During a business call last week many business associates acknowledged that life would never be the same after the COVID-19 pandemic. It is true so many things have changed since the onset of the pandemic. While the pandemic has posed so many uncertainties in societies, it has also for lack of a better term, wreaked havoc for some businesses. While many companies will not be able to function the same way they used to before the pandemic, some will have to scale down production, lay off a few workers, cut expenses here and there and make sure they survive these perilous times by all means.
While cutting expenses seem to be the only way to navigate through these murky waters right now, making a few changes to how businesses operate, making use of technology might be a little bit more costly right now, but it might pay off and prove to be a great investment as it can do the following:
Help in Advertising
So many advertising tools use AI these days and the cost of engaging these systems doesn’t have to break the bank if optimized properly in true luxury style. With a little more research and ingenuity, brands can automate their paid advertising systems using AI solutions like Albert which uses machine learning to run, optimize and target your advertising campaigns. This simply means if a brand is having financial fissures due to the pandemic and they are looking for a way of cutting cost, why not cut that traditional marketing budget and engage a system that will involve reasonable acquisition costs and likely to deliver more than the traditional methods.
Improve Clients/Customers Interface With The Business
All around us, Artificial Intelligence is known to be the creativity driver, and brands that will use ingenious ways to conduct business through AI post the pandemic will have a head start in the almost reset or renewed playing ground or market. With the use of algorithms, machine learning and some automated systems like intelligent bots, brands can improve their customers interface and this will make customers prefer a brand that makes their life more simplified and bring value to their day to day interactions. This means businesses will always have to scout for the right Artificial Intelligence tools and help develop it as they see its importance in their line of business. To put it bluntly brands that aim to please, will be pleased by their results when pleased customers flock in.
Costs or rather traditional costs like traditional advertising, in some cases like hiring ad agencies or having a fully functional marketing department focusing on traditional marketing methods maybe reduced either in the long run or in the short run, which is an ultimate goal of most businesses. Marketing departments if they make use of AI can then focus on optimizing the systems employed to covert impressions and reaches into cash and customers. While in some cases customer support services etc maybe scaled down to manageable costs.
Ultimately AI is the magic wand that can actually cut costs and increase productivity simultaneously.
Is your business looking for expertise in using AI to manage costs and improve sales. Connect with Info@luxuryxclusives.com to discuss possible solutions for your business.