AI has seen a stratospheric rise over the last few years. At one point, the concept of artificial intelligence playing a leading role in our everyday lives seemed to be a concept far out on the distant horizon.
Now, however, AI is operating nearly everywhere we look, whether it be ChatGTP, the rise of predictive analytics, hyper-automation or the use of AIOps.
What’s more, it seems to be comfortably fitting into the mainstream. Convenience and efficiency have always been key factors in a B2C or B2B relationship, and AI offers to boost those factors by 100%.
This means that, so long as AI sticks around, consumers will be expecting processes and results to fall in line with what’s available from a tech point of view.
So what if you’re running a B2B company that has not yet advanced beyond your current tech? Similarly, with AI still in the early stages of development, what if AI advancements are simply too expensive for your business to cope with at the present time?
Well, there are a few things you need to think about:
Customers Value Incentives
The first thing to note is that if you are not planning to implement AI in the foreseeable future, this doesn’t mean that your business is going to fall behind the competition.
When it comes to B2B, tech can only go a certain distance in providing what is most important: customer loyalty. Just take a look at incentivesmart.com; with loyalty software and a dedicated team, this company provides effective loyalty schemes that are available to anyone and can drive up the retention rate of customers, increase satisfaction and engagement, as well as lower time between purchases.
Right now, this is far more conducive to strengthening a business relationship, which makes it the priority when it comes to new, innovative ways to boost revenue.
Customers Want Speed And Quality
We mentioned before that one of the reasons AI is so expensive is that it is still in the early development stage. But this also means that not all AI tech is at a point where it can really elevate the experience of a customer. In this case, it’s important to remember that consumers value both speed and quality.
If you were to implement tech that only prioritises one of these factors, then you would only be doing more damage to your relationship with the consumer – and once that relationship is damaged, it’s very hard to mend.
In other words, if you know you are behind the competition when it comes to tech, then communicate to the customer that what you provide is quality and then knuckle down on delivering it. This will go a long way in further strengthening the relationships you have, and it will give existing customers a solid incentive to choose you over more tech-proficient competitors.
Customers Are Changing
Having said all of this, innovation is important for any company, and the technological tide is undoubtedly swinging in the direction of artificial intelligence. In this way, it is a good idea to make plans to implement new technology as and when it becomes more affordable.
As mentioned before, two of the main things that customers look for are efficiency and convenience. As AI gets more developed, it will deliver both of those, as well as quality. As a business, it is important to embrace new technology that can help in building revenue and take advantage when possible.