The more I do research on AI (Artificial Intelligence) the more I begin to understand I do not know the half of it. Some may know more; but this is what I know. As we transition into the world of technology, there are companies gathering information on us. Every time we order something or click on a site from our computer or phone or do research on the internet; we are being tracked. They are collecting all sorts of data on us from our spending habits, to where we live, how often we are on the internet, how often we visit a website, etcetera.
What is coming soon for a small business to compete, it will be necessary for them to incorporate a form of an AI system as a marketing tool. Marketers are currently getting on board with this tool. What AI does for larger companies like GOOGLE, Netflix, Starbucks is; gather, analyze, and use enormous volumes of individual customer data and tailor the customers journey at every touch point. Which means when we go to a website searching for an item or complete a survey; within so many hours or minutes, we receive advertisement on a similar item. The wording goes something like this, “We saw you were searching for this item we thought you may like this also.” This is done using the AI system. A marketer can tailor a system to collect data for a company so it can determine what time of the day is best to send advertisement, when, and what marketing tool to use to reach a company’s customer target group.
The larger corporations have more than one AI engine. One may be designed to capture the customer specific spending habits. Another can be programed to tell them what the best method is to use to reach the customer. Or one can be used to collect, record, organize, and share data on the customer interactions. Lastly, there is another system that recommends to them what tools to use to reach the customer. A small business will need only one to start with and that is to collect, record, and organize data.
AI is the new age of marketing. As a consumer it can be disconcerting. As a small business it can be daunting, but achievable. A small business will be impacted by technology and the expense and learning curve that comes with it.
The question is how big of an impact will this have on small businesses and entrepreneurs?