From optimizing your sales funnel to getting a head start with sales/marketing copy, here are 9 answers to the question, “How can a startup (with limited capital and resources) utilize artificial intelligence in their business?”
- Optimize Your Sales Funnel
- Incorporate Predictive Analytics
- Leverage Customizable SaaS Products Or APIs
- Automate Routine Tasks and Focus On Broad Strategy
- Use AI For Search Engine Optimization
- Latch Onto Cutting-edge Chatbot Functionality
- Applying AI With a Lean Approach
- Brainstorm Blog Content Ideas
- Use AI to Get a Head Start With Sales/Marketing Copy
Optimize Your Sales Funnel
Artificial intelligence can enhance the business operations of any startup by optimizing the efficiency of its sales funnel. This can be done by using a sales CRM (customer relationship management) platform to track and analyze leads, lead conversion rates, and sales team performance.
A CRM can be used to organize, manage, and collaborate on all aspects of the sales process. A CRM also helps to identify and address any issues with the funnel so that the startup can maximize its ROI. It also allows the business to keep track of its leads and ensure that the sales team is following up on them in a timely manner. A CRM is an excellent way for a startup to use artificial intelligence to optimize the efficiency of its sales funnel.
Incorporate Predictive Analytics
A startup can utilize AI with limited capital and resources by incorporating predictive analytics. AI uses data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
This, in turn, can help startups in the following ways:
- Improved decision-making: Predictive analytics can provide insights and help startups make more informed decisions. By analyzing historical data and trends, startups can predict future events and make proactive decisions based on that information.
- Customer behavior analysis: Predictive analytics can help startups understand customer behavior and preferences. This information can be used to develop more targeted marketing strategies and improve customer retention.
By incorporating predictive analytics into their operations, startups can gain a competitive advantage and grow their businesses.
Leverage Customizable SaaS Products Or APIs
I think startups with a limited budget don’t need to create their own AI, but instead, try to leverage some SaaS products. AI-based SaaS products can be an effective way to incorporate AI into a business without having to invest heavily in your own AI model. These SaaS products can often be customized to meet specific needs, allowing you to tailor them to your business’s unique requirements.
Additionally, it might be worth considering using APIs instead of investing in a full-fledged AI model. APIs can provide access to powerful AI algorithms without the need for large investments, and they can often be used in conjunction with existing software to build your own AI-based technology.
Automate Routine Tasks and Focus On Broad Strategy
Today, artificial intelligence can be implemented into any modern business model. The main use case for a startup with limited capital and resources to utilize AI is to improve time management.
A business owner can easily start adopting AI-powered tools to automate routine tasks, freeing up time for more important work. This can be done through the use of chatbots, for example, to handle customer service requests, or by using AI to analyze data and help make informed business decisions. Additionally, AI can help with product development, such as through natural language processing and image recognition, to improve the user experience and stay ahead of competitors.
Use AI For Search Engine Optimization
One way a startup with limited capital and resources can utilize artificial intelligence in its business is through SEO. Through AI-driven algorithms, businesses can use AI to optimize their website content for search engine results, helping to ensure their business is more visible to potential customers. AI can also be used to generate keyword-rich content to reach more customers, analyze user behavior and trends to better understand the target audience, and provide personalized recommendations to improve customer experience.
Latch Onto Cutting-edge Chatbot Functionality
Startups can easily leverage AI through cutting-edge chatbot functionality. More solutions of this kind are emerging all the time that integrate with popular website platforms. Many chatbots these days have machine learning built into them, so they are constantly absorbing information and turning it into better interactions with your customers. AI technology is empowering businesses to provide instant, coherent, and helpful guidance to inquiries at any time of the day or night, which goes a long way in the realm of customer service.
Applying AI With a Lean Approach
Owners/founders can benefit from a great potential of applying AI with a lean approach, which we often recommend in this case.
It consists of three steps. The first is to get the data. Get the data that is publicly available, aka free, taking into account the existing advantages and disadvantages in this regard. The second is to choose the right solution. You can lean on an open-source solution, but again, don’t forget to familiarize yourself with its peculiarities (pros and cons). In this case, you have to be extremely careful when using free data and open-source solutions, because one important thing: the licensing terms for their use in the field of AI are complicated, with many conditions attached.
The third core element of applying AI with a lean approach in startups is to find an AI partner. For some, it may be more cost- and time-effective than building one’s own team.
Brainstorm Blog Content Ideas
One way that we use AI in our business is to brainstorm ideas for blog topics. While we don’t want to rely on artificial intelligence to write content, it can be really useful in providing ideas. It can also be used to convert an outline for a blog or article into a functional draft. Cutting down on some of the time spent brainstorming and converting simple notes into full sentences allows our team to spend more time on the content itself rather than some of the more tedious steps.
Use AI to Get a Head Start With Sales/Marketing Copy
When running a startup with limited capital and resources, every minute and dollar counts. The rapid evolution and increasing availability of AI tools, such as ChatGPT, are proving to be game-changers for founders and startups that are strapped for cash and time.
While the opportunities are limitless, one effective use startups have found for AI is to greatly reduce the time it takes to create quality sales and marketing content by prompting ChatGPT to deliver the first draft. For example, instead of hiring someone to create copy for a direct sales email campaign or spending the time to develop each individual message, you can prompt ChatGPT with something similar to “write seven emails for a cold outreach campaign selling XYZ and trying to schedule a demo meeting”.
Based on the returned output, you could either prompt for some changes or take the content and make edits yourself. This greatly reduces the time to delivery by using AI as a starting point. Try this approach for any content.