2023 was a banger for artificial intelligence (AI), as the technology spread like wildfire, penetrating all aspects of human endeavor. 

2024 is here and predictions are that it will play a major role in the business world, especially in the United States, as small businesses are expected to leverage it to grow at a faster rate. 

You probably have heard of AI, but you may not know how it can help you as a small business owner. 

In this post, I will share 5 different ways you can grow your business in 2024 using AI. 

1. Customer Insight  

Personalized marketing has become important, not just to generate leads and sales, but to enhance customer satisfaction. 

Before now, understanding customer or consumer behavior was something small businesses struggled with, as most of the traditional tools aren’t driven by AI. 

Effective collection of data, feedback from customers, and its interpretation is a crucial aspect of marketing that determines growth, and AI has made it easier. 

AI tools like Salesforce Einstein and MonkeyLearn help you gather customer data from the cloud, then feed it to the customer support team who can leverage it to help customers have success with your product. When it comes to customer insights for email campaigns, AI-assisted email campaigns can help you target prospects and potential leads. 

You also can use the QR code generator from Adobe Express to get target customers to visit your website, engage with them, and collect data you need to improve customer experience.  

2. Virtual Assistant and Chatbot 

Customers want you to respond to questions regarding your products and services as soon as possible. Any delay could lead to the loss of a potential sale. 

This is where AI-driven customer support comes in. You can implement this in your business via AI-powered chatbots. That’s like having a virtual assistant that engages customers 24/7 – even while you sleep. 

With a set of instructions, the chatbot can interact with potential and returning customers, answer their questions, and even help them purchase products and services. 

3. Employee Productivity 

Having employees do repeated tasks will lower their productivity. Instead, integrate AI tools to automate routine tasks, so your workers can focus on higher-value activities that will boost service delivery and the overall growth of your business. 

For example, during office meetings, you can give employees access to Mem, a smart note-taking app. This productivity tool uses AI to tag and connect notes, which eliminates the need for employees to manually organize notes taken during meetings.  

4. Fraud Detection 

If your business website has an online store, the security of your business and your customers’ data should matter to you. Hackers look for vulnerabilities in your systems to defraud you by stealing sensitive customer data.  

But AI-powered fraud detection tools can put you steps ahead. 

For example, Sensxfrx, an AI-powered fraud detection tool, detects and prevents any form of fraud in your business. Its cutting-edge technology fights fraudsters. From account takeover to transaction fraud, your business is covered. 

5. Market Research 

Before, small business owners relied on outside service providers for market research. Now, you can use AI tools to do market research, identify trends, streamline creative processes, and keep a tab on your competitors. This provides you with the valuable data you need to make well-informed business decisions.  

You can use Pecan, a predictive analysis tool that is powered by AI, to turn datasets into actionable predictions. For example, it can forecast your customer retention rate, and how customers might react to changes in price. 

Additionally, AI-powered graphic design tools can streamline creative processes and enhance visual branding efforts, offering a competitive edge in the market. 

AI will make a great impact in the business world in 2024 and beyond. Leveraging it to minimize costs, boost productivity, and drive more revenue will give you an edge over your competitors. 

Photo by Steve Johnson on Unsplash