20 May Why small businesses need AI
Fact: Artificial intelligence is here to stay – and like all other historical transformative technologies preceding AI, if you don’t capitalise on it, you’re going to be left behind, squandering potential revenue growth.
The problem is that many SMEs believe that it’s a trend that’s meant for large companies that occupy a huge portion of the industry space – Amazon, for example, can spend over $22 billion globally on AI development and research.
However, don’t let the figures deter you from incorporating AI into your business model; it merely needs to be scaled and implemented according to your budget. There are many different entry-level AI tools to kickstart your business automation journey. Take a look at a free ad script from Google, which can identify anomalies in your account’s behaviour. It’s also worth setting up a zero impressions alarm.
According to an article published by the Wall Street Journal, ‘Artificial intelligence has the potential to incrementally add 16 percent or around $13 trillion (approximately R215 trillion) by 2030 to current global economic output– an annual average contribution to productivity growth of about 1.2 percent between now and 2030.’
However, a report conducted by the McKinsey Global Institute noted that economic impact would not happen immediately; businesses need to view AI adoption as an investment that will yield positive results over the long term.
The relationship between AI and marketing
Entrepreneur comments that ‘artificial intelligence is also helpful in marketing. Tools based on artificial intelligence also help in deciding the marketing budget by churning out the whole data and come up with certain insights. Another benefit of AI that supports the small business by giving them an edge over competitors is it also helps in tracking every activity of the competitors to strategise steps related to marketing.’ Email marketing is a channel that has reaped the rewards of AI significantly.
One of the main insights that can be deduced is that AI helps increase productivity which is a vital element for SMEs to level-up to compete with the big players in their specific industry.
Competitor analysis is a vital element to gauge the market positioning of any company and AI provides expert brand management agencies with the tools to investigate and deliver accurate information of competitors’ strengths and weaknesses. Based on these findings, agencies can offer bespoke brand management strategies to leverage your unique selling proposition (USP) that will help you oust the competition.
The bottom line is that AI is the present and the future. It’s a technology that if used, smartly has the potential to catapult your business to the next level. Remember, no business is too tiny for AI.
Contact us today. We’ll conceptualise, implement and execute strategies that use the power of AI so that you can achieve your business goals.