The way we operate businesses has certainly changed in the past few years. Think about it: From how they work to how they collect information, companies and their primary decision makers are shifting their attention to providing customers with more direct and personalized experiences.
For small and midsize business (SMB) leaders, that pivot involves embracing e-commerce and using the information collected to be more anticipatory not only in the types of products and services they present to customers, but also in how they market toward buyers and the general public.
That’s where artificial intelligence (AI) comes in. As a solution, it can collect and condense data in order to help business leaders convert specific findings into predictive, actionable, and effective marketing strategies that can produce long-term customer value.
The Importance of AI in Marketing
PredictiveAI insights are changing marketing. Associated tools and platforms have become more accessible, allowing SMBs to analyze data rapidly and use those findings to customize their outreach efforts. This ability to use predictive marketing tools positions businesses to take control of looming challenges.
For example, now that the digital landscape is so busy and prolific, even the smallest businesses are overflowing in statistical insights, even though SMBs use only about 12% of the data available to them. And while having all that information at their fingertips can be intimidating, AI for SMBs can help leaders put that data to work.
The right tools and platforms can drop small businesses into the minds of their customers. With behavioral and engagement data, businesses can create predictive marketing workflows to forecast what the customer will do next.
It takes time to hypothesize, experiment, set goals, and adjust strategies with all this data. But AI for small business marketing makes those processes almost automatic. It lays the groundwork so that you can focus on making proactive decisions with confidence.
AI Insights to Apply to Your Predictive SMB Marketing
SMB leaders will discover that the applications of AI for business are wide-ranging, especially for predictive marketing practices. What are those use cases? Here are four prominent predictive insights AI provides:
1. Predictive Product Suggestions:
A feature previously reserved for big data companies, AI can help SMB leaders anticipate their customers’ next purchases. E-commerce site algorithms regularly collect data about consumers’ product interests, and that data fuels predictions about what a consumer will choose next. Predictive marketing tools can help you direct your customers to products your data says might appeal to them.
2. More Personalized Outreach Methods:
By tracking email engagement and order data, AI can help predict the best time to send emails to each customer, what type of incentive may speak to them best, and who from your customer lists are unlikely to open certain emails. This predictive power enables your SMB to send personal, compelling communication pieces that instantly and continually engage buyers.
3. Churn Management Strategies:
One-time users create a big problem for small and medium-sized e-commerce brands. They make budgets short-lived and tactics unrepeatable. But with AI, predicting how much churn your business might expect and how to win these customers back is much more possible. Data can translate into churn management strategies so you can fill your online platform with engaged and loyal customers.
4. Better Discount Offers:
One-Many e-commerce brands offer crazy incentives and then create a following that is somewhat addicted to the feeling of getting a discount. This is all well and good for building momentum online, but for an SMB looking for more ROI, this tactic can drain funds. AI can help bring science to the way you offer discounts and incentives so they have a broader appeal. For example, by selecting which customers to offer which discount, brands can optimize margins and increase overall revenue.
The Marketing Benefits of AI Are Plenty
We all wish we could read the consumer’s mind and appear at just the right moment to attract them or soothe their pain point. The marketing promise of AI is to take the data from all your platforms and process it in a way no human can. AI can provide you the predictive marketing insights needed to make proactive decisions and maximize your chosen KPI, no matter the size or scope of your company.
Check out the Whatify beta to find out more about how AI for small business marketing could help you.