If you've got your finger on the pulse of your business, you know you need to adopt AI sooner than later.
While commercial AI adoption is on the rise, there's still time to catch up and get ahead of the curve with "off-the-shelf", or turnkey AI solutions.
Where do you stand in the AI landscape?
Consider the following questions:
- Are you brand new to AI? If so, where will AI have an immediate impact on your top and bottom lines?
- Are you experimenting with an enterprise-wide AI solution? If so, are you seeing the results you were expecting?
- Are you already developing AI in-house? If so, what can you do to optimize your existing resources?
Regardless of your position in the AI landscape, you can quickly get started with AI or optimize your existing resources by implementing proven, turnkey AI solutions that address the low-hanging fruit.
What are the low-hanging fruit?
It's all about automating tasks that have an immediate impact on revenues and costs.
Rather than using AI to automate existing jobs, use it to improve efficiency and productivity within those jobs.
After working with hundreds of B2C companies in a wide range of industries, we found that the customer lifecycle is an ideal framework for discovering highly predictive data, applying machine learning, and developing predictive models for a variety of use cases.
Let's take a quick look at a couple popular use cases to get you thinking about how they might apply to your business.
Increasing conversion rates and reducing acquisition costs
The most effective way to optimize your spend throughout the customer acquisition process is by targeting individuals with the highest propensity to convert.
So how do we identify individuals who are likely to convert?
- The first step is to enrich your lead and customer data with additional demographic, psychographic, and property-based attributes, giving you a vibrant picture of who your leads and customers are, not just what they purchased or where they came from.
- The next step is to use that enriched data to train the AI that will ultimately make predictions on future data inputs.
- Once trained, the AI can make data-driven predictions on who your most likely buyers are, where to reach them, and when to reach out.
We've seen projected sales cost reductions of over $300,000 when applying this approach.
Proactively preventing customer churn
Certain companies have a notorious problem with customer churn, especially those with subscription-based business models. Using a similar approach as the one mentioned above, companies can use AI to identify churn-prone customers before they even begin showing signs of churn.
This can help minimize marketing dollars spent on these churn-prone individuals, and focus more on customers with a higher lifetime value (LTV).
A deeper dive into use cases for turnkey AI
Hopefully, you're thinking about how you could leverage a turnkey AI solution to optimize outreach initiatives across your customer lifecycle.
For more information on to use AI to optimize your customer lifecycle outreach, download our other whitepaper, AI for the customer lifecycle: Making the most of your data.