Have you ever treated yourself to a dull, PBJ sandwich without the peanut butter or jelly spread? Unless you are allergic to peanut butter, we think nobody in their right minds would commit such a sin known to man! At times, the perfect combination helps to stir up happiness in more ways than you might imagine!
Instead of solely relying on customer generation strategies, small business owners have to accept the fact that customer retention is as necessary for brand growth and loyalty.
Every small business today is facing technological challenges to keep their brand afloat amidst the tidal waves of competition in the market. But, to thrive in an industry faced with uncertainties, small businesses have to befriend technology and make their peace with the harsh current.
Today, customers require rapidly innovative technological practices to stay up-to-date with your brand. As technology can help give the customers a better UI/UX experience, your small business can acquire the perfect give-and-take balance!
Coming back to our brilliant PBJ metaphor, technology goes hand in hand with your brand’s growth strategies, just like the peanut butter and jelly on a sandwich! The more you spread the two together, the more delicious will be the taste of success!
Owing to different types of small business funding, you were practically able to save your brand from crashing. But, right now, we are talking about four tips for taking your small business to heights that will also help you sort out strategies and become a powerful magnate in the industry!
1) AI-INFUSED CUSTOMER-RELATIONSHIP MANAGEMENT SYSTEMS
According to a survey conducted by Vistage, an executive coaching company, approximately 29.5% CEOs of small-and-medium-sized businesses believe that Artificial Intelligence might help promote their brand’s growth quite better as opposed to other readily available technologies.
Customer-Relationship Management (CRM) systems use AI technology to bring together customer data from your website, social media channels, phone devices, and emails.
It houses customer feedback on one extensive software system so that you can respond to each query proactively and, eventually, expedite sales with automation.
Consider Salesforce, a CRM software system that allows you to gather customer data from your prime communication channels so that you can analyze and strategize your growth hacks accordingly.
Plus, CRMs also help you to optimize your customer acquisition strategies by laying down the foundation for lead generation and inbound marketing techniques.
With CRM, you can make the most of your investment and bring back more than just a buck if you use the sales insights and core marketing techniques to your benefit.
2) BECOME A PRO AT E-MAIL MARKETING
Email Marketing might be the oldest chip in the block, but is still the most profound digital marketing strategy for small businesses. According to DMA 2019, each dollar spent on a vividly proactive email marketing campaign can bring in an ROI of $42! For small businesses, email marketing campaigns help generate a gold mine of customers!
Not only does email marketing play a pivotal role in customer acquisition, but it is also the primary mode of communication and customer retention channel for 80% of small businesses!
But, with 293.6 billion emails forwarded every day by brands to aspiring customers, which brand would you prefer subscribing to for regular updates on products and services?
The small business that is responsive and prefers sending you personalized emails or the brand that sends you and other consumers a daily newsletter? Today, consumers want to learn more about your small business and precisely what you can do to help them with their product’s needs.
As opposed to using a generic greeting, try to know the names of your customers so that you can personalize their emails and greet them as any other human being would!
Optimize their cookies when they are searching your website so that you can generate buyer personas. Buyer personas will help you to personalize your campaigns and market products with better discounts to the customers who are interested in purchasing them.
3) AUTOMATE CUSTOMER SERVICE WITH CHATBOTS
Consider, a potential customer calls the customer service of a small business to inquire about their product’s refund and exchange policy before placing an order. But, all the lines are engaged and unresponsive at the moment!
Your brand just lost a customer who was almost interested in doing business with you. At this stage of growth, expedition, and automation, can you suffer from carrying out proper and adequate customer rep services? The answer is no!
Listening to a human voice is comforting, but waiting for an answer as you listen to the company’s jingle might not be an excellent customer acquisition or retention strategy.
AI can help your product-or-service-based small business get acquainted with chatbots so that your customers do not have to wait in line for a response.
While scrolling a website, you will see a tiny pop-up box that opens the moment it acknowledges your presence. If a live human handles the account, you will be greeted by the customer rep directly.
But, if the company’s sales team has a chatbot deployed on the account, you will be greeted by an AI-operated version of the customer rep service.
Chatbots are helping small businesses generate revenue and save money at the same time. AI chatbots have detailed databases that allow them to look for answers to queries.
Moreover, improvise the issues with time for a better response. Plus, if the AI chatbot sees you scrolling for an extended time on a particular webpage, it will bring in information such as guides and tutorials from the website that can help you make a decision.
4) AN EDGE OVER COMPETITIVE ANALYSIS
As a small business, you surely want to know how other small-and-medium-sized companies are handling their accounts. Artificial Intelligence helps to gain leverage over the competition by analyzing their social, audio, and visual content in the form of reports.
Consider AI-powered Competitor Analysis Tool for acquiring an edge over your competition in the market. It gathers your competitor’s digital data much faster than any other technology and brings it at your disposal for comparison, analysis, and study.
With the data before you in the form of distilled reports, you can learn exactly how your competitors are making use of their marketing strategies and benefitting their small businesses.
The data can also help you to tweak your marketing campaigns and alter the prices of your products or services for attracting more sales. You can learn about brand loyalty and delve into the mindsets of your consumers only by keeping a detailed check on your competitor’s small business.
THE FINAL VERDICT
Eventually, AI-based tools have a smorgasbord of virtual-and-digital-friendly tools that can help lower costs as well as reduce the time spent while completing a task.
Once you learn how to do your jobs using a proactive, virtual platform, you can manage your small business with improved flexibility, multi-tasking ability, and sheer responsiveness.
Plus, you can also assess the risks of your new product by testing it with AI technology and minimize any financial discrepancies that might occur once you launch it into the real world.
Your small business needs to instill the ‘risk-taking’ mindset to prevent itself from drowning in an ocean full of sharks.
Technology can help you analyze the risks necessary for a better ROI by showing you results in with the help of simulations. Before jumping on the technological bandwagon, try to strengthen your brand’s vision and objectives so that your customers can take the leap and trust in you.