Go back a few years and barely anyone would have believed the impact Artificial Intelligence would have on our daily lives. From ATMs to email spam filters, AI and machine learning are being used to automate tasks a human would normally carry out. If you’ve ever had any experience with AI assistants like Alexa, Siri, or an automated chatbot, then you’ve already experienced AI firsthand.
Created to make life easier for both consumers and businesses alike, AI services are automating everything from data collection and processing to customer assistance and advertising. As a business owner, AI can be extremely useful in boosting your existing marketing and customer experience efforts, leaving you more time to focus on other aspects of your business. Let’s take a closer look at 3 ways AI can help grow your business.
AI Can Better Understand and Predict Customer Behavior
If you’ve ever browsed a website and began seeing advertisements for it on other websites, search results, and social media, then you’ve already seen AI in action. Going beyond that, services like Google Ads are leveraging AI to automatically increase your bids when their algorithms determine a user is ready to make a purchase. Known as Enhanced CPC, this feature allows Google to raise or lower your bids based on whether a user is likely to convert for one of your campaigns. All of this is based on Google’s ability to understand and predict customer behavior based on actions they take as they surf the web.
Using their own data combined with third-party consumer data, companies like Google can predict things like what consumers are interested in, what they’re most likely to buy, and automating ad targeting and bidding to create better value for their clients and help their businesses grow.
AI Helps You Find New Customers
In addition to better understanding and predicting customer behavior, AI services can also be used to help find new customers for your business. For businesses looking to grow and expand but lacking the know-how or budget for a full-on marketing department, this can be huge. One of the best examples of how AI can help you find new customers is through Facebook Lookalike Audiences. By simply installing a Facebook Pixel on your website, Facebook can begin collecting data from the traffic already visiting your site.
Using this data, you can then create a Lookalike Audience of people with similar interests to your existing customers, meaning they’re more likely to convert. What this means for businesses is that unlike traditional media, such as TV and newspaper ads, you get to laser focus your ad targeting to a specific group of people actively interested in what you have to offer, instead of casting a wide net and hoping to attract a few visitors to your site.
AI Helps You Convert More Leads to Paying Customers
One of the biggest advantages AI offers businesses is an improved customer experience, which helps convert more leads into paying customers. Tools like conversational AI assistants work 24/7 to qualify, follow-up with and make sure all your website visitors’ needs are taken care of. They essentially act as round-the-clock support staff, giving leads instant access to all the information on your products or services they need.
Your leads are then empowered to make more informed decisions and have a higher likelihood of becoming paying customers. And if you’re worried about an AI assistant making your website feel “less human,” then fear not. A study by Invesp revealed that 40% of consumers do not care whether they talk to a chatbot or real human as long as they get the help they need. While the number may seem low at first, remember that no matter what industry you’re in, you’re potentially losing that 40% by not providing immediate assistance.
Are You Ready to Grow Your Business with AI?
No matter the size of your business, AI and machine learning services can help your business grow and are becoming increasingly accessible. AI is no longer a futuristic concept, it’s the present — so you might as well make the most of it and start reaping the rewards. Wondering how AI can help your business grow? Get in touch with The Three Marketers today to find out more.