How to Utilize 5 AI Techniques to Outstrip the Competition and Boost Your Revenue
5 Effective Ways to Use AI to Boost Revenue: Artificial intelligence (AI) is not simply a trendy term or exaggerated marketing. It is a potent technology capable of aiding businesses in attaining their objectives and gaining a competitive advantage in the market. AI has the potential to enhance operational efficiency, boost productivity, drive innovation, and ensure optimal customer satisfaction. Furthermore, AI serves as a catalyst for revenue growth and enables businesses to outwit their rivals.
5 Effective Ways to Use AI to Boost Revenue
1: Identify Market Niches
Demographic and consumer preferences can be leveraged to identify market opportunities, showcasing how AI can enhance business outcomes. As an example, Frito-Lay utilized artificial intelligence to discover that one out of every six individuals in Frisco, Texas has Indian heritage. Consequently, AI recommended that the company introduce a spicy snack, previously only available in India, to the market in Frisco. This initiative provided Frito-Lay with a notable competitive advantage in the region.
2: Support Adoption
AI can also assist in enhancing your offerings and expanding your market share. It is utilized by AI-driven customer care platforms like IrisAgent and Intercom to analyze client sentiment for both new and existing products and services. These platforms utilize large language model AI to identify product flaws, customer requirements, and pain points from the support tickets that have been logged.
3: Forecast Demand
The building materials company heeded AI’s predictions regarding the increased frequency and intensity of hurricanes in the Deep South. Substantial portions of the company’s inventory were relocated to warehouses situated in Florida. Consequently, when Hurricane Ian struck several weeks thereafter, the company emerged as the only business possessing sufficient local supplies to meet the demand. The company merely needed to remain prepared, as neither its product line nor its marketing required any modifications.
4: Create New Products:
Even the development of entirely new products through the use of AI has the potential to generate additional sources of revenue. As an example, InSilico Medicine, a Hong Kong-based company, has utilized artificial intelligence to fully develop and fund the clinical trials for a novel pulmonary fibrosis medication known as INS018_055. However, it is important to note that the application of AI in product creation extends beyond the pharmaceutical industry.
5: Optimize Pricing
Economists and business professionals have possessed the knowledge for over a decade that a mere 1% increase in price, without a decrease in sales, can result in an impressive 9% advancement in operational profit. Up until now, the difficulty has been determining which specific products can endure such an increase and the precise magnitude of the price hike they can withstand.