Nick Bandy July 14th, 2023

How Will AI Help You Better Understand Your Customers

Society is growing to rely on Artificial Intelligence more and more. Over the years AI has become embedded in everyday life, such as our smartphones and devices that control smart technology in our homes. One of the major components of AI is its ability to continuously learn so that it is constantly getting better and becoming more efficient. There are so many capabilities and it’s hard to imagine the limits of this technology. One such capability is to help businesses better understand their customers.

With customer expectations higher than they have ever been, it is important for companies to adapt and continue to be aware of those expectations. One report shows that about 80% of customers would prefer not to do business with a brand after just one bad experience. This shows that the bar is extremely high for companies to get it right from the beginning. That’s where AI can help.

There are plenty of people who have already come to embrace the idea of AI-enhanced CX (AI/CX). It has been found that 70% of executives believe their industry is ready to adopt AI/CX and three out of four predict AI will have a vital role in the future of their organizations.

When used in a contact center, artificial Intelligence can also save a business time and money, which is always a plus. However, being able to tap into the knowledge behind what drives customer engagement is key to success. The great thing is that AI will do the work for you and you get all the benefits. So, this is what AI can do for you.

Improving Customer Service

Having a responsive and helpful customer service department is essential to any business that wants to be successful.  90% of consumers say “immediate” response time is very important when they have a question. Customers need to be able to have direct access to businesses to file complaints or resolve any issues they may have. So having different channels where people can express those things is necessary for companies to retain customers. Multiple kinds of AI-powered software have been developed to enhance the customer experience.

Chatbots are one way that artificial intelligence can improve customer service. They are very relevant in today’s world, as 67% of people expect to use messaging apps to talk to businesses. They can easily answer frequently asked questions or simpler questions that do not require intervention from a customer service representative. They’re also available 24/7 so people have access at all times, without the need for shift workers. 

Receiving feedback from customers is one of the best ways for companies to know how they are doing and what they need to improve. AI is a tool that can exceed what the standard survey provides. For example, AI can facilitate online focus groups in real-time and opens up a channel for communication, where you can have a conversation with people and participants don’t have to give one-sided responses. 

Predicting Behavior

Being able to predict customer behavior has a major impact on the way companies conduct their business. In predicting behavior, brands can offer a more personalized experience and drive sales. Artificial intelligence can capture and analyze customer data to a much higher extent than ever before.

Programs, like Google Analytics, Facebook Ad Insights, Adwords, and CRM data are designed to track customers across platforms and generate reports with information about people’s online habits. They will track things such as which websites people visit and specifically what products they are looking at. They can get very detailed to even include how long someone stays on a page and how often they return.

By knowing ahead of time how people shop and what products/services they are looking for, brands can plan accordingly. They are able to design their websites in a way that draws people’s attention to exactly what they want and makes them more user-friendly. They can also put their time and effort into funding the design of products that they know people want. 

Targeted Marketing

Marketing has drastically changed over the years. Traditional marketing no longer makes the cut and now people listen more to ‘influencers’ and spend so much of their time on social media, where they are seeing ads bombarding them in a whole new way.

It’s no coincidence when someone logs onto Instagram and sees ads for products they specifically like. That is because these ads are tailored for and targeted at each individual. AI is to thank for that. Algorithms are built into these platforms that run based on AI technologies and machine learning to make recommendations on content for users. It can almost be eerie in the ads that users see, especially if someone has just been searching for that very product being advertised.

Having AI keep up with customer data allows brands to know exactly how to customize their marketing tactics for each person. This keeps the customer drawn in and clicking that add to cart button. It also helps prevent churn and retains the best customers by detecting when they are starting to lose interest and can launch new campaigns to keep their attention. With an AI presentation maker, brands can create engaging presentations of new offerings and reach out to customers to revive their interest.

Artificial intelligence is only going to continue improving and has so much potential in businesses. Brands are in a unique position, compared to those in the past, in the way they can use technology to tap directly into customer insights. By having a better understanding of customers’ expectations and habits, a company can completely transform itself to cater to its customers. The customer experience is everything. And AI is a powerful tool that can revolutionize the way customers interact with a brand. So, to get started with integrating AI to create a better customer experience, check out your options with LiveVox.

Images by LiveVox Team

Nick Bandy

Nick has over 25 years of executive leadership experience in the marketing and technology space, serving private, PE-backed, and public organizations. He founded and developed the SpeechIQ product which was subsequently acquired by LiveVox in 2019.

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