Artificial intelligence (AI) - with its complexity and reach - can conjure scary thoughts for any small business owner. But AI is nothing to fear. In fact, businesses that harness its full potential stand to gain a lot.
It's just a matter of understanding the terms used, and how your business can harness tech for the greatest effect on a minimal budget.
To help you get a handle on what AI could do for your business, here are five key terms all small businesses should know.
AI (artificial intelligence)
Artificial intelligence means equipping machines with the ability to learn and "think". It's an umbrella term that includes multiple technologies, including machine learning and deep learning, which can work individually or in combination:
- Machine learning is how computers are taught to learn and interpret information like we do - without being programmed.
- In other cases, machines teach themselves by recognizing patterns; that's deep learning.
With AI and machine learning, you can more easily and quickly select the right target audience for your ads, and then serve them the ads most likely to provoke a response.
Intelligent algorithms can personalise information and offers for customers, based on known information such as location, demographics, device and past behaviours. A prime example is displaying relevant information and content on a website.
AI-powered algorithms can also analyse a website visitor's experience and how that person responds to your emails. Intelligent content tools then take this data, and write targeted copy for everything from emails and ads to tweets and site content.
Instead of having to do the heavy lifting to glean insights from your data, AI can automate the process for you.
Imagine automatically creating optimal customer personas, identifying segments to either include or exclude from your campaigns, and choosing the perfect offer for your target audience. These are just the start of what you can do with real-time insights.
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