Forbes: 14 Strategies For Leveraging AI In Your Customer Experience - Invest on Main Street

Forbes Business Council: 14 Strategies For Leveraging AI In Your Customer Experience

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13. Quickly Evaluate Investments
In the hyper-competitive multifamily syndication, our business success (and that of our investors) is driven by how quickly we can identify and evaluate investments. With AI and machine learning, we can digest massive datasets and run predictive algorithms to underwrite and identify properties that fit our narrow criteria. Now done overnight, these tasks would have consumed a lifetime. – Patrick Grimes, Invest on Main Street

From automation to advanced security features, artificial intelligence has become a crucial component of business processes across all industries. Organizations are increasingly using AI to enhance the customer experience and boost consumer loyalty.

Because AI holds so many possibilities, it may be difficult to pinpoint how it can work for your customers, especially if your business is just beginning to take advantage of this technology. To help, 14 members of Forbes Business Council discussed some ways your organization can use AI to increase customer satisfaction.

1. Identify Unhappy Customers
In the loyalty management market, AI and machine learning are often used for churn prediction. By identifying unhappy customers based on purchase and behavioral patterns, you can reactivate them by sending them a nice personalized message with a loyalty reward like bonus points. AI can also be used to determine what the value of the reward should be for each customer or segment. – Zsuzsa Kecsmar, Antavo Loyalty Management Platform

2. Add Auto-Merchandising
We have more user-experience data, but manually sifting through it is challenging. It’s early days for automated insights. Adding auto-merchandising—which uses purchase history to drive layout, showing popular products first for example—is a quick win. Automated performance-tuning systems are as well since they use user-experience data for automated site optimizations or pre-fetching to improve site speed. – Jacob Loveless, Edgemesh Corporation

3. Pinpoint Preferences
AI best enhances the customer experience when it is applied to customer service. Here, AI can be used to reduce manual tasks and allow brand representatives to focus on priority items to deliver quality care. By using AI, companies can collect key data points directly from the consumer to identify consumer trends that can only be recognized in the customer service queue. – Liz Tsai, HiOperator

5. Reach More Leads
If you want your business to be future-proof, embrace transformation by experimenting with new technologies and rethinking your standard practices. For interior designers, it impacts the standard practice of business development and lead generation. To remain competitive in the industry, technology provides innovative ways to market design services and reach more leads than ever. – Marilisa Barbieri

6. Bring Consumers Relevant Products
AI is being used every day to enhance our online shopping experience. Have you ever noticed when you’re looking at bathing suits online and then you go on Facebook to see swimsuit ads show up? This attempt to bring you relevant products is a product of AI and data intelligence. Companies can use data they collect from you to better inform how they present products and services to you. – Adam Coffey, CEO Advisory Guru, LLC

7. Personalize Customer Experiences
Personalize experiences. Organizations can utilize AI-driven machine learning to create a more personalized consumer experience and help customers get what they want more quickly. AI technology can build an understanding of each customer’s preferences based on their browsing patterns and purchase history and predict their wants and needs, providing an enhanced and user-friendly experience. – Peggy Choi, Lynk

8. Obtain Additional Data
AI can be an effective tool to obtain customer sentiment and many organizations are starting to familiarize themselves with the technology. By easily obtaining more quantitative and qualitative data through AI, you can refine your customer experience to deliver on feedback received. – Muraly Srinarayanathas, Computek College

9. Analyze Behavioral Patterns
We use Al to analyze behavioral patterns in e-commerce shopping. It has boosted our sales by 2.03% and we have gained knowledge as to why there are overwhelming amounts of abandoned carts. It’s also a lifesaver for customer service, especially in our busy season by offering customers self-help information bots to answer frequently asked questions, provide tracking information and more. – Tammy Sons, Tn Nursery

10. Build Safeguards
Skepticism of AI is critical to successfully implementing it. AI is only as good as the human operating and guiding it (at least in its current state). Knowing the potential pitfalls of automation allows you to build safeguards into your processes, with your people and in the promises to your clients. Don’t put your blind faith in AI—it can be your best friend or an expensive mistake! – Maurice Harary, The Bid Lab

11. Create Fun Experiences
Thanks to technology, organizations can become innovative and bring new ideas for enhanced customer experiences. An example I use is turning my characters into 3D molds for educators and schools to explore, teach, learn and grow. I recommend researching outside the box ideas to create new and fun experiences centered around your company’s key products or services. – Lisa Caprelli, Unicorn Jazz

12. Utilize A Chatbot
Organizations can enhance the customer experience with AI by using chatbots that ingest not only a user’s text query but also the sequence of interactions the user has already had with the website. By making chatbot data bimodal, the system will already know what a user is confused about before a user has to say anything at all. – Matthew Ramirez, Paraphrase Tool

13. Quickly Evaluate Investments
In the hyper-competitive multifamily syndication, our business success (and that of our investors) is driven by how quickly we can identify and evaluate investments. With AI and machine learning, we can digest massive datasets and run predictive algorithms to underwrite and identify properties that fit our narrow criteria. Now done overnight, these tasks would have consumed a lifetime. – Patrick Grimes, Invest on Main Street

14. Learn From Customer Data
AI was developed to improve the customer experience, but not replace human beings completely. AI helps in generating data that is backed up by customers’ acumen, such as customers purchasing behavior, geographic location, past customer interactions and more. As a result, the organization can change the way they do business with customers based on what they found out from the data. – Lane Kawaoka, SimplePassiveCashflow.com

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