#169: Can Companies Compete Without Artificial Intelligence?
As artificial intelligence (AI) continues to evolve and play a bigger role in our lives, companies must decide whether or not to invest in the technology. While many businesses are already taking advantage of AI’s potential for streamlining processes, improving customer experience, and driving innovation, some still remain hesitant.
With the global AI market estimated to grow to more than $190 billion by 2025, companies that don’t invest in AI may find themselves getting left behind. Here are four reasons why businesses should consider investing in this technology:
Streamlining and Automating Processes
AI can help streamline processes and automate repetitive tasks that can take up valuable time and resources. For example, AI can be used to automate data entry, streamline customer service inquiries, and even automate marketing campaigns. By freeing up employees’ time, businesses are able to focus on more important tasks and increase their overall efficiency.
Improving Customer Experience
AI can help businesses better understand their customers’ needs and offer personalized experiences that make them feel valued. AI-powered chatbots, for example, can provide customers with 24/7 service and help streamline customer service inquiries. By leveraging AI to improve the customer experience, businesses are able to build stronger relationships with their customers and ultimately drive more sales.
Driving Innovation
AI can help businesses stay ahead of the competition by driving innovation. AI-powered systems can analyze big data to identify trends and anticipate customer needs, allowing companies to develop unique products and services that are tailored to their customers’ needs.
Enhancing Security
AI-powered systems can be used to enhance security by monitoring networks for potential threats and identifying malicious activity. This can help protect businesses from cyberattacks and reduce the risk of data breaches.
Conclusion
The benefits of investing in AI are clear, with businesses being able to streamline processes, improve customer experience, drive innovation, and enhance security. Companies that don’t invest in AI may find themselves getting left behind in this ever-changing digital landscape.
For businesses that are considering investing in AI, it’s important to evaluate the potential return on investment and consider how the technology can be used to improve operations and enhance customer experience. By taking advantage of AI’s potential, companies can stay ahead of the competition and ensure they don’t get left behind in the digital revolution.
Listen to the Show:
Laura 00:00
Hi, everyone, welcome to another episode of the AI-Driven Marketing Show. I'm your host, Laura Meyer. And I just want to guide you through this exciting and at the same time bewildering world of AI and marketing. For local service-based businesses, you are used to having this incredible connection to your community. And you've seen this rise of technology, you've wondered about AI, maybe you have a background in technology or marketing, and you're wondering how it's going to impact your sector. And for so many of us, right, we are bombarded all day, every day with all the things that we should be doing, right how many carbs we should be eating, how much grams of protein we should be having based on the amount that we're working out, the sports that our kids should be in, the programs that they should be in, the amount of times we should be going on a date night with our spouses within a month, it can be very overwhelming. And I don't know about you. But I've been editing out a lot of things in my life right now, I've been canceling subscriptions that I don't need to worry about, as the world just gets busier and busier and the demands on us just have been increasing at an exponential rate since the world opened back up post pandemic. But so, you might be wondering, okay, I'm hearing all these things about AI, is this something I really need to worry about? Well, today, I'm going to share with you my perspective on it, who should be worried about it, who shouldn't be worried about it, and what it means for the future of your business. Because for some business owners, AI is going to dramatically impact the type of service and the way in which you get back to your customers, the level of convenience, the way in which you interact with them. And if you're not doing some of these fundamental things right now foundational things right now, I can guarantee you your competitors are. So today I want to explore what this means for you as a business owner. And let's get started.
Laura 02:00
Welcome to the AI-Driven marketing podcast. This is a place where we deliver quick and insightful weekly tips about 10 minutes or less on what's new and groundbreaking in the world of marketing AI. I'm your host, Laura Meyer, a 20 plus year entrepreneur and marketing expert. If you are excited about staying ahead of the curve and harnessing the potential of AI in your marketing strategies, you're in the right place. Let's go.
