Artificial Intelligences Greatest
1,700 people become millionaires each day globally and its simple to understand why with Technology and the Internet creating more opportunities for monetary wealth everyday. However the latest, and possibly most potential opportunity of all is Artificial Intelligence, with 34-44% of global companies already using AI in their business. While AI has proven to improve Marketing Targeting, Customer Service, and Automation of data, Customers dislike chatbots and automated responses. Because of this, It is proven to work even better with Human Representatives. This raises an important question, Is Artificial Intelligence advantageous for online business?
Without a doubt, Artificial Intelligences greatest advantage is within its Marketing Targeting Algorithm. With traditional Online Marketing, a creative advertisement is placed on a page relating to a interest or topic that is related to the product being sold. AI is able to track the data such as audience location, demographic, device, and interaction; It then learns the best performing interests and optimizes itself to for highest efficiency of ad spend. Stated by InsideSales.com,A Fortune 500 communications company achieved a 28% increase in revenue in 3 months. Artificial Intelligence-generated insights in their sales process boosted revenue growth, shortened sales cycles and increased average deal size.
How it works
This study was done by Clickfunnels which is an AI salespage company that has generated $477,411,717 in sales. The software programs implemented during this study were, (Predictive PowerDialer, Dynamic Seek Lists). In 2018, This Fortune 200 Company installed AI apps into their company and discovered that 20% of their sales representatives were doing 80% of sales calls. It turned out, they were losing money on every dial with low contactability and close ability scores.
In addition, the messaging was inconsistent and there was many leads they were missing out on. Stated by InsideSales.com ,Using AI recommendations, Predictions, and optimization led to a 25% increase deal size, reduced the sales cycle by 25%, created 101% more opportunities, and increased revenue 28%. If each customers value was originally $100, this 25% increase would increase it to $125; Doing 250 sales per day would make a difference of $6250 in final gross after just one day. Stated By InsideSales.com, By focusing only on the AI-recommended leads, they stopped wasting resources on dead-end deals. AI-recommended leads had a close rate 3-5x higher than the baseline. This is LIVE evidence that AI is providing value to this company with more improved targeting. This has caused traditional marketing to be inefficient and AI to out compete competitors by surpassing their marketing performance with improved targeting.
Now that Artificial Intelligence will be driving more targeted traffic, Online Businesses are able to provide their customer a more efficient and engaged experience. Online Businesses can integrate 24/7 Customer Service chatbots, Intelligence Q&A systems, and Automatic Text and Currency translation. Stated By Microsoft, Bots built into digital assistants and mobile phones give marketers the ability to predict customer behaviors and preferences, and soon they will be an integral part of the digital experience. This study was done by Microsoft and hosted onto AMA – American Marketing Association who allows corporations to post articles. Chat bots are available to answer questions, help complete a purchase, and increase brand loyalty. This offers a more time efficient and loyal method to run your business. When a company collects an email, they can target them to purchase again, commonly offering a promotion. AI can predict responses and market to these customers across platforms to increase their lifetime value. Stated By Microsoft, More than 4 billion users are executing tasks from within messaging apps.
Microsoft Teams, a chat-based digital workspace in Office 365, integrates bots, including SurveyMonkey , MailClark, Statsbot, and Dribbble. Amatures focus on the front end while experts focus on the lifetime value. AI can collect lists of data to re-target customers, find look-alike customers, and find audiences with similar traits such as Engaged Shoppers, etc. This can also create a more connected staff team and could increase work efficiency. These AI bot notifications increase the lifetime value of customers and increase sales throughout. This could create a more enjoyable work environment, better and easier targeting, and save money. Stated By Eileen Canady, SYKES, Integrate AI into your human customer service team.
Computers and humans can learn from each other to create better service and sales. Pick your top 10 sales agents and have your AI learn the best responses and actions from these overachievers. AI will then use that knowledge to coach underperforming agents on what to say and do, raising their level of performance. Combining AI with human teams will provide your business the strongest results with fewest integration problems. Using AI to train lower performing sales reps and increase overall productivity. AI will collect data of what exactly is promoting the wanted response from the customers; This is called a winning metric. A company can learn from their winning and losing metrics and remove the losing metrics, increasing targeting efficiency and cost per purchase (CPP).
With a more efficient, loyal, and effective business model in action, Artificial Intelligence can integrate to process business data, create online sales funnels, and provide a more passive business model. Stated By Content Marketing Institute , By analyzing hundreds of data points about a single user, AI can display the best-fitting offers and content. Thanks to behavioral personalization, push notifications can be specific to individual users, delivering them the right message at the right time. This is a study showing that AI can display different content in front of different customers depending on their similar region, demographic, device, traits, etc. This increases your engagement, and lowers your Cost Per Purchase by increasing your advertisement performance. AI collects data including location, demographics, device, interaction, and is more aware due to experience.
