Artificial has many applications that can streamline business processes — one such application is using machine learning for customer acquisition. Not only can AI automate aspects of the acquisition process, but it can also use customer data to help determine your audience’s needs and preferences. This not only frees up valuable time for you and your team, but it also reduces overhead costs and improves overall conversion rates.
If you’re looking to use artificial intelligence to bring in new customers, consider these 13 effective strategies recommended by the members of Business Journals Leadership Trust.
1. Providing a better user experience
Today’s customers live in an isolated digital world, with no personal touch. To increase customer acquisition and retention, firms need to swiftly strengthen customer engagement in their apps and websites. This can be done using an AI-based conversational voice UX solution to help drive community building, click-through ads, live chats, advances in the sales funnel and other revenue-generating activities. – Pradeep Anand, Seeta Resources
2. Scoring leads
If you are using a CRM, one of the best places to start is setting up a scoring system for leads. Let the system’s “intelligence” keep count of actions indicating interest and send alerts when a lead turns into a “hot lead” who’s ready for a call from sales. – Linda Bishop, Thought Transformation
3. Analyzing data for trends
At this stage of its development, AI is simply machine learning, or the ability to spot trends in data. To be effective, a business needs a system for collecting that data in a searchable format. Use a CRM to record when, where, how and what customers are buying. Even rudimentary analysis will usually reveal trends you’ve never considered. – John Dini, MPN Inc.
4. Defining your target market
An effective way to leverage artificial intelligence to acquire customers is to use it to clearly and systematically define your target market. Once you have a methodical way to identify who and what comprises your target customers, then artificial intelligence can be maximized by collating information to identify appropriate new customers who need your services and want your business. – Jack Smith, Fortuna BMC
5. Finding ‘ready’ buyers
Traditional advertising bombards prospects with messages whether they are in a buying cycle or not. The logic was that if they eventually wanted to buy, they would remember the message. With newer tech, AI allows sellers to specifically target buyers who are in a buying cycle by using intent data captured as prospects search for keywords or educational material around the seller’s product. – Angela Nadeau, CompuData Inc.
6. Anticipating customer needs
Companies can use data to analyze and anticipate customer needs, resulting in greater lifetime value. We recommend you approach artificial intelligence in a manner that is intelligent rather than artificial. By applying the concepts of prediction to your data — digitizing, aggregating and analyzing — companies can gain non-obvious insights that can help grow their revenues. – Robert Elfanbaum, Object Computing, Inc.
7. Confirming buying habits
Scrub existing data to develop and confirm buying habits. This will help you identify potential buyers, design a product with features that will meet customer needs and appear customized, and determine competitive pricing and optimal timing. The scrubbed data will allow your organization to be significantly more cost-effective and time-efficient in developing profitable new business. – Carlos Munguia, Amegy Bank
8. Focusing cold outreach
Artificial intelligence changed our approach to cold outreach. Rather than employing a “shotgun” style and scattering messages around the industry, we use AI targeting to laser-focus on the right business-to-business prospects. What’s most exciting is the behavior profiles we can project about future clients who are (as yet) unknown to us. Data intelligence and automation make swift work of audience building. – Lori Daugherty, IMCS
9. Streamlining recruitment processes
In the staffing and recruiting industry, we often say we serve two sets of customers: the employer and the candidate. We regularly use AI to interact with candidates during the recruiting process. Through simple campaigns, our virtual recruiters screen candidates and assist in setting them up for in-person interviews. It reduces costs and streamlines what could be a lengthy process. – John Lewin, Stivers Staffing Services
10. Calculating customer lifetime value
First, build in data capture as a foundational element of your software — otherwise, you’ll miss key customer insights. Second, calculate the customer lifetime value of existing customers. Finally, integrate that data with your CRM using an AI solution to predict which existing customers you risk losing as well as which new customers not only have the highest probability of acquisition but also the highest CLV. – Matthew Johnston, Design Interactive Inc.
11. Testing marketing efforts
It’s important to use AI to streamline customer acquisition. Develop your baseline — proven acquisition metrics — through strategic marketing, set those fields and then use AI/machine learning to make gains on current tactics. Develop a “test” portion of your marketing to see what enhancements can be added to the current plan, and continue testing and learning to identify the most effective tactics. – Jessica Hawthorne-Castro, Hawthorne Advertising
12. Implementing chatbots
As a business automation company, we have implemented a wide variety of AI and RPA solutions. The one technology that builds connections with prospects is a chatbot. Having an effective chatbot approach integrated with AI and RPA in the back end helps prospects engage in initial discussions and then establish human contact to close the deal. – Raj Ganesan, The Business Labs
13. Attracting ideal clients
Every company has an ideal client for customer acquisition. Targeting marketing efforts to attract ideal clients is a great way to maximize the use of AI. In both online and offline initiatives, AI is a fantastic tool for speaking to ideal clients with resonance. – Rachel Namoff, Arapaho Asset Management