Laura 02:30
So welcome to this brand-new episode of the AI-Driven marketing show. And today I'm going to focus on an aspect of business that every local business owner, particularly health, wellness, and beauty, which is where we've been using AI the most, what you really need to be keenly aware of which is the customer experience. And when we talk about customer experience, we're talking about every interaction your customer has with your business from the moment they discover your brand, to scheduling an appointment to receiving your services. As you know, if you've done any type of customer journey mapping in your career or for your business, you know that every single touchpoint matters. And if you over invest in one area of
the customer journey, but under invest in another area, you end up with this lopsided sales and marketing process that ends up being way too expensive and does not give you the ROI that you really need to justify that level of expense. So now let's flip it and look at it from the standpoint of customers, right, we've all faced the frustration of really bad customer service. So, picture this, you're trying to schedule your appointment, you've been on hold for what it feels like an eternity, you finally get through and you're met with unresponsive or even just somebody who clearly doesn't want to be at their job. Maybe you send an inquiry, but it falls into a black hole never to be seen or responded to again, right? Not exactly a five-star experience. So, these are pretty small interactions, but they can have a profound impact on your business. And a negative experience can turn a loyal customer base into a last one. Worse yet, it can lead to damaging online reviews, people not even booking so you get them all the way and you pay for the lead, you get them into your business, and then they have somebody on a bad day, right, which can deter them from ever coming back again or reaching out to you. So, we live in this hyper competitive landscape. For those of you who have brick and mortar businesses, you know, that there's somebody with a similar type of offer just down the street, right. And we all love to believe that we believe our services the best, but to a certain degree, it doesn't matter. Because in addition to having a positive reputation when it comes to your services, the lapses that happen within your customer journey are like a ticking time bombs, and they completely threaten to undermine the hard work that you've put into your business.
Laura 04:57
So, you know, let's then just flip over and take a moment and think about the retail sector. So, if you think about going into Target recently, you've noticed that there's this rise of self-service checkouts. And rather than waiting in long lines or dealing with a potentially overworked or frustrated cashier, customers can now control their own checkout experience. And if you're listening, and you have a strong opinion about this, let me know, like pop into, slide into my DMs. And let me know what your feelings on this are because I think people have very polarizing perspectives. But for me, I know if I have a limited amount of items and a limited amount of time, I can walk in, pick out what I need, scan it pay and leave. The entire process is within my control, which I like because I'm a little tight Bay, if you haven't noticed, and then I can just go on with my day. It's quick, it's efficient, and it caters to a customer's need for immediate satisfaction. So think about this. This is a form of AI, it's not necessarily probably seen as AI, but it is there are scanners, there's codes, there's information there security, it's all within there. And probably 10 years ago, if you said I could go into a store and self-checkout, most people would be like, Absolutely not. That's crazy, that would never happen. And now it's every day, I think this is going to happen with AI. And the businesses that fail to adapt for this demand. And this level of convenience and immediate responsiveness that we've gotten used to, right, we're getting trained to want this, they risk falling behind, and they risk becoming
outdated in a world that's rapidly evolving to meet customer needs. And the expectation for seamless responsive service is really no longer a nice to have, it is an absolute necessity.
Laura 06:49
So let's talk about if you're a local service based business, how to adapt and evolve to meet those new expectations in the health and wellness sector. And the businesses that fail to adapt this demand for convenience and immediate responsiveness. The truth is the risk falling behind becoming outdated in a world that's rapidly evolving to meet customer needs. The expectation for seamless, responsive service is no longer a nice to have, it will become a necessity because it's what the world is getting used to. So if you're a local business owner, how does this apply to you. So when we think about AI, coming back to the topic of AI, your mind might necessarily think about self-checkout, or even complex robotics. But again, going back to that idea of that self-checkout at Target AI is being used in ways that a lot of times we don't even realize, and it is becoming part of our every day. So thinking about online business, and becoming part of our every day. So far, what we're seeing with our customers is AI being used to facilitate online booking systems, 24/7 Customer Service, review campaigns, reactivation campaigns, and even personalized fitness and wellness recommendations.
Laura 08:10
I'm looking at some of the conversations that AI is having with the clients of some of our clients. And even if somebody says it's too expensive, they can immediately communicate the value prop based on the input that we have engineered for it, it can respond to inquiries, it can even book appointments and give advice based on any type of individualized data that it has been trained on just like a human. In addition, there's round the clock responsiveness, and it's like having a super-efficient, always awake receptionist who never has a bad day. And so let's even just talk numbers, according to recent data, businesses, and the health and wellness sector that have incorporated AI into their customer service have seen a 400% increase in conversions. So let me say that, again, businesses in the health and wellness sector that have incorporated AI into their customer service processes have seen up to a 400% increase in conversions. That is very consistent with what we are seeing with the organizations that we are serving right now. It's not just a slight improvement. Think about what would four acts look like for you right now based on what you're spending on marketing, the amount of leads that initially show interest in don't come in. And again, the organizations that we're working with, and we're not the only ones offering this marketing type of AI solution. There's other solutions out there like it I tend to think that we are the best because of our background in marketing, but it is going to become commonplace, it's going to become the norm. It is AI is changing the game and customers experience and with this dramatic increase in revenue In conversions, I predict that AI will no longer be an optional extra interesting, but a necessity for every business.