AI is built to improve based off of removing losing metrics and raising bids on winning metrics; meaning it should only improve overtime. Stated by InsideSales.com, They installed Predictive PowerDialer and Dynamic Seek Lists, which delivers two predictive insights to help reps focus on the right leads. Contactability scores determine and prioritize which prospects are more likely to respond to sales reps calls, when they are more likely to respond, and how they prefer to be contacted. Close Ability scores determine and prioritize, in real time, which leads are more likely to close a deal. AI recommended leads showed a closing rate 3-5x higher than base rate.
This is an AI Case study done by Insidesales for a Major communications Company (Fortune 500). Insidesales is a software creator that offers many AI software apps for online businesses globally to improve results and productivity. This is a prime example of AI software that is empowering businesses with predictive insight on leads, contactability scores, and Close Ability score.
This allows employees to spend less time to get the same work done; Increasing productivity. Stated by Steven Wellman Project Manager, On the day of the campaign, clients with a high AI score received clear, consistent and concise messaging through their preferred communication channel. When the AI messaging software was best optimized, the customers received consistent and concise messaging, Automatically.
While Artificial Intelligence provides advanced marketing targeting and automatic 24/7 chat bots to make your business more efficient and productive; Customers dont like chatbots or computers on the phone, and prefer to speak to a real person. Stated by Price, D, The study, focusing on customer experience and commissioned by PwC, shows 59% of customers globally (and 64% in the U.S.) feel brands are so myopic about automation and trendy design, they’ve “lost touch” with the human element of creating a great customer experience. Customer experience matters. 60% of consumers say they’ll drop a brand (even one they love) after just a few sub-par experiences. A majority of customers (64% in US) feel that companies and brands have lost touch with the human element of creating a great customer experience. When advertising, that is a major concern because the USA is the biggest market for targeting and this means a majority of their customers will be turned off by AI popups, service, and marketing.
Because of this, AI can make a business far more passive however, humans are needed for creativity and cultural recognition. Stated by Elliott, C, CGS recommends using artificial intelligence-powered (AI) solutions to manage quick service requests and using human agents to take a more strategic role in the contact center, focusing on detailed, complex customer inquiries. The article features to what limit you can automate your business, how to effectively target using AI driven-data, How to follow trends using AI, etc.
Written in Dec, 2018. This shows an example of how AI is being used by a company to improve work efficiency and productivity of employees. 40% of USA customers would prefer to talk to a human; showing almost half of our audience would prefer a human customer service rep. This shows how AI can be used for Q&A and simple response questions while human resources can be utilized for complex and unique inquires. Stated By Price, D, Ritz-Carlton employees are empowered to spend up to $2000 fixing a botched customer experience. Amex stopped requiring call staff representatives to adhere to a script and allowed them to spend as much time on each call as they felt necessary. The result? Customer retention shot up 400%.
Both companies invested in technology that improved internal processes such as pulling data like purchase histories that made us figure out what exactly would improve a customer’s experience. This is a strong movement toward human customer service and lifetime value of customers. This being stated, these examples are from businesses that have a high class target audience that requires more customer service since it is a higher ticket item. Stated by InsideSales.com, To increase sales rep productivity, the client also implemented Dynamic Seek Lists with templatized campaigns. They created emails, voicemails and call scripts that their sales reps used on targeted lists. This is an example of AI being incorporated into a business to improve sales rep productivity. This allows AI to improve on ones performance. This also reduced time spent to solve issues, and targeted marketing scripts improved performance and efficiency of employees.
Its simple to understand why a rapidly increasing quantity of businesses are integrating AI into their company, with AI creating more opportunities for companies everyday. AI offers marketing targeting found to be 3-5x more accurate than standard targeting; Meaning Cost Per Purchases are 3-5x cheaper while the Engagement is 3-5x higher. AI also provides 24/7 Customer Service chatbots, offering a more time efficient and loyal method of customer service. AI collects data and optimizes its performance from that data, causing AI performance to only improve overtime, automatically.
However, Customers dislike chatbots and automated responses. This is why my judgement altered from the repetitive studies showing that AI best performs when implemented with representatives to improve their efficiency and productivity. AI can automate quick service requests and data-based processes while Human representatives should focus on creative and detailed, complex customer inquiries. The continuation of research would be testing how AI performs when fully optimized, with thousands of dilated unique leads in an audience for targeting. Artificial Intelligence is a modern study with data and results varying very often.