6 Ways AI is Helping SMBs Double Their Revenue

The whole fervor surrounding AI really took off after the technology became accessible to the masses. You can now see creators in every possible domain leveraging AI to produce all kinds of creative stuff from art to music to content. But what goes unnoticed in the AI blitz is how small and mid-sized businesses (we’ll refer to them as SMBs henceforth!) are leveraging this new-age science-fiction-turned-fact to double their revenue. Yes, you read it right – double their revenue! We’re guessing you are curious to know how. So, grab your reading glasses and read on!?

1. Personalized Marketing Campaigns?

Marketing tools are the omnipresent deities of the marketing and promotion world. Without them, you cannot gauge your target demographic’s sentiments, buying trends, likes, dislikes – basically the whole shebang about consumer behavior. Now, these marketing tools are boosted by – you guessed it right – AI. Popular E-commerce platforms are reporting as much as 30% more conversions from window-shopper circles via targeted ads. Add to that how these targeted ads are performing in the actual buyers’ market, and you know AI-based marketing tools are working their magic. Here are some stats to serve as eyeopeners:??

• 90% of marketers in 35 countries are using AI to automate customer interactions via tools like AI chatbots.?

• 88% of marketers globally credit AI for making their lives easier.?

• 55% of US marketers credit AI for generating more leads.??

Ain’t that something!??

2. Enhanced Customer Service?

A 24/7 customer service setup is the Holy Grail for all businesses serious about wooing customers. What’s the first line of contact in such a setup? A chatbot, of course! With AI chatbots ruling this domain now, things are looking sunnier with each passing day. Here are some stats on the subject:?

• 57% of US marketers use AI chatbots to understand market sentiment.?

• Nearly half of all marketers in the US, UK, and India trust AI for ad targeting. And where does the big come from? AI chatbots, of course!?

3. Predictive Analytics for Inventory Management?

AI-driven predictive analytics help businesses optimize inventory levels by forecasting demand more accurately. In layman’s terms, this means you as a business owner know exactly how much stock to maintain at any given moment. This weeds out the possibility of overstocking or understocking. Such measures ultimately reduce wastage and carrying costs by up to 20%. That’s a fifth of the precious dollars invested in running a business.???

4. Automating Routine Tasks?

AI automates routine tasks such as data entry, scheduling, and invoicing. This not only reduces operational costs but also minimizes errors, allowing employees to focus on more strategic activities. And focus on strategic activities means more brainstorming and coming up with out-of-the-box ideas for increasing revenue. Before you know it, your employees are ready with a fresh blueprint for driving the brand in the fast lane. Case in point, small firms can save as much as 500 man-hours annually by using AI-powered automation tools. That’s a lot of savings for SMBs in terms of manpower expenditure!?

5. Improving Decision-Making with Data Insights?

AI systems analyze vast amounts of data to provide actionable insights in no time – something that would take traditional tools and processes ages to complete. This helps SMBs make informed decisions on stuff like identifying new market opportunities and formulating pricing strategies. And when you have a goldmine of data handy, you can top the business charts more easily than your competitors.??

6. Enhancing Product and Service Offerings?

AI is a game-changer for businesses looking to innovate and thrive. By diving deep into market trends, customer feedback, and competitor moves, AI helps create products and services that customers can't resist. Everyone from tech startups to retail chains is using AI-based tools to sift through user feedback and pinpoint issues relating to product/service offerings. Going by the current stats, SMBs are already witnessing a 50% surge in user adoption within a year of adopting AI.??

Experience the Remote Resource Advantage?

In case you’re wondering, we haven’t been sitting on the sidelines, watching the revolution unfold. We have AI experts on our team building AI-based automation and marketing tools for clients worldwide as we speak. And we are ready to boost your brand with our services! All you need to do is drop us a line and have a chat with us – that’s it. Do it already!??

Summing it up?

AI isn’t just for the big boys! Small and mid-sized businesses are jumping on the AI bandwagon to make things run smoother, keep customers happy, make smarter choices, and skyrocket sales figures. And with the technology evolving every day, the sky is the limit for what SMBs can achieve with AI tools.??

How do you think AI can help your brand? Let us know in the comment section below and let’s meet in the virtual space for a nice tete-a-tete on brand building with AI.??

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