The hype around AI is justified, but it can get in the way of boiling down the actual value that it will provide. It’s a big deal; half of consumers expect a company to make use of the data they have on them, and three quarters expect more than ever in how personalised, convenient and relevant a company’s service and communication is to them.
Today’s blog covers the basics you need to know about Artificial Intelligence and how it could apply to your business. Let’s go.
Personalisation: A big deal
More than ever, consumers expect brands to know what they want before they tell them! It’s no longer good enough to have a boilerplate, obviously mass-produced style of communication. Interaction with businesses is now the norm whether B2B or B2C, and it’s increasingly linked to brand image and the growth of an audience.
The subject isn’t exactly new by itself. For over ten years, the marketing world has been aware of the benefits of tailoring communications. The challenge has traditionally been, however, that it’s just too difficult: too difficult to define audiences, too time-consuming to split-test messaging, and too challenging to keep track of changes in preference and expectation. That’s where AI comes in: it cuts down on man-hours, and it allows even an SME to benefit from all the above without crippling their bottom-line via an inflated monthly campaign cost.
The AI explosion: Three reasons for it
AI in of itself isn’t new. We’ve been using it for well over a decade to help us in technological research and, to a limited degree, in business. That has now changed, of course. But why?
The rise of data: We can now access and purchase data like never before.
Datasets now contain extraordinary amounts of information, and we can use things like the many tools Google offers to access more data points than ever before.
Computing power: We can now use more powerful computers to perform more sophisticated tasks.
The massive increase in storage capacity also lets us work with larger datasets, making it easier to leverage and practically use the aforementioned data now available to us.
Algorithms: Machine learning is a massive new development. We can now feed an algorithm a regular diet of data on subjects like browsing behaviour and online activity, and it will actually learn as it absorbs the information.
Practically, this gives us AI that can perform business-related tasks such as the building of target lists for B2B sales teams – lists that are more defined than we ever could do before without massive cost and man-hours.
How machine learning works
Traditionally, the process for using data was this: You’d give data to a computer, give it instructions on what you want it to do to the data, and it spits out a result you then use.
Simply put, it’s the opposite for machine learning. Instead, you give an algorithm the desired result. The algorithm takes in the data you give it, and the AI tells you how to get there. Over time, it gets familiar with data and learns how to give you better results – all by itself.
Key benefits of machine learning and AI
So, we’ve talked a bit about the general benefits and processes of this subject, but let’s now take a look at a few key benefits that drive home the value it holds.
Relevancy: AI learning can help you make every interaction with clients and targets relevant. It can boil down prospect lists so only the best – and most profitable – are left. Big benefit right there.
Personalising: We touched on this above, but it bears repeating. An AI algorithm can help your business understand what message to use on who. Better experience for customers, better conversion rates for sales teams.
Timely: AI can help you deliver the right experience and solution at the right time. That minimises frustrating and poorly targeted interactions with your audience, which protects you from damage to your brand and raises satisfaction.
Consistent: Having AI as the cornerstone of your business will help deliver a consistent service and communication. That matters, especially as your business scales and grows – an area many SMEs fall short in as they focus on all the new business flooding in.
Class is over
Food for thought! A very interesting subject covered by the Digiconomy team, and you’d better believe the writing is on the wall. This stuff is only going to get more powerful and effective with each passing year. If you’re interested in learning more about this – and how it can help your business – do drop us a line!