Every time a customer shops online or even in person, they leave a digital footprint. All your customers’ footprints are then stored and, as is the case for many businesses, merely remain dormant. Wouldn’t it be better to take that data and do something with it that can help grow your business?
Using all that data is important to remain competitive. Many businesses are now using their data to accelerate growth and empowering the employees helping to drive that growth. What is the best way to process all that data and derive results that can help grow your business? Through the powerful capabilities of artificial intelligence (Ai) and machine learning.
Ai can detect patterns within your data that humans may not even think to look for as well as systematically detect related patterns much faster than humans. Machine learning is the part of Ai that that teaches the computer to think by learning and improving upon the data fed into the algorithm.
Machine learning has many capabilities that can help businesses improve and grow. Businesses can now leverage their accumulated data to gain insights that can help achieve the potential for unlimited growth.
10 Ways Machine Learning Can Help Grow Your Business
- Automate routine tasks so your employees can turn their attention to more productive tasks.
Removing tedious tasks such as invoice processing, backing up data, responding to customer inquiries, and much more can be automated to reduce your workload and increase customer satisfaction and engagement. Employees are also more productive, happier, and more efficient.
- Maximize efficiency to organize business processes and remove department silos.
Machine learning can help your business become very efficient by processing and analyzing data to locate areas for improvement, reduce communication problems between departments by connecting the disparate data in different systems, and improve collaboration between departments to enhance productivity.
- Improve decision-making processes and build a stronger business strategy.
Making business decisions requires a thorough understanding of the industry, the customers you are targeting, and the pain points you are trying to address with your service or product. Machine learning can make that decision-making process much simpler and faster by analyzing the information and outputting recommendations for you to focus on.
- Leverage consumer data to build useful customer profiles.
Gaining a better understanding of your customers starts by using the vast amount of data you have stored. Using that data to create a complete customer profile helps you to reach out to the customer at the right time with the right offer.
- Create personalized marketing campaigns to better target precise audiences.
How do you personalize offers to your customers? Sending emails manually to each customer is unlikely to be productive, even for small businesses. Machine learning can help you by analyzing customer behavior to predict what product or service they are likely to purchase and create a recommendation for a targeted and personalized email for that customer.
- Increase revenue by accurately predicting what consumers want and cross-sell or upsell other products.
Personalized marketing campaigns help you to grow your business not only by getting the customer’s interest for a single item. Encouraging repeat purchases or buying more than one item or service at a time, especially if that item is more expensive by upselling the item or service, is made possible through machine learning capabilities.
- Enhance customer service through chatbots or better-trained call center agents.
Customers demand quick access to information. Chatbots encourage a customer to ask a question for an immediate response. This keeps the customer on your website longer and encourages a sale. For more detailed questions, the customer may reach out to the call center. If they spend a long amount of time on the phone, they are less likely to make a purchase or will churn and spend their money with your competitors.
- Predict customer churn and prescribe recommendations to prevent future churn.
Churn is when a customer no longer desires the products or services you provide or they have left for a competitor. Churn rate can be calculated by taking the number of customers in a specific timeframe (e.g., one month) and dividing that by the number of customers at the end of that timeframe, and multiplying that number by 100. For example, if you have 100 customers at the beginning of June and by the end of June you only have 85 customers, your churn rate is 15%. Machine learning can help you reduce that percentage and retain customers by predicting those customers likely to churn and outputting recommendations to keep the customer from churning.
- Accurately segment customers to create a customer lifetime value (CLV) prediction.
Customer lifetime value (CLV) is the amount of value a customer will likely contribute to your business. Segmenting your customers into groups of people with similar behaviors and shopping patterns helps you to maximize the value of each customer by focusing your efforts on customers who have a high CLV score. Spending time on customers with a low CLV score is not likely to help you grow your business and can lose out on more valuable customers.
- Identify key areas in the market to strengthen your business or protect against threats.
Machine learning can help your business not only with improving internal processes but can analyze market trends and identify competitors who may become a threat. This will help you to know how to grow your business and effectively outmaneuver your competitors.
How ElectrifAi Can Help
Since 2004, we have helped many companies achieve incredible ROI and impressive growth. Our domain knowledge and experience in key industries enable us to quickly provide actionable insights businesses can use to solve real problems.
A large library of pre-structured machine learning models can help you quickly achieve your business goals and grow your business. Why wait around for a machine learning model to be built and risk it not even providing the results you need?
Our solutions work with third-party platforms or your own technology stack. Whether you use RPA (Robotic Process Automation), BPM (Business Process Management), or Ai, we can enhance it. We integrate seamlessly with existing systems, creating less work for you, and achieving fast results.
Want to learn more about how we can help your business grow? Contact us today for a custom demo!