Laura 10:10
Because just like with the target self-checkout, your customers’ expectations are being trained by other brands. And they're rapidly evolving. And they're influenced by their experiences in those other industries and businesses that have already adopted AI. So the growing desire for instantaneous response around the clock service and personalized interaction is not going to slow down. If anything, it is going to increase. So this just isn't about keeping up with the latest tech trends or doing your competition, although those are can be significant factors. This is about meeting your customers where they are right now. And living in a digital AI enhanced world without resisting it. Why? The consequence of not adopting or failing to integrate AI into your business could be pretty severe. And we're talking about losing customer loyalty, falling behind competitors, and ultimately increasing a decrease in sales and growth. So an industry where personalized prompt services key can local health and wellness businesses really afford to stick to outdated processes? I believe the answer is a resounding no.
Laura 11:28
So, there's a real danger here again, of falling behind letting your business become obsolete in a world that's rapidly moving forward. And the shift towards AI and automation isn't coming, it's already here. And there's a lot of big players in the space that it's going to be too difficult for them to make adoptions at this point. There's almost this too big size of certain types of brands and businesses. So, if you're a mid-sized business, or you're part of a mid-sized franchise brand, this is huge. Because you can meet that growing customer demand for prompt personalized around the clock service. Through AI integration, you have the swiftness you have the ability to adapt like some of those bigger organizations can't, and you can quickly take market share away. So, we've looked pretty seriously about the successes of businesses who have made the leap. A lot of our clients are reaping the rewards, they're pretty blown away with what they're seeing. And I believe that local businesses, local health and wellness businesses that do not embrace AI, and the next 24 months will find themselves running to catch up. Because the stark reality is failing to adopt this rapidly changing landscape really good puts you at risk for falling behind the people that that are adopting. So, as we wrap up this episode, my challenge to you is that start thinking about how your business can integrate with AI. How could they benefit for increased efficiency? Where are you leaving money on the table? Where are your customer service or booking pain points? And how can you provide that instant personalized service that customers are really just starting to expect.
Laura 13:19
And before I close if you're not sure you want to learn more, I really want to invite you further into the world of AI marketing, and I have a free training that you'll absolutely love. It's specifically for local beauty, health and wellness companies. And you can find it by going to how to makemoresalesai.com. It's makemoresaleswithai.com. And whether you're an established business or just starting out this training will provide you with insights and
actionable tips to kickstart your AI journey. If you found value in today's episode, please consider sharing it with other people, particularly those who are in the Health, Wellness and beauty sector. It's time that we all embrace the change that AI brings and work together to enhance our customer experiences. Remember, the goal isn't just to survive when the tides change, and new technology comes into play, but to thrive in them. So I'm here to work with you and step into that future together with AI as our guide. And I really, really hope that you enjoyed this episode today. If so, I would love to hear from you. And I'll see you in the next episode.
Laura 14:33
Thank you for tuning in to the AI driven marketing podcast. Before we wrap up, I just want to remind you that you can learn more about how to make more sales with AI by going to makemoresaleswithai.com. This is where I dive deeper into the AI revolution in marketing with our free training. And if you've enjoyed today's episode, please share it with others who might find it valuable. And if you can also just take a moment to leave us a review I would great We appreciate it. Your support helps us continue to bring you the top insights in the field of AI driven marketing. Until next time, remember, AI is here and it's transforming the marketing landscape. Stay Ahead, stay informed, and most importantly, stay excited. I'll see you soon!
Welcome to the AI-Driven Marketing Podcast! Join host Laura Meyer, a 20+ year veteran entrepreneur and marketing expert, as she unveils the future of marketing that's already at your fingertips. Each episode offers quick, valuable insights, news, and practical tips about how AI is revolutionizing the marketing landscape, shaping how businesses engage with customers, and enhancing marketing strategies. Tune in to stay ahead, informed, and excited about the remarkable opportunities that AI brings to the world of marketing.