Artificial Intelligence Isn’t Just About Cutting Costs. It’s Also About Growth.

Artificial IntelligencePHOTOGRAPH BY DEAN HOCHMAN
  • “When it comes to automating customer conversations with chatbots and AI-driven virtual agents, the real value of that automation may well be in generating revenue and growth, not in cutting headcount.
  • Casual dining chain TGI Fridays decided to reach out to millennials with an irreverent, brand-appropriate chatbot. It has worked spectacularly well. Fridays’ chatbot has boosted the chain’s takeout orders by $150 million a year.
  • By 2018, there were more than 100,000 bots on Messenger
  • The reason is that true growth comes not from automation, but from improvements in customer experience.
  • One tough challenge at Dish was dealing with the flood of late orders for pay-per-view events, like boxing and mixed martial arts matches. When it put virtual agents in place to answer questions and take orders, Dish closed over $6 million in pay-per-view event revenue.
  • At the marketing services company HubSpot , a Facebook Messenger chatbot suggests useful content, pre-qualifies leads, and connects prospects with HubSpot’s salespeople. Compared to other sources of inbound inquiries, leads that the bot has prequalified are higher quality—they’re 40% more likely to engage productively with a salesperson.
  • Avis-Budget wondered if the system could help with revenue-generating calls—rental reservations. Before the customer gets on the line with a human, a virtual voice agent can typically collect five key pieces of information first. This saves time for the human agents and makes the whole system faster and more efficient.”

https://www.google.com/amp/s/www.barrons.com/amp/articles/artificial-intelligence-isnt-just-about-cutting-costs-its-also-about-growth-51559478600


P.V. Kannan is the co-founder and CEO of the San Jose based [24]7.ai, a vendor of AI-driven customer experience software and services.

P.V. Kannan, Co-founder and CEO

http://linkedin.com/in/pvkannan

Company Name: [24]7.ai

https://m.www.247.ai

https://m.www.247.ai/sites/default/files/2019-02-successfile/1804SSRetail.pdf

Why SMS Marketing Could Be Your Brand’s Secret Weapon in 2019

Credit: Getty images

This article is not related to AI, but it’s such a critical opportunity that I wanted to include it this evening. I have deep experience in this space from my time at Facebook. My team leveraged SMS to acquire, engage and retain users. Our budget for SMS alone was mind-boggling and impact we drove was unparalleled. You’re leaving growth and revenue on the table if you’re not utilizing this channel today.

“One promising opportunity that’s often overlooked is SMS marketing, or text message marketing. Here are the reasons why SMS marketing could be the medium that takes your brand to new heights in 2019, how to get started and some best practices to ensure you’re using the channel most effectively.

People are always connected to their phones.

We live in a mobile-first world where people of all ages are increasingly becoming glued to their smartphones. In fact, it’s been recorded that, on average, people check their phones a whopping 80 times per day. As a result, it’s no wonder why open rates for SMS marketing typically hover around 82 percent. This makes sending texts to customers and members of your brand’s community the closest thing to being absolutely certain your content won’t get overlooked.”

https://www.inc.com/dakota-shane/why-sms-marketing-could-be-your-brands-secret-weapon-in-2019.html

Growth, Innovation and Leadership: North America

September 17-20, 2017 | Hyatt Regency Lost Pines Resort | Austin, TX

This must attend event is your opportunity to innovate, grow and thrive amidst today’s digital disruption. Designed to provide clarity on big picture issues, Growth, Innovation and Leadership North America will provide the insight to fuel sustainable top-line revenue growth, create customer value and develop long-term competitive advantage. #FrostGIL

5 Bleeding-Edge Brands That Are Infusing Retail With Artificial Intelligence Starbucks, Lowe’s and others roll out robots

5 Bleeding-Edge Brands…With AI is a terrific article by Lauren Johnson in AdWeek. This is my favorite quote, “This allowed us to condense six months to a year’s worth of testing into 30 days.”

Shoppers who use the AI tool convert more often than those who do not. And the average order value is ‘a mid double-digit percentage’ better for shoppers who use AI compared to average shoppers, says Cal Bouchard, The North Face’s vp of digital commerce and experience.”

“‘It is not a single algorithm that’s used across the entire population,’ Gerri Martin-Flickinger, evp and chief technology officer at Starbucks, told the audience during Starbucks’ Investor Day last month. ‘It’s actually a data-driven AI algorithm based on your own preferences, your own behavior as well as behaviors that we’re trying to drive.'”

Game-changing impact of AI plus Growth Marketing


During my time at Facebook I learned about the power of Growth Marketing. In fact, I was astonished by the amount of impact that can be generated by a single Growth Marketing professional. That said, they have been traditionally limited by the manual speed at which they can implement and analyze their tests. Artificial intelligence combined with the knowledge and expertise of a skilled Growth Marketer is a game-changing evolution.
– bmcgee
This is a really interesting post by Ben Davis titled, “Could AI kill off the conversion optimisation consultant?
One area where machine learning would seem a good fit is conversion rate optimisation (CRO). The assumptions of marketers are often confounded by A/B or multivariate testing, so allowing your website to quietly tweak itself based on machine learning would seem to make sense.

And, who’d have thought it, there are companies offering this very product – a SaaS-based CRO solution that uses AI. Sentient Technologies launched a product (called Sentient Ascend) in September 2016. “