Over the past decade, artificial intelligence has gained massive popularity in the online marketing world. It is because AI transforms information into intelligent and automated action. Besides, AI is now one of the fastest-growing technologies having multiple applications across various market segments.
While artificial intelligence was only accessible to large enterprises earlier, it is not the same anymore. Today, small businesses across multiple industries are leveraging AI to battle bigger competitors and boost revenues. This article has got you covered if you’re among those small businesses looking to challenge more prominent competitors. Here, our analysts have highlighted how small companies can leverage AI to compete against bigger competitors.
How Small Businesses Can Race Against
#1: Improve Operational Efficiency
AI is regarded as one of the technological advancements that will take away the human role in the next five years. However, this is not entirely true. While AI will be accountable for automating specific tasks and renewing outdated processes, enabling workers to maximize their profession’s critical areas, it will not entirely replace humans in the job market.
Nowadays, entrepreneurs no longer have to manually schedule appointments, meetings, or search for conference rooms. An AI-powered virtual assistant helps small business owners to improve overall time management and focus on priority tasks. Workflow automation also enhances accountability by centralizing communications and making it easier for small business owners to view real-time status updates, rather than requiring reports and meetings to check in on a project’s progress.
A recent survey reported that nearly 50% of business leaders believe that AI will enhance business productivity and help reduce burdensome operations. Small businesses can also use AI to automate operational functions, such as financial administration, risk mitigation, accounting, and even legal matters. To battle against bigger competitors, small businesses can savor the benefits of AI. With the current technologies, small businesses can also gather every bit of digital information that competitors produce to devise competitive business strategies.
#2: Prioritize the Customer Base
While small businesses don’t have the capital to contest with bigger competitors, they hold an asset that can be just as powerful; customer relationships. By understanding customer behavior, brands can provide personalized value to create a unique bond.
Nearly 50% of successful business owners agree that personalization can enhance customer relationships. As such, small businesses can use new technologies and personalization to build a more intimate customer relationship. Today, any business’s top priority should be to give hassle-free, frictionless, personalized customer service. To achieve sales-related goals- it is critical to keep the customer’s focus at first. As such, more companies are implementing AI technology to enhance their customer experience and increase sales.
There’s no doubt that AI can streamline business processes profitable for both parties in terms of efficiency and cost. Not all buyers are identical, and for some looking for support, individualization, and more extended human interaction, traditional AI might diminish returns. In this case, brands will need to focus on providing a high degree of ‘hands-on’ personalization and customization.
#3: Gather Maximum Possible Data
Small businesses often don’t have that excess customer insight that their bigger competitors have in hand. But, AI allows them to work with what’s accessible to them. By leveraging predictive modelling tools, brands can analyze customer relationship management (CRM) data. Besides, businesses can keep pace with all patterns that can go undetected by the untrained eye, giving insights on how to best target future customers or increase current customer retention.
#4: Generate More Revenue
While medium and large enterprises tend to take up the majority of headlines every day, there’s no doubt that small businesses are the essence of the economy. For small brands to compete with large companies, it’s imperative to leverage the power of artificial intelligence. Also, it’s vital to explore and understand where AI can automate specific processes.
If you’re a marketing professional who works on sales enablement, artificial intelligence can help you prioritize sales activity and use only the most promising leads. With artificial intelligence, the possibilities are seemingly endless for marketers. AI-powered tools can not only help market their customers’ needs but also reach the right target market with specific advertisements.
Small businesses of all kinds can leverage the power of artificial intelligence to help strengthen various assets of their day-to-day operations. Brands can support processes from sales and customer service to product inventory or corporate finances. Moreover, entrepreneurs can automate time-consuming duties as it will end up having more room to grow their core organizational components and ultimately compete with more prominent players in the arena. Contact us to know how our automation solutions can help your organization to compete with key players in the market.