Last updated on September 10th, 2021 at 04:46 am
Machine Learning and Artificial Intelligence have often been associated with top-of-the-rank brands such as Google and Apple. That has led to the perpetuation of an idea that AI just isn’t for everyone… and that’s incorrect.
Artificial Intelligence, specifically Machine Learning, is just as accessible and usable to small businesses as they are to tech and finance titans. When it comes to staying ahead of competitors, the situation is make-or-break– emerging technology is the portal through which smaller companies can gain headway in an already airtight industry, or quickly adapt processes that take months to approve in larger corporations.
As with anything new, the future of artificial intelligence and Machine Learning also presents its own sets of stumbling blocks, some of which may prove to be a detriment for smaller companies with limited budgets and skilled personnel. R&D accounts for a large chunk of the expenditure; training and analysing models takes topline human resources.
However, if firms are willing to take the risk and take the plunge, there are a whole host of perks that will have small businesses emerging victorious:
Making Marketing Campaigns Stronger
Marketing is the be-all and end-all of many brands, especially those that heavily rely on brand image and word of mouth to sell products or services. Machine learning can be put to use in marketing in the following manners:
- Personalising product recommendations
- Automating cataloguing of products
- Optimising content from email subject lines to Facebook ads
- Researching trends and search terms
- Revamping keywords and SEO strategies
To achieve the following goals:
- Innovative products and services
- Happy customers and lesser returns
- Intuitive and interactive user experiences
- Diversified revenue streams
- Reduced marketing costs and subsequent waste
Driving Sales Numbers
When it comes to sales, insights and analyses of data can be a veritable goldmine– this is where machine learning comes in. A solid ML tool can analyse:
- customer-product interactions
- past purchases
- digital behaviour
- trending search terms
- popular products
- transaction types
Using this, firms can identify what leads are likely to convert and equally pay attention to converting hesitant users into loyal customers.
Upselling and Cross-selling
Upselling means getting the customer to purchase a higher or more upgraded product, while cross-selling means pitching products in the same segment or complementary to the product in their cart. Machine learning can be leveraged to produce personalised recommendations of products and services based on analyses of the existing database. By identifying past purchases or inter-linking products, machine learning tools can upsell or cross-sell appropriately, thereby driving revenue and increasing the number of items sold.
Automating Repetitive Tasks
Small businesses are often faced with having to delegate the most menial tasks to precious employees, leaving the latter overburdened and unable to innovate. Using machine learning to automate repetitive tasks can ensure that routine measures are taken care of at scheduled times and employees are left with time to think strategically and fulfil intended roles. Some tasks that are automatable include:
- Generating and sending email responses
- Setting up a sales pipeline
- Collecting and logging payments
- Gathering and evaluating client satisfaction
Conclusion
Regardless of the industry, machine learning offers several perks for small businesses to help them grow, expand and generate revenue through different streams. From bookkeeping and manual data entry to voice assistants and exclusive data insights, a machine learning course can put you at the. Forefront of the industrial revolution taking the world by storm today.
