What comes to your mind when you think of “artificial intelligence?” Many of us would picture robots performing manual tasks, self-driving cars or voice-controlled devices. And you are right, sort of. AI is capable of doing all those things, plus it’s capable of revolutionizing the business landscape.
Julian Jewel Jeyaraj is making the right use of AI and is doing his bit in making people aware of environmental, psychological and wildlife preservation. Julian is a well-known Tech and Artificial Intelligence influencer, media commentator and tech personality with over 1m followers online. Julian is also a song writer, and producer. Julian is founder of JJAIBOT, an initiative to help people understand the effects of climate change, mental illness and wildlife conservation through an interactive, emotion-based artificial intelligence bot’s perspective.
“For many people, artificial intelligence, or AI, is a mere concept, something that will happen in the future. But, in reality, AI has already become a part of mainstream businesses”, says Julian.
From startups to large-scale companies, businesses of all shapes and sizes are now investing in AI technologies. But above all, AI is turning out to be a godsend for startups. Many startups are leveraging AI tools to gain a competitive edge and scale up the business.
If you’re a startup and wondering how AI can help you boost your business, keep reading. In this article, we’ll be discussing how to use AI-powered tools for your startup success.
1. Use AI to improve customer experience.
According to a report published by American Express, more than 40 percent of consumers want companies to focus on providing quick customer service. And that’s obvious too. Customer is a king, and the success of your business will largely depend on how you treat your customers. Companies that provide quick and convenient customer support are poised to have a competitive advantage over others.
AI-powered tools can help you provide efficient customer service. According to an Accenture report, 80 percent of customer support communication will be handled by bots by 2020.
Many startups are using AI-powered applications like chatbots that can quickly respond to common customer queries. Apart from offering a quick response, you can use these customer-facing messenger chatbots to:
Identify common customer issues
Collect more information about customers, like age and location, for analysis
Determine customer preferences
Prompt customized offers and discounts
Guide them through your blogs and FAQ pages for real-time solutions
Chatbots are trained, and they keep learning based on the data you feed. When a customer engages with a chatbot, it maps the customer query with every potential reply and then responds accordingly.
With a powerful chatbot on the front line, your team can effectively address the issues that really matter to your business growth.
Pro tip: You can even deploy chatbots at specific touchpoints in the sales funnel to upsell and improve conversion rates.
Spotify, a digital music service, uses Facebook chatbots to help customers quickly search, listen and share the music. The bot suggests music based on your mood, what you’re doing and what specific genre you want.
Another great example is Pizza Hut. The company uses Facebook Messenger and Twitter to allow customers to order pizza online. You can reorder your favorite pizza, ask for current deals and discounts, or even ask questions to the chatbot.
2. AI-based analysis to make data-driven decisions.
AI in business analytics can play a very crucial role in the overall success of your startup organization.
Advanced computing tools, machine learning, predictive analysis and AI have fueled the growth of new-age business intelligence tools. Companies can now get insights into customer behavior and real-time information about market trends to make data-driven decisions.
Startups shouldn’t just rely on a bunch of static reports generated by business intelligence software. You need to get actionable insights that can help you make intelligent decisions.
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Before the introduction of AI, business leaders and entrepreneurs had to make decisions based on inconsistent and incomplete data. AI can process a massive amount of data and provide actionable insights to aid the decision-making process in your organization. For example, AI-powered tools can give you insights into ever-changing customer needs so that you can better align your products and services accordingly.
Coca-Cola, the world’s largest beverage company, uses artificial intelligence for efficient business analysis. The company owns more than 500 soft drink brands and has a customer base spanning over 200 countries. Every day, more than 2 billion Coca-Cola products are sold across the world.
A business operating at this scale generates a massive amount of data. Coca-Cola uses AI and big data technologies to put this data into practice to develop new products. In 2017, Coca-Cola launched a new flavor, Cherry Sprite, based on the data collected by the self-service drink machines that let customer’s mix drinks of their choice.
Besides, AI makes big data insights and business analytics understandable to the average user. You don’t have to be a data scientist to access the data provided by the AI tool.
Forecasting is predicting the future based on past data analysis. Whether you want to project future sales or estimate market trends, AI can help you efficiently make the forecasting. Recent developments in neural networks are taking forecasting capabilities to a whole new level. Business leaders can now get actual answers, making the business prediction thing even more accurate.
GE Power, the American energy techniques company whose power plants generate 33 percent of the world’s electricity, is using AI, machine learning, big data and IoT to boost the energy supply chain. GE aims to capitalize on the predictive nature of machine learning to improve the supply chain and business operations.
3. Automate your marketing efforts with AI tools.
AI can transform marketing from the roots. You can use AI-powered tools to improve different aspects of marketing (including content generation), manage digital campaigns and automate email marketing.
Scale-up content generation.
There are numerous AI tools available that can help you discover content ideas plus write and optimize your content to different audiences. Tools like Curata use AI to help marketers save time on these tasks. MarketMuse is another content optimization tool that compares your content with top-ranking content and gives recommendations.
Manage digital ad campaigns.
Startups can use programmatic advertising to reach a broader audience base and improve overall marketing efforts.
You can use AI tools to manage your digital ad campaigns. All you have to do is create the ads. Leave the rest to the machines. Albert AI is one such platform that claims to be a self-learning digital marketing ally. The tool handles all the digital marketing stuff, including media buying, audience segment creation, cross-channel execution, testing, optimization and analysis.
Optimize email marketing campaigns.
You can also optimize your email marketing campaigns with AI. Since AI can understand and make predictions based on customer behavior, you can use this feature to get the best subscriber response. Sending personalized emails is a smart marketing move.
According to a Statista report, personalized emails have an open rate of more than 18.1 percent, whereas the non-personalized ones have a 13.1 percent open rate.