In the present scenario, every corporate aim at its growth and development, along with adding new customers to its list. Though the task is not as easy as it sounds and requires a lot of time and planning, with the advent of artificial intelligence, this job has become a little more convenient as compared to earlier.
We have been witnessing a massive and drastic growth in the field of artificial intelligence, and this growth is expected only to increase exponentially. Corporate have very well understood this growth and how they can benefit them. Hence, they have started to find ways in which they can incorporate artificial intelligence, or AI, as they call it, in their business. One of the best areas where AI can be of great help to the marketers is the customer acquisition strategies. With the appropriate implementation of the technology, AI can do wonders to the growth rate of a corporate and also help to save time and money.
With the advent of digital marketing, customer acquisition has faced large development. It not only provides the marketers with new tools so as to engage more buyers and attract them but also helps the competitors to have the edge over his competitors.
The concept of AI was introduced in the year 1956, and since then, we have seen some miraculous happenings including beating the best humans in various fields. Artificial intelligence is quite a new concept in the market, but the corporate must learn how to use it in the most suitable way so as to attract more consumers towards them.
Quite recently only, the brands have started implementing and adopting artificial intelligence in their customer service areas. Some of the big companies which have implemented and mastered in the field of AI include:
- Google claims that its voice recognition technology is 98% accurate
- DeepFace by Facebook has a success rate of 97% when it comes to face recognition
- Watson, the question-answering computer system developed by IBM which also uses the AI technology is 2400% smarter than it used to be
When we look back at the older days, the relationship between men and machines has faced massive change. Brands have been trying to make AI a part of their consumer acquisition campaigns.
A chatbot is an AI platform which can interact with a user using ‘human speech.’
In the recent times, chatbots have become the latest trend among the marketers. They are a common part of daily life, but at times we do not even realize using them. Some of the most famous chatbots in the present times are Google Assistant, Windows’ Cortana and iOS’ Siri.
In matters of consumer acquisition, chatbots are an extremely wonderful option. These help to attract customers and contribute to making their experience more user-friendly and simple.
RETRIEVAL BASED AND GENERATIVE CHATBOTS:
In today’s times, there are two basic building models for a chatbot, viz-a-viz, retrieval based and generative models. The basic difference between these models is that the retrieval based chatbots interact with the customers via a database of instant responses. On the contrary, generative chatbots create their own database.
The retrieval bots contain some replies matching to some general queries like company’s latest products and so on. But a disadvantage with this model of chatbots is that they are incapable of keeping the conversation going with a consumer for a longer period and hence cannot maintain a user’s interest for much time.
On the other hand, a generative chatbot is more attractive to the consumers since they can continue a conversation with the user for longer. They are capable of doing so with the help of the information they collect over a period.
If a consumer’s experience is simpler and more user-friendly, it tends to attract more customers and hence helps to increase the overall sales and profits of the company. An environment where the movement from acquisition towards the decision is easier is the best to do so. This can be done more efficiently by the use of a chatbot. Social pages and live chatbots available on them are an excellent way to attract more consumers and draw their interest. They can conduct research about the brand or the product they are willing to buy and hence help them make a better decision.
Incorporation of an AI tool in the day to day business strategies helps to cut down the costs and reduce the workforce required for customer service. Use of the AI technology enable the self-service capabilities and also makes it quicker and easier for the consumers to look for information.
These platforms can be interactive and can help to ease out the process of user service.
The debates and discussions pertaining to the future and the advantages and disadvantages associated with the use of artificial intelligence have gained momentum in the recent times. The incorporation of this technology in our daily life has made it simpler and at times even more interesting. It has benefitted not only the users but also the corporate by reducing the costs and resources required for customer services.