How Companies Are Using AI for Marketing Strategy

Artificial intelligence has made it easy and perspective for companies to survive and excel in international competition by keeping up with the latest technology. AI refers to the social science of making computers work like how humans do. With the use of AI, a number of areas in the digital marketing industry have advanced and have continued to excel further. Natural language processing is a branch of AI that enables computer programs to comprehend, process and formulate the responses to human language in the same way it is spoken. With the increasing use of machine learning, natural language processing technologies are being used for multiple work like data examination and improvement in human-computer interaction.

Using AI for multiple business processes can actually lead the business to another level in terms of goals achievement. It has helped in the improvement of developing a deep understanding of marketing and helping brands to increase customer service quality. AI systems constantly work in the background of the products and services like Netflix, Amazon, Google. Companies run a pay-per-click campaign as a marketing strategy for their business and employees work for that. However, human efforts for the same can be minimized by using AI system. AI can also help to discover advertising channels that may not be used by the competitor company.

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We all know that we can create rule sets and formats for profit and loss summaries, quarterly business reports, stock market reports and such others. By inclusion of AI system. A company can design a narration or summary in real time. One can set up writing styles and formats for the same. Hence, those summaries can be personalized as per your business need.

Another interesting benefit of using AI system is for sending emails. Emails are an important part of day to day work for marketing in all kinds of businesses and one needs to send a personalized email for every customer according to their interests to maintain a good relationship with them. With the use of AI system, one can send personalized emails based on the business requirements. The system basically maps the previous website interactions, time spent by subscribers on one page, subscriber’s wish list, interactions with different kind of visitors. In a way, it helps to send a curated email to every single customer by analyzing customer’s reading patterns. This is a huge time and energy saving benefit by using AI tool to get information about each customer rather than doing it manually.

Artificial intelligence powered tools can also help to gather a large volume of data, build a predictive model, test and validate the model. This kind of a tool can be very much useful for predicting large volumes, for example, stock market data. Analytical summary based on AP powered tool can be used to make business decisions profitably.

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If you have recently used google photos, you may have noticed that Google search engine recognizes people and images in a fraction of time. From a marketer’s standpoint, image recognition means a better connection of online content and store visits. Many stores use facial recognition software to trace customers and their visits. This can be helpful to make an analysis of customer’s number of visits and their buying preferences. We can say that AI-powered tools enable marketers to improve customer relationships in a great way.

Source: https://sigilbrand.com/blog/ai-now-how-companies-are-using-ai-in-marketing/

Highest In 17 Years – Share of U.S. Small Business Raising Pay Picked in April 2018

 

As mentioned in previous article “Best Time for Small Business”, small businesses are having a hard time finding skilled workers. As a result of low supply and high demand, pay packages offered by small business owners are going more and more aggressive.

According to the statistics provided by National Federation of Independent Business, job opening experienced a significant increase of 35% this season. Actual Compensation rate raised 33% accordingly in response to the tight job market, which reached the highest share since November 2000.

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“Small businesses are telling us that they’re optimistic, hiring, and willing to raise wages to find the right employees for their businesses,” said NFIB President and CEO Juanita Duggan.

In response to the 53% job openings this year, up to 30% of small businesses reported that they are planning on keep increasing their payrolls in order to attract the most qualified workers.

Source: https://www.nfib.com/foundations/research-center/monthly-reports/jobs-report/

 

 

 

Small Businesses: The Heart of the US Economy

As of the end of 2017, to the beginning of 2018, the US economy has been steadily increasing, and breaking records almost every month. As of March 2018, a new record had been broken dealing with one of the most important factors in determining the stability of the U.S economy. It was recorded that, “ one-third of small business raised compensations in March”, which was the largest pay increasing since November 2000.

This is largely due to the fact that the job markets are becoming more and more competitive, therefore according to most small firms “they feel optimistic, hiring and willing to raise wages to find the right employees for the businesses”. This optimism directly translates to a boon in the overall U.S economy, since the majority of business in the United States are considered small business. Having one-third of small business “feeling optimistic” about hiring new employees, while also increasing wages provides a direct stimulus to the U.S markets, and in general a much more confidence in the US economy for future employees, and investors.

Small business in the United States provides the most effect on the U.S economy, due to the fact that they contribute to local economies by bringing growth and innovation to small communities all over the country. Having small business declare that they are willing to increase wages in order to bring aboard more employees, helps small communities by providing employment to people who may not be employable to larger corporations. This then results in a much lower unemployment rate, and a much more prosperity all over the nation.

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With the rapid growth of economy and significant tax cut recently, U.S. Small-Business Optimism Index reached its highest level since 1983, according to National Federation of Independent Business.

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All the index components except Plans to Increase Employment increased or maintained the same as February, while Expect Real Sales has the highest increase rate at 3%. This historically high index shows that new policies, including tax cut and fewer regulation, have started their impacts on small business.

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However, companies report that their biggest challenge is to find skilled labor. 34% of job openings, majorly in construction and manufacturing industries, are unable to fill. As a result, the number of temporary workers peaked since November 2016.