Artificial Intelligence is automating many management processes and is increasingly used in business management tactics. Understanding the ever-growing capabilities of AI technologies and applying them will soon cease to be optional. Companies are predicted to spend $500 billion on AI technologies in 2024, but unless they understand how to use these technologies effectively and apply AI insights to their business strategy, they won’t have much to show for it.
At Symanto, we consider onboarding as a vital process so that users understand the full capabilities of our solutions. As well as our intuitive and easy-to-use insights platform, which has been designed for general use, we also provide specific, personalised solutions for companies with a specific goal in mind.
In today’s blog, we’ll discuss just a few of the many opportunities provided by Symanto’s AI technology to help you with your business strategies, from creating a clear business objective to measuring the results.
5 Business Strategies Optimised By AI
1. Product differentiation
What makes your product stand out from the competition? The best way to find out is to look at what customers of your product, and those of your competitors are saying. You may be surprised to discover a key selling point you had previously overlooked.
The Symanto Insights Platform can crawl and analyse thousands of social media comments and online reviews within a matter of minutes. All of the competitor information is publicly available, and rich in useful insights.
Running a search will give you an in-depth look at what customers are saying about you and your competitors, giving you a thorough understanding of the market, and an advantage over your competitors.
For example, let’s say you’re focussing your marketing efforts to sell the fact that your product is highly innovative. After running an enquiry on the Symanto Insights Platform you may discover that your competitors’ products are impenetrably difficult to use, and that your customers value the usability of your product. Marketing your product’s useability could help you capture more of the market.
2. Customer retention
Customer retention is cheaper and easier than acquisition. Harvard Business Review reports that it is can be up to twenty-five times more expensive to acquire a new customer than to retain an existing one.
Given these statistics, customer retention should always be a high priority business strategy.
Symanto’s advanced natural language processing (NLP) technologies can be used to detect customers at risk of churning. NLP can detect changes in tone and word usage to detect disgruntled or disengaged customers.
Our technologies detect sentiment and emotion in language. Use NLP to draw your attention to communication with strong negative sentiment, or negative emotion (anger, disgust, fear) so that you can engage with the customer and prevent churn.
3. Customer service
Of course, you shouldn’t just focus on your customers when they’re about to jump ship. Customer loyalty is earned by building relationships. Any time your customers face one of your representatives, it’s an opportunity to enhance the connection between customer and company.
Use Symanto technologies to profile customers based on key personality traits and communication styles to create a personalised experience that each customer will appreciate.
For example, if a customer has an emotional personality with a self-revealing communication style, they are more likely to appreciate customer service with a side-serving of small talk. If, however, the customer is more rationally minded and fact-oriented, they might find the same customer service style frustrating, and appreciate being given direct information or instructions, hassle-free.
4. Product development
Find out what your customers are saying. Use the Symanto Insights Platform to parse through thousands of online reviews and identify the main topics and subtopics affecting your customers. Run the same query on your competitors to identify gaps in the market. Is there a need that your competitors’ products aren’t fulfilling? Is there a key feature that your competitors’ products have that your customers could also benefit from?
The Symanto Insights Platform will give you actionable insights to enhance your product development strategy and optimise your product to be the best on the market.
5. Corner an emerging market
Use NLP to identify emerging markets and trends that may be relevant to your company. Use NLP to detect buzzwords early on and establish your product within the market.
Use Symanto AI for Your Business Strategies
At Symanto we’ve created NLP APIs that can be combined and applied to a wide range of circumstances in any number of industries. The possibilities are vast, and we’re on hand to provide you with an accessible solution for your company.