Artificial Intelligence to Help Widen Customer Base

access_time January 1, 2020
by   TechmavenitAdmin
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Artificial intelligence has achieved great acceptability across every sector and its ability to transform the fortunes of companies through greater customer acquisition and increased sales cannot be minimized. Businesses leverage the immense capabilities of AI to steal a march over their competitors and achieve greater business growth vis a vis their competitors. Panel experts at the SWSW 2017, hinted that the next step of the customer acquisition process will be spearheaded by artificial intelligence and natural language processing tools such as Amazon’s Alexa and Microsoft’s Cortana. Additionally, these panel experts also suggested that in the immediate future, customers would most likely favor voice search in their quest for product choices. Marketers will need to fine-tune their marketing strategies to target the increasing number of customers who opt for voice search. Customer acquisition will start a new phase with voice search. Generating greater sales and improving the profit margins are the primary aims of all companies. However, achieving an improved sales growth rests on the ability of organizations to acquire a wider number of more dedicated and loyal customers. Let us go through some of the ways that help companies improve their customer acquisition process and that which ensures greater business growth. Predictive analytics Artificial intelligence has the ability to predict customer behavior through predictive analytics – a method of analyzing customer behavior through his search habits, preferences, purchasing behavior etc. Artificial intelligence can scan through huge volume of customer data and predict rather accurately, what his preferences would be regarding a particular product. AI is also able to scan through social media sites to gather more information on customer’s preferences etc. Through this predictive analytics, organizations are able to better target the customer with products that he is more likely to prefer and thus enhance company’s sales volume. This predictive analytics can be applied to a larger number of potential customers and thus increase the customer base. Research has shown that on a world scale, predictive marketers are 1.8 times more likely to consistently exceed shared organizational goals. Improving Customer service Research suggests that by the year 2020, customers are expected to manage 85%of their interactions with businesses through chatbots and other artificial intelligence tools, eliminating in the process human interactions. Chatbots work 24×7 and can answer every business query put up by a customer. Unlike human sales executives, chatbots require no rest and can reply in real time, enhancing the customer experience of customers who prefer immediate answers to their queries. Customers get a feeling that that they are more cared for resulting in building greater trust and loyalty. According to a recent survey by global reviews and customer insights company Feefo, 66% of senior decision makers believe that failure to adopt artificial intelligence in their work processes will lead to loss of competitiveness. The report further added that 96% senior executives further consider that AI will have a greater positive effect customer engagement processes while 45% believed that personalization is where the biggest gains will be made in improving customer experience. According to the report, 96% also felt that AI would have a positive effect on customer- engagement in their organization, while 45% believed that personalization is where the biggest gains will be made in improving customer experience. Every company then needs new customers to grow and AI provides companies with the needed tools that make customer acquisition an easy process. Companies that refuse to make use of the immense opportunities offered by AI to enhance their customer acquisition process would find themselves being overtaken by those that adopt AI in the customer acquisition process.

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