How Small Businesses Can Leverage AI Today
One of the most significant developments in recent technology is the rise of artificial intelligence (AI). When you ask ChatGPT (a leading AI program) what that means, it says “these computer systems are designed to mimic human intelligence, including learning, problem-solving, and decision-making.”
For small business owners, this can be immensely valuable. Whether it’s creating new marketing ideas, creating new content for your social channels, or even drafting customer emails, AI can save you time and energy.
We recognize there are hesitations about using AI as well. Some fear it will replace real jobs, others are leery of its accuracy, while others are skeptical of whether it’s valuable. These concerns are well-founded and worth considering. Our goal isn’t to change your opinion, it’s to help you make educated decisions, unique to your business, on how you might leverage AI responsibly.
Let’s start with a breakdown of its potential impact. Many business owners have already embraced AI for these reasons:
- Content Generation: Create basic content drafts for blogs, articles, or video scripts.
- Copywriting: Generate compelling marketing copy, product descriptions, or ad texts.
- Email Campaign Personalization: Customize content based on previous interactions.
- Social Media Content: Generate the graphics and text for engaging social posts.
- SEO Optimization: Optimize your website copy for better placement in search results.
- Interactive Chatbots: Engage customers with responses from your FAQs and policies.
- Reporting: Generate reports on business performance and customer insights.
- Content Strategy: Analyze trends and generate content strategies that resonate.
- Language Translation: Localize your content for different regions and languages.
- Editing: Use AI for grammar checks and style improvements on written content.
This is the proverbial tip of the iceberg as AI is growing in capabilities by the day. As it further improves its ability to create images and videos, we anticipate its marketing value to improve as well. If you’re considering getting started, consider these steps:
- Start with Simple Applications: Begin by integrating AI into less critical areas of your business. ChatGPT for writing a quick article can be a good starting point.
- Set Realistic Expectations: Understand that AI is a tool to help your decision-making, not replace it. It's crucial to monitor its performance and make adjustments as needed.
- Educate Your Team: Encourage your employees to learn about AI. Understanding its capabilities and limitations will help them work alongside AI more effectively.
- Focus on Ethical Use: Be transparent with customers about your use of AI, especially regarding data usage. Ensure your AI tools comply with all relevant privacy laws and ethical guidelines.
- Evaluate AI Tools Thoroughly: Before implementing any AI solution, assess its accuracy, reliability, and relevance to your specific business needs.
By understanding the potential of AI, addressing the challenges, and implementing practical solutions, small businesses can harness the power of AI to transform their operations, enhance customer experiences, and pave the way for sustainable growth. As AI technology evolves, it will continue to offer new opportunities for small businesses to innovate and succeed in the digital age.
Material prepared by Oechsli a third party non-affiliated with Raymond James.
Any opinions are those of Steven Bayardelle or The Wang Group and not necessarily those of RJA or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.
