Did you know that the global market for artificial intelligence is set to grow to $190 billion in the next five years? Clearly, AI is set to transform the way we conduct business.

If you want to stay ahead of the curve, it’s the right time to leverage AI for your business. With the help of AI, you can reach out to your target audience, nurture your leads, and even boost your revenue.

There is a lot you can do with AI to take your business to the next level.

Want to know how?

In this article, let’s take a look at how you can leverage AI to grow your business.

4 Ways In Which AI Can Help You Boost Your Business Growth

The biggest advantage of AI is that it can take over repetitive tasks like data collection, answering customer questions, and more. With these tasks being taken care of, you can focus on other aspects of your business.

But that’s a fragment of what AI can do for you. Here is how you can use it to boost your business growth:

1. Use Predictive Analytics

The key to building a successful business is knowing what your target audience needs. With AI, you can predict what they are looking for in advance. Through data collected during audience research, you can check out your sales forecasts and get an idea about future trends.

What’s more, you can also track when your customers are likely to run out of a particular product. Based on that, you can leverage retargeting to boost customer loyalty.

Harley Davidson is one of the biggest companies that uses AI to generate more leads. For this, they use an AI tool called “Albert.” This program analyzed the behaviors and characteristics of high-value customers they had in the past.

Based on this group, the program created a lookalike audience. With the use of this AI-enabled program, the company was able to increase its sales leads in New York by 2930%.

2. Give Personalized Recommendations

With AI, you can know what your customers like and what they don’t. Additionally, you can get insights into their lifestyles, buying behaviors, and budgets.

This information can open up a goldmine of opportunities for marketers. It can help you polish your overall marketingstrategy. Based on what they prefer, you can send them personalized suggestions. You can take help of SEO copywriting service providers to write more personalized messages.

When they see something that matches their tastes, they are more likely to make a purchase or continue using your service. From Amazon to Netflix, all big companies leverage AI to offer personalized suggestions to their customers.

Based on their purchase and browsing history, they show products that the customers may be looking for.

Netflix takes their personalization to a whole new level.

They show different thumbnails to different users. For instance, a user who has watched movies of Uma Thurman in the past will see a poster that features her for the movie, “Pulp Fiction.” However, a John Travolta fan will see a poster that features him.

Image via Medium

3. Provide Better Customer Service

Intelligent chatbots are equipped to analyze a user’s query and understand their search intent. Without any human intervention, they can hold seamless conversations.

The biggest advantage of AI-powered chatbots is that they can handle multiple customer queries together. Plus, they can be available for customers 24×7. Because there is no waiting time, it can boost your customer experience significantly.

When it comes to chatbots, there are also a lot of exciting opportunities related to voice searches. Some advanced programs also enable you to create voice-enabled chatbots with the help of voice recognition technology.

4. Optimize Your Product Price

When it comes to making a purchase, pricing is one of the most important factors that customers take into consideration. If your product price is too high, you may lose out on potential customers. On the other hand, if the product price is too low, your profits may take a dip.

Regardless of the industry you are in, AI can help you determine the optimum price for your product. Through self-learning algorithms, AI-powered software solutions can scan a large amount of market data.

Based on competitor pricing, past transactions, and buyer personas, they can provide you with pricing suggestions.

It can also help you gain insights into the general pricing trends. When you are negotiating with suppliers or distributors, this information can come in handy.

Conclusion

Artificial Intelligence can help you get more leads, nurture them, and refine your marketing efforts. From sending personalized recommendations to improving your customer service and optimizing your prices, there is a lot you can do with it.

What’s more, you can use predictive analysis to forecast sales trends and more. With AI, you can analyze customer behavior and show them exactly what they are looking for.

If you want to grow your business, you need to leverage AI right now!

Do you have any questions on how AI can help you boost business growth? Please share your thoughts in the comments section below.

 

Original post: https://datafloq.com/read/amp/how-grow-your-business-using-artificial-intelligence/8824