14 Jun Small Business Needs Solutions Now
More Than Ever, Small Business Needs AI Marketing
Big business is having a great time of it during the Corona Virus pandemic. And stock market predictions are forecasting more profit and domination for Big tech and Big retail through 2020 and 2021.
SMB’s however are fighting some fierce battles. While this situation looks dark, it really depends on your perspective. The key to levelling the playing field for your company is understanding how AI tech can help you create your advantage.
Why Are the Big Companies Doing So Well in a Terrible Economy?
Why are the big tech monopolies such as Google, Facebook, Amazon, Costco, Walmart, and others doing so well? Freedom, online reach, leverage, money, scale and much more. They can target multiple market niches too.
Another reason is globalism. Big businesses benefit more from open borders, which grows market size and opportunities. SMBs on the other fight for niches, and go out of business too frequently.
New data shows small businesses aren’t getting funding, either because it isn’t available, isn’t reaching them, or they find the terms harmful.
This graphic from a survey shows small business is starved for cash, and may be cannibalizing itself to survive. Cash is king in business. Without it, your business can’t acquire the power needed to succeed. And as we discuss here, data is the key to that power.
For those which can survive, a new focus on creating customer data and using AI software (content, sales, analytics) to optimize their marketing campaigns is the solution needed.
It’s All Digital Now, and Digital Depends on Data
Big companies don’t depend on face to face sales. Their business is done online where there is no property tax, rent, and sales are automated. It’s cheap and simple. With all that customer and behavioral data, their marketing is unbeatable.
This is where small business needs to go.
And some are. Take small restaurants who adjusted to ordering online or phone calls, for take out and delivery only.
No problem with social distancing, and now they have more info about customer food preferences. They have new customer data, top of mind awareness, and a new 24 x 7 connection with their customers. Post Covid, they can improve their restaurants, brand and menus to keep their loyal customer base.
Whether you’re a chain restaurant, startup software firm, or ecommerce firm, your marketing strategy has no limitations to what it can achieve if it can create the data it needs to compete with big monopolies. The future of marketing is in small business data creation.
You don’t just find this information. The monopolies keep the data for themselves. It has to be created through website traffic and customer transaction data.
Handouts Won’t Be Enough
Small business has dire warnings. Experts say that without immediate funding, half of small businesses could disappear this Corona Virus summer.
And strangely, a NATIONAL BUREAU OF ECONOMIC RESEARCH survey shows a good portion of respondents said they don’t need more money or didn’t like the lending terms of current options.
And that’s the thing, even with financial stimulus handouts or access to credit, and a strong reopening with no second Covid 19 wave, the writing may be on the wall for most small businesses. Their market is disappearing and they don’t know where it’s going.
Winner Take All is a Threat Too
I know where it’s going. Market leaders are taking it all.
Shrinking customer bases, lost staff, and higher costs leave small biz with bad balance sheets and most don’t know how to reorganize. It’s a challenge few business owners were educated to deal with.
The gist of the stimulus idea is that small biz just needs some money. In reality, SMBs need to ratchet up how they do business — innovation, better value propositions, new business models, and better business practices all round, driven by AI marketing is how they can do it. Money alone will not keep SMBs in business now.
In the case of new IT and marketing technology, these systems can help small business owners reorganize and re-optimize their businesses. They can help train, educate and improve staff performance. Without data and tools, we don’t know what’s happening — we’re doing business in the dark.
As you’ll see as you peruse this website, AI marketing tools are a flashlight and performance coach all in one. You need to learn them, adopt them, be educated by them, and move forward or 2021 will be a tough year for you.
The Emotional Launch Pad
I like this post from Forbes’ Dennis Jaffe, on the emotional side of small business recovery. These might be the first steps needed to build the base from which you’ll be using AI marketing technology. Feeling good is so important to confidence and clarity.
For a small number who investigate AI marketing technology, they may be able to build significant reach, improve impact, and optimize the sales funnel to become market leader. They will carve out a major presence, and some, even smarter, might find they have an opportunity to beat big competitors.
Small business have agility and greater efficiency, but they need to adjust their businesses models to access those dormant powers.
Big Biz Advantages Very Frightening
Corporate advantages will keep mounting because these companies have so many key resources. Consider how your assets compared to what they have at their disposal:
- volumes of detailed customer data
- access to cloud data and trending consumer preference
- big budgets for marketing applications including AI marketing software
- lots of AI talent who are improving everyday due to testing and analytics
- virtual customer service and AI customer response automation
- real time insight and ability to instantly personalize content for website visitors
- tax advantages, lower tax rates, lower brick and mortar costs
- government location and employment grants, tax break and other incentives
- more money to advertise to “needle in the haystack” prospects
- advantages in ranking higher on search engines
- ability to establish strong brand presence
- market monopolies
- ability to manage IT complications and requirements
The advantages they hold over small business certainly don’t stop there. In fact, there’s no end to them. Economies of scale, access to cheap foreign IT help, ability to bring foreign workers into the US, and ability to use AI marketing software which is expensive.
Small Business Needs AI Technology
AI technology is a huge advantage to big business, particularly on the web. Consider the benefits in terms of automation, predictive analytics, customer experience personalization, lead scoring, and sales funnel optimization.
Since business is going online, big business use of AI marketing technology is intimidating. They could conceivably make most small companies invisible or seem 1990’s in comparison.
The battle over data rights is a response to big company advantages. Facebook, Google and Amazon are the trillion dollar trio. It’s no coincidence that they are most successful right now and also possess the most consumer data. Data is the new gold and oil combined.
We could sit around and complain about how these monopolies take advantage and how their stock prices just seem to keep rising every week.
Or, you could respond as they do — adopt AI marketing software.
The AI Marketing Blog
On the AI marketing blog, you’ll discover a variety of powerful AI marketing application solutions. Everything from predicting customer behavior to creating personalized content to testing and and strategizing your content funnel.
It’s all about getting crafty, hacking solutions, learning new tools, analyzing data, to create your new AI marketing enhanced business.
If you’re like many small business people overly distracted through fighting microwars. The future’s going to arrive faster. Big companies will be further ahead. And big companies are data and marketing first companies. Google calls itself an AI first company.
Your business needs to be an AI first company too. Startups especially must dig into this Marketing AI mindset because efficiency and potency are vital. That’s what AI generates.
I’d like to invite you get immersed in Artificial intelligence marketing models and AI marketing software here on the AI marketing blog.
Carve into AI Marketing As You Wish
You can investigate according to your own interests and at your leisure. Go into it with the intent to follow through with solutions.
AI marketing technology is a demanding topic. Don’t worry that you don’t understand it all. You never will. Much of the knowledge won’t be accessible to you anyway. You can master what’s important.
Big or small, content strategy and SEO are still the foundation of any business strategy. Reaching a big audience and making an impact is what I can help you with right away. Make that your starting point.
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