies use AI technology to analyze product reviews and make changes or recommendations based on the feedback.
Hence, when it comes to AI development trends, then your business can’t afford to stay behind.
7 ways to grow your business with AI
Improve customer service
One of the greatest benefits of adapting AI technology for business is it senhances customer service. AI strengthens customer engagement, enhances retention, and encourages brand loyalty. However, it is not a complete replacement for human beings, and it only helps increase efficiency. For example, answering frequently asked questions.
These statistics explain why good customer service is important:
- 40% of customers in the United States said they have stopped doing business with companies that provide poor customer service.
- 27% of respondents said that lack of effectiveness was the primary cause of their customer service frustration, while 12% said it was due to lack of speed.
AI breaks down the communication barriers and automates customer interactions. There are a few examples of AI in action are conversational chatbots and product recommendations based on customer behavior data. AI chatbots help solve problems by providing 24/7 customer support, which is quick and accurate.
A chatbot makes it easy to build a conversational flow. It can be used to provide great customer support. Once it is set up, it can generate leads, collect contact information, such as name, email, company name and company size, and gather questions from customers.
Sentiment analysis to measure customers’ emotions
An automated process for monitoring and analyzing people’s emotions and opinions in different types of text are called sentiment analysis. The text can be conversations, which can be used on blogs, social media, comments of products or services, etc. So, using sentiment analysis, businesses can easily know the opinions of customers and measure feedback placed in millions of web pages, reviews and forums.
Businesses can now analyze a huge amount of data, understand how customers feel, and merge all kinds of social data to discover customers’ requirements, intent, and preferences through sentiment analysis.
Here’re some of the benefits of AI-powered sentiment analysis:
- It allows businesses to track brand perceptions by customers.
- It helps to understand consumers and gain insights to enhance the quality of products and services.
- It also boosts customer service plus responds to customers at scale.
Take TripAdvisor, for example, which applies sentiment analysis to make the most of the huge amount of data it gathers. Sentiment analysis also enables companies to extract points regarding customer feedback. This way, the company is able to understand what the targeted audience feels, detect emerging trends, find out hidden opportunities, and see what can be improved. Hence, it contributes to the further improvement of the services by offering customers what they require.
Create an effective content strategy
A large number of consumers buy products online and seek instant services. It’s essential to position your business in front of them. By implementing a powerful content marketing strategy, it is possible to get the desired results. Content marketing is a powerful technique for attracting, engaging, and delighting customers by delivering valuable content.
This quote by Michael Brenner, CEO at Marketing Insider Group explains it: “Content marketing is the gap between what brands produce and what consumers actually want.”
It comes in several ways, such as blogs, social media posts, podcasts, infographics, case studies, white papers, webinars, how-to guides, email marketing, etc.
Content is a core part of marketing and communication. Ninety-one percent of marketers say they use content marketing as part of their growth strategy. However, to create high-quality content on a regular basis can be daunting and time-consuming.
This process has become hassle-free now. AI copywriting softwares like copy.ai can help speed up this process by using machine learning and NLP to provide topic suggestions, sentence rephrasing, paragraph composition and text variations.
The role of AI in content marketing is growing exponentially. AI technology uses algorithms to analyze existing data and create the best strategies to market content.
For example, if the analysis shows one type of content is more popular than others, it’s easier to pick the right solution for you. From discovering keywords to planning and creating good content to distributing and optimizing blog posts, there is a lot of work AI can do for business and marketing.
Check out some benefits of using AI in content marketing:
- It enables the creation of the buyers’ personas based on the needs of the customers, goals and intents.
- It forecasts outcomes and finds the most successful content distribution channels.
- It produces and delivers content fast.
Take your marketing campaigns forward by implementing AI development to provide blog posts, social media messages, engaging videos and exciting webinars.
Easier SEO analysis
The Goliaths like Google have been using AI technology in terms of search engines in a number of ways. Two examples of Google’s AI updates enhance the ability to comprehend misspelled words and the option to index individual passages from web pages.
Organizations can use AI for SEO. There are some browser extensions and SEO software that can help identify the most relevant topics and keywords that they can go with. Implementing this, it allows users to compare the content to their rivals using NLP (Natural Language Processing).
For example, tools like Surfer SEO use their own algorithm and NLP to generate topic clusters along with the data on different parameters such as search intent, search volume, and keywords. These parameters have the most influence when it come to search rankings.
Better cybersecurity and data security
Credit card companies rely on AI to help financial institutions prevent billions of dollars in fraud annually. Cybersecurity is not only beneficial for financial companies but also essential for many industries such as retail, consumer products, utilities and telecommunication. When digital businesses grow, the risks of cyberattacks also increase. The most common threats that businesses can face are:
- Identity theft.
- Account takeover.
- Ransomware strains.
AI software can help in many ways, like network security, behavioral analytics, prevention control, vulnerability management and phishing detection.
Here are some of the benefits of using AI in cybersecurity:
- It helps to maintain and improve a company’s credentials.
- It prevents wasting time researching fake alerts.
- It detects abnormal behavior before it causes damage.
- It helps to make faster and more accurate decisions regarding threats.
Google is one of the most notable examples. It always builds and maintains an extremely strong cybersecurity culture. Millions of users are using Gmail on a daily basis. AI catches unauthorized logins and monitors various aspects of behavior throughout a user’s session.
From speech and language recognition to facial recognition, surveillance, health care and robots and driverless cars, AI has changed the world. This technology can serve companies in many ways and can change the way they run their business.
To put it simply, AI allows us to make better decisions more quickly. It helps improve the customer experience at every step while shopping. AI helps businesses understand who their customers are, what they like and how they shop. AI development provides endless possibilities to enhance the customer experience for businesses.