AI is a powerful tool for boosting small or medium business (SMB) growth. AI gives SMBs the power to optimize their day-to-day business processes, cutting down on costs, and maximizing efficiency. In 2023, 56% of new businesses prioritize AI use whereas only 24% of older businesses prioritize AI use. Using AI is an essential next step in the future of business. As more businesses begin to adopt AI into their everyday practices, here are 7 feasible ways that your SMB can use AI to grow business in 2024.
7 Ways Your SMB Can Use AI in 2024
1. Improve Customer Experience
Provide 24/7 customer support with an AI powered chat box. This is an easy solution to provide immediate answers to common customer questions, provide estimated wait-times for real service help, and mitigate call-volumes. For instructions on how to set up your business’s chat box, click here.
2. Build Targeted Marketing Campaigns
AI can help save time and money on marketing campaigns. Try using AI on your next email marketing campaign to better analyze customer data, offer quick-real time response analytics, segment customers, and optimize your email content. For tips on implementing AI into your email marketing strategy, click here.
3. Forecast Product Demand
AI can inform inventory decisions to help avoid stocking excess inventory or facing product shortages. By gathering data from your business’s stock and sales history, AI can analyze patterns to predict your business’s ideal stock levels.
4. Connect Customers to Products
AI can create product recommendations for potential customers by analyzing their purchase history. By considering customer browsing habits and demographic data, AI algorithms can suggest personalized product recommendations that your customers will love. Implementing AI into product search can boost both customer satisfaction and sales.
5. Maximize Social Media
Use AI analytics to build data-informed social media marketing strategies. AI can help your business see customer interactions with your profile and understand what content has the most impact on your target market. For an overview of AI in social media marketing, click here.
6. Project Quarterly Sales
AI can make quarterly sales predictions so that your business can more accurately project revenue, allocate company resources, and manage inventory. AI will use your company’s past sales history and market trends to predict quarterly sales. With AI, your SMB can reduce risk associated with inaccurate projections.
7. Boost Your Business’s Sustainability
AI can analyze your company’s energy use-habits, check for mechanical inefficiencies, and monitor areas of energy waste. With this data, AI can inform your decisions on optimizing your business’s energy consumption. For more information on energy saving AI, click here.
Technology is ever changing, and as more companies are using AI to optimize their processes, understanding how AI can benefit your business is increasingly important. As 2024 approaches, consider implementing these 7 simple and cost-saving ways that your SMB can use AI to grow business.
When adopting any new technology, ensure that your company’s data is secure. As a leading managed security provider with a premier team of IT professionals, Nuvodia offers your company a guarantee on the security it needs. Consider reaching out for a quote today.