The emergence of new technologies like artificial intelligence (AI) and machine learning (ML) shows a tremendous scope in revolutionizing the way that businesses do CRO.
What looked like a part of a science fiction novel a few years ago, has now caused significant shifts in every sector of the economy, industry, and field of work.
Companies have started focusing on increasing user engagement to enhance their online marketing efforts. Despite the existence of several baseline CRO strategies, every business needs to work on creating a technique that works best for them.
The combination of AI and ML simplifies speech recognition, planning, and problem-solving, which can be very beneficial for smooth business operations.
In this article, we’ll discuss AI and ML, and how they are changing how businesses are run in today’s world. Additionally, we’ll cover 4 of the most effective CRO strategies and how these new technologies will impact them.
AI and ML are already changing the way we do business
Artificial intelligence is a term that refers to a computer software that engages in human life activities– including learning, problem-solving, and planning.
Advancements in artificial intelligence, machine learning, and data science have made cybersecurity more proactive, generated new marketing trends, and created opportunities to help improve user experience.
Machine learning is essentially a computer algorithm that is able to improve on it’s own through experience. The algorithm automatically learns in a loop.
To ensure it happens smoothly, you need to establish rules for this learning process. Assigning rules gives you access to control the “learning” process, without manually changing and improving the learning models.
Machine learning can help save us a lot of time when used correctly. For instance, ML is an important pillar of the Internet of Things devices that we use in our everyday lives. It eliminates the need for you to program IoT devices manually, saving you precious time.
AI is making groundbreaking changes in the way employees and customers operate and interact with businesses. Keep reading as we elaborate on these changes in more detail below.
Enhancing Human Efforts
While AI and ML can make it easy to forget that a computer is on the other side of the conversation, there are moments where the lack of human touch becomes apparent. It’s always best to use the technology along with human cooperation.
AI has also proved to be a powerful educational tool. It’s quick adaptability to the input of every user, helps create a more personalized educational experience for employees.
Automation of Repetitive Tasks
With the introduction of AI, several jobs that previously relied on human labor, such as transportation and maintenance tasks, have been eliminated. In fact, the job market has been so shaken up by the growing influence of AI many people fear the AI revolution will drastically reduce job availability.
However, AI is still a developing technology that requires substantial human input for its sustainability, so the chance that jobs could be become limited is rare right now. It’s better to view AI as a complementing factor to human efforts rather than a direct competitor.
Expediting Prompt and Efficient Customer Service
Customer service and support is a unique AI application. It’s created many opportunities for people to interact with bots without them even realizing it.
Automated systems have made it possible to deliver instant answers to frequently asked questions through email or online chat support systems. While a human element is still necessary, these bots do sound genuine and real as well.
Utilizing AI in customer service has two advantages. First, your customers get instant replies, and second, the burden on support teams is considerably reduced.
Let’s consider this example: a computer is analyzing your customer call data and sorting interactions based on positive or negative outcomes. It can then analyze the calls to create personalized scripts to improve loyalty by overcoming the least effective phases of customer support calls. So you, as the human, get to what really matters with your customer.
Lower Business Costs
With every passing day, AI is becoming more affordable with improving rates of reliability and effectiveness. It’s decreasing mundane tasks, which leverages more productivity from employees. In the long run, less time spent on these tasks means a lower business cost.
Conversion Rate Optimization: Why It’s Important
Conversion Rate Optimization (CRO) is the process of increasing the percentage of conversions – visitors to customers – from a website or mobile app. The idea here is to analyze the behavior of visitors and figure out what tactics can arouse interest and initiate engagement.
CRO is crucial because it allows you to improve your web design and lower your customer acquisition costs. Thus, getting more value from your website visitors and existing users.
You should also work on optimizing your conversion rate if you want to grow your business by increasing revenue per visitor and acquiring more customers.
AI and ML Applied To CRO
There are several ways in which you can apply AI and ML to improve your CRO. Let’s review 4 strategies below.
As mentioned before, machine learning and AI require algorithms. These algorithms can “learn” in two ways. By using preset rules about attributes determined by you and by creating their own rules.
There is an automatic learning possibility too.An algorithm will use collected data as well as the data it collects in real-time. Keep in mind, that you are still part of the equation. You’ll need to provide them with a data set and update it regularly.
As the name suggests, these algorithms analyze data to make predictions.
For instance, you can apply machine learning to understand the impact of each design on conversions. You can have the algorithm test various page elements like headlines, text sizes, button placements, fonts, etc., through constant A/B testing.
Then you can simply make those testing changes with a tool like Experiences from Proof.
Applying machine learning and AI to raw data can help detect patterns. The algorithm can discover customer conversion opportunities, or show you potential issues that may be affecting conversions adversely.
Many e-commerce platforms incorporate AI algorithms into their systems to study the habits of their visitors and determine their likes and dislikes, all while protecting sensitive data.
Deep learning is actually a part of ML, which is a very specific approach for building and training neural networks through its capability of learning from unlabeled or unstructured data.
The Bottom Line
CRO remains a critical tool for business growth. However, technological advancements will change the speed at which this process takes place.
Using AI and ML will help you record and analyze data at a faster pace, which can help you win the trust of your customers quicker. AI and ML can help you make informed marketing and website decisions now and in the future.