2024 AI Forecast: Upcoming Trends & Tips to Boost Your Revenue How much do we know about artificial intelligence in 2024? Quite a lot: it's proven to significantly boost your efficiency, revenue, and time management. Nonetheless, business owners and founders are still on the fence about AI’s assistance and potential impact on their brand. So, where is the truth? In fact, clients are more open to innovative technologies than you might think. Despite fears, the Forbes recent study revealed that 65% of consumers actually trust businesses that use AI. So, it turns out that in reality, ethical AI implementation is capable of improving companies' reputations. And we have not even started to talk about the technological benefits. This year, the market will witness a ton of AI-inspired trends. So, let's see what we’ll be dealing with in 2024 and how you can hop on this train to enhance your workflow and reduce costs:
Yurii Shliapakov
26 February 2024
7 min read
Trend #1 – Hyper-Personalization Companies worldwide have used AI-powered personalization for years, and this trend isn’t going anywhere. AI is capable of analyzing vast amounts of data to offer unobvious insights, and it’s quite sinful not to use it. AI analytics goes far beyond just demographics. Instead of relying solely on your customers’ age and location, AI analyzes their purchase history, online browsing trails, and even digital interactions! All these hidden patterns help to predict customer needs before they even arise. What about practical usage? For example, AI-powered retailers can make recommendations that aren't just generic guesses, but ideal products that clients wouldn't have discovered otherwise. Similarly, travel companies create vacation packages tailor-made to the client's preferences. As a result, you save time on predicting your customers’ needs, and they’re satisfied with a relevant product recommendation.
Trend #2 – Upgraded AD Targeting Moving forward in 2024, marketing and advertising are also likely to change with AI. Given this trend, the user experience is going to be much more personalized than before. Having analyzed tons of data, AI optimizes the targeting and messaging for your clients. In 2024, marketers may send considerably more precise adverts, while customers receive relevant but not irritating campaigns. While AI brings a lot of helpful tools, the rise in its use worldwide might make consumers more ad-savvy and selective. So, even without AI, we expect an increased demand for hyper-relevant messaging in 2024. However, the main question remains: will companies take advantage of AI to improve their targeting before competitors? In this particular case of advertisement improvement, AI can be useful for tracking your ad performance and refining your messages for optimal, non-intrusive targeting.
Trend #3 – More Capable Chatbots The chatbot market expects explosive growth, with a projected value of $1.25 billion by 2025. The main reason for such forecasts is mostly the advancements in AI. How can it be useful in this particular sector? Well, with AI technologies, chatbots can handle more complicated consumer concerns, making it difficult to distinguish whether you're speaking with a computer or a human. This provides numerous benefits for business owners. For example, implementing smart chatbots positions companies as leaders in customer engagement. In other words, offering innovations shows you value your clients, and this is not overlooked. Plus, chatbots are often quicker, smarter, and more precise than customer support representatives.
Trend #4 – AI-Powered Analytics As we explore the 2024 tendencies, we are especially excited about the possibilities that AI brings to predictive analytics. Due to the many solutions used in various sectors, the analytics itself is now very fragmented. On the other hand, AI brings together the tools that business owners use to make this process more consistent. This trend allows founders to tailor their sales campaigns to each customer's unique preferences, recommending products that are a perfect fit for them, and even anticipating which offerings will resonate best. For example, businesses can develop their product based on their anticipated success. It’s all because AI-predictable analytics is capable of forecasting market trends through clients’ historical data. All of these together will create a higher percentage of successful campaigns.
Trend #5 – AI-Focused SEO The latest AI developments continue to surprise as they affect even those areas that would seem impossible to touch. Yes, we mean SEO and digital marketing. Of course, companies and business owners will seize the opportunity to increase revenues. Forbes Advisor states that a remarkable 97% of business owners anticipate significant benefits from AI tools like ChatGPT. The most exciting aspect is that more people are turning to ChatGPT, which will soon deliver even more up-to-date search results. In turn, it gives opportunities for businesses to improve their positioning with AI-driven SEO and increase their brand visibility. Luckily, platforms like ChatGPT and Google Bard are transforming from search engines to recommendation generators, directly suggesting specific companies. Now, on to examples. Let’s say you’re a marketing agency with detailed case studies and positive user reviews. When a customer asks ChatGPT for "the best marketing agency near me," your company could be their top suggestion based on these factors.
Wrapping up Looking ahead to 2024, it's clear that AI is no longer some far-off concept: it's already making a difference, offering a ton of potential solutions and upgrades. Nowadays, companies can take advantage of AI-based targeting tools and chatbots that already improve the customer experience. Then, AI-focused SEO refines marketing strategies, and AI-powered analytics helps to stay ahead of industry trends. Overall, the advantages of ethical AI use are truly remarkable, so don’t hesitate to try them out if you still haven’t.
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