Home Cyberpsychology & Technology Stress Awareness Month: AI Can Help New Businesses Save Up to $5,000, Expert Reveals

Stress Awareness Month: AI Can Help New Businesses Save Up to $5,000, Expert Reveals

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Only 29% of startups or small businesses have adopted AI in their operations, citing a lack of expertise as their main reason for not doing so. But harnessing AI effectively can significantly alleviate stress for business owners, with a recent AIPRM survey revealing that one in eight US businesses have saved between $1000 and $5000 by replacing simple tasks with AI. 

Amid reports of a fifth of small business owners battling depression, Christoph C. Cemper, an AI expert on behalf of AIPRM, provided his insight on how artificial intelligence can easily act as a crucial tool for entrepreneurs, easing the burden on small business owners, in honour of Stress Awareness Month.

Here are five ways AI can assist your small business:

1. Marketing

Marketing is a crucial element for any startup or small business, not just for building brand awareness, credibility and trust but also for positive customer retention and long-term term-growth.

Using AI in your marketing strategy doesn’t have to be overly complex, and it’s usually very accessible with free-to-use tools such as ChatGPT. With over three in five (61%) of marketers now using AI to save time and resources, it’s clear to see how AI can work as a trusty sidekick to assist your natural workflow of content creation, analysing performance and predicting improvements for better engagement. 

In fact, a global study by Statista reported that 47% of marketers trust the use of AI for generating target ads, 42% use the tool for personalising content, 33% for optimising subject email lines and 32% for conducting live chat sessions with customers.

2. Understand consumer behaviour

If you’re just starting out your business, you’ll want to understand your consumer pretty quickly. You can even use AI to develop a personalised customer avatar to target potential customers through AI-based ad tools, such as social media or Google Ads. 

Although AI can assist with data-driven approaches, there still needs to be oversight from human beings, and the people maintaining these datasets have to be diverse so that the data sets are also diverse enough to reach a wider audience whilst still targeting your ideal customer.

3. Competitor analysis

AI can assist in analysing not only your own customer behaviour but also competitor trends, which can be used to adapt your own strategies accordingly. You can use AI to gain large amounts of data at the drop of a hat, use this as a benchmark for your own strategies, and analyse how you measure against the competition.

To do this, it is actually relatively easy. You can use quick analytic tools such as Hootsuite or Brandwatch to generate reports on your competitors’ social media, engagement and growth, as well as their websites and any industry news sites, to identify emerging patterns and trends. This can help you identify any gaps in the market and leverage any customer feedback and satisfaction.

4. Product development

If you have a startup or small business, you also have a product it revolves around. Using AI for improving product design, development processes, prototyping and testing gives you with a good chance of a product that’s likely to perform well.

You can leverage AI from day one by using market intelligence tools to analyse how similar products are performing on the market, and use this to one up your competitors. Easy-to-use, free tools such as Figma can also assist prototyping, which instantly converts concepts into visual product prototypes.

5. Security

Reports show that small businesses and startups are three times more likely to be targeted by cyber crime than larger companies, with threats including phishing,  malware attacks, social engineering, data theft, and insider threats. 60% of SMEs that suffer cyber attacks also go out of business within six months.

Despite this,security within startups and small businesses are often overlooked. Recent reportsfound that 51% of small businesses don’t utilise any IT security measures – with 36% of small businesses having no concern whatsoever about cyberattacks.

Takeaway

So how can AI help? AI can analyse vast amounts of data in real time to identify any suspicious patterns or anomalies associated with cyber security threats, and block any attempts to cause harm. AI can also scan your systems for any vulnerabilities and manage this accordingly. You can even utilise AI platforms for training up employees on best practices, and reducing human error that can lead to vulnerabilities in security.

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