Let AI Boost Your Company’s Revenue
By: Rashi Gupta
Tags: Artificial Inteligence, Chatbots, Revenue, Data Analytics, Drip Campaign

What if I tell you your existing marketing efforts have the potential to drive 18x more sales?

Do you know automation can save your business $4 million annually?

An increase in sales plus a reduction in costs is the simple formula for boosting revenues, my friend. And AI is worth its salt in helping you do just that.

In fact, it has become a must add-on in today’s time to stay ahead of your competitors and stand out in your respective market.

However, some enterprises still fear the ‘black box’ of AI thinking it will displace their employees’ trustworthy work with some groundless adverse outcomes. It is just a myth.

The World economic forum reported that AI would create 58 million more jobs than it would destroy by 2022. Besides, jobs destroyed by AI are doom-and-gloom tasks where humans are likely to produce error jammed results anyways.

Besides, AI does not intend to take over the power of decision making. It only streamlines the decision-making process by predicting the outcomes of different choices.

So investing in AI is a sagacious decision to grow your business in various ways. Here are the top three ways in which AI can help you increase your company’s revenue.

Let’s begin!

1. Drip Campaigns

Okay, so let me remind you of something you most probably know.

80% of your results come from 20% of your efforts.

It means 80% of your company sales derive from 20% of your customers.

And it also implies 80% of your campaign results come from 20% of your marketing messages.

Ever wondered what’s the magic behind those lucky charms 20%? And how can you cast that magic spell?

Well, the magic is to send the RIGHT messages to the RIGHT person at the RIGHT time. And the magic spell is drip campaigns.

Drip campaigns are a series of pre-written automated emails that you can send on set schedules to nurture your leads gradually.

It educates your leads about your brand and eventually establishes a strong brand image in their minds. This ultimately leads to an increased likelihood of their conversion into customers.

The emails sent at any point may vary from one individual to another depending on one’s action (or inaction) to the previous emails. It makes these emails highly relevant and personalized.

As a result, businesses see up to an 80% increase in open rates and three times higher click through rates.

Here are a couple of substantial benefits that drip campaigns offer for escalating your revenues.

Drip campaigns don’t only help you win more prospects and customers. They do a fantastic job of retaining those customers as well. After all, customer retention is so easy and profitable. Keeping a customer is 6–7x cheaper than attracting a new one, and for every 1% repeat customers, your company’s revenue increases by 10%.

After all, customer retention is so easy and profitable. Keeping a customer is 6–7x cheaper than attracting a new one, and for every 1% repeat customers, your company’s revenue increases by 10%. Another crucial advantage of drip campaigns is that they are a great way to get customers’ reviews about your product. Statistically, post-purchase emails alone are responsible for 80% of all customer reviews. These customer reviews go a long way in acquiring new customers because 88% of people trust online reviews to make buying decisions.

Thus, drip campaigns help you reign in your industry with smart work. After knowing all this, I wouldn’t think twice to incorporate automated campaigns. Will you?

Let’s see the next one.

2. Data analysis

Data is the new oil. Let that sink in your head.

Because the point is, if you understand your customers well, you have won half of the battle.

What are your customers like?

What do they do?

What are their pains?

What gains are they looking for?

You got to know it all. And the answer lies in tons of customer data, social data, and sales data out there.

But making sense out of a bunch of terrifying numbers spilled all over spreadsheets is impossible for humans. That’s where AI comes to rescue your marketers with its assistance. AI accurately processes the data in a format your marketers can understand.

This preprocessed data then becomes a literal goldmine. Data analysis helps you

Segment your customers based on their income range, expenditure, buying behavior, age, demographics, etc. which helps your marketing team target every segment with strategies explicitly designed to push the people of that segment down in the sales funnel.

based on their income range, expenditure, buying behavior, age, demographics, etc. which helps your marketing team target every segment with strategies explicitly designed to push the people of that segment down in the sales funnel. Highlight high-value customers and prospects who are most likely to convert. It helps you diligently water the plant that’s most likely to flower.

who are most likely to convert. It helps you diligently water the plant that’s most likely to flower. Forecast your customers’ future demands so that you can best optimize your supply chain, sales, and marketing operations to serve those demands. Ultimately it results in increased customer satisfaction and reduced lost deals.

so that you can best optimize your supply chain, sales, and marketing operations to serve those demands. Ultimately it results in increased customer satisfaction and reduced lost deals. Optimize your product’s price at any given moment so that your pricing managers can switch to strategic tasks allowing you to get incremental profit.

There are just endless ways of leveraging data to your advantage. So it’s time to end the debate of whether or not you should introduce data analytics into your business. Give it a chance to see your business have a blast!

Chatbots

To build a long term successful business, your relationship with your customers is incredibly important. Brands with superior customer experience bring in 5–7x more revenue than their competitors.

A chatbot is one of the most impactful AI tools that help you improve your customer experience and build remarkable brand perception. It increases the chances of conversion of your leads by 400%.

Woah! How? Well, a chatbot deployed on your website can instantly offer personalized one-on-one conversations to unlimited users simultaneously at any hour of the day.

It allows you to expand your customer outreach and offer you higher engagement rates.

Additionally, it helps free your customer care executives from basic repetitive tasks and leaves more time in their hands to handle complex exigent queries.

The bots can also collect customer’s data and leverage it to recommend customers the most appropriate products/services. They can also act as reminders to empty abandoned carts or check out a new product/service.

Conclusion

AI can be a powerful ally of every work team in an organization. It helps every work team with its analytics or automation, thus empowering them to collaborate better and work towards a common objective. As a result of this efficient, accurate, and insightful assistance, businesses perform better and enjoy escalating revenues.