When looking over the science fiction regarding artificial intelligence several years ago, it can be scary to imagine how close we are to the future they envisioned. Although no killer robots or home appliances are revolting against their owners, the future looks quite hopeful for now. In fact, the AI technology we have developed is ushering a new era of opportunities for individuals and businesses. It is a critical part of the Web 3.0 revolution just looming around the corner.
When it comes to artificial intelligence applications, the sky’s the limit. Almost every aspect of our daily lives involves AI at some stage. From morning news updates to online shopping cart recommendations, data accuracy becomes possible through a thorough analysis of artificial intelligence and machine learning.
Even so, numerous fields are yet to implement the technology full-scale. Multi-level marketing is one of those. An innovative new process that removes the congested traditional supply chain can benefit immensely from a neural network as a working cog. Throughout this piece, we’ll try to explore it alongside the impact such implementation will have on the MLM industry.
Why Prefer Artificial Intelligence?
Ten years ago, the processing ability of the most advanced AI on the planet was akin to the brain of a 4-year-old child. Today, it surpasses the analytical skills of the best geniuses in the world, although there is no possibility for emotions or creativity as of yet.
That said, it provides substantial convenience in achieving monumental tasks with the right team operating contemporary work-spec hardware.
Increasing Volume of Unprocessed Data
Thousands of gigabytes of data make its way to the internet every second. The data volume production is so high, even for a small business, manually going through it is too much to ask of anyone. However, that difficulty diminishes with the introduction of AI.
Using machine learning, you can scale your data analysing abilities to tremendous levels without stashing supercomputers in your basement. For example, it proves challenging to track and process all sales at a community level, especially once your organisation starts expanding. Well, with AI, that becomes a thing of the past. The best part is that this data is available to all employees who have verified access to the system.
Growing Relevance of Predictive Analytics
That need for finer details goes beyond what you have already received. For any business to keep up with the market, it needs to understand the future trends likely to develop so that the resources necessary to capitalise on them are already available.
AI proves helpful in this case. Deep learning analytics can provide you with possible scenarios by processing significant quantities of data. It can save you from a few truly embarrassing scenarios, such as inventory mismanagement.
Consider that you wish to sell a new perfume. While you may only consider the current market demand, predictive analytics can show you the buffer you need to maintain as other people become interested in buying that same perfume. That can massively expand your bottomline while creating some high-quality leads.
Increased Need for Personalisation
Regarding conversion rate optimization, data personalisation is an enormous barrier for any business. Most people no longer respond well to standard copies and designs for advertisements. You need to make your audience feel special with curated messages. It is hard to manage, especially when you have campaigns with an audience base of thousands, possibly millions.
AI alleviates the issue by modifying each notification, email, and newsletter. It might take a regular content writer 8-10 minutes, but a computer performs the same job within milliseconds. All you need to do is set the parameters for modifications and hit Enter. The AI compares the content with the database, editing the information as per the recipient but leaving the rest untouched.
Not extending your online presence raises some red flags in a world that is more towards digital resources and virtual spaces. People are more trustworthy of businesses that not only have a website but also maintain their presence on social media, VR, mobile apps, discussion boards, and other digital platforms.
Keeping all that on a leash is a job for hundreds of executives or a few using artificial intelligence applications appropriately. It helps a business understand more about its audience's interests without sacrificing a direct line of communication. More on how to do that later.
Keeping Pace with Technological Trends
Artificial intelligence applications provide several new doorways of opportunities. When you try to incorporate AI into your organisation, you gain insights into new sources of revenue, innovative new methodologies, and resources that help your staff develop on a personal level. The way technology is advancing each day, staying at the tip of the spear is easier when you have experience with practical AI implementation.
Enhancing the Potential of MLMs with Artificial Intelligence
Now that you've learned about its importance, let's observe what AI holds in store for network marketing.
Automating Data Management
Operating even a local MLM initiative comes with a variety of challenges. Not only do you have to plan various seminars and marketing events, but you also need to manage the data you get from cold and hot leads, assigning each to the right person. With the razor-thin margin for error, it can be too tedious for any team to handle.
However, you don't have to worry about it when you use artificial intelligence. The software can back up and process data without any user input with zero chance of error. The software acquires leads through emails, ad queries, and website visits, even assigning them to the appropriate employees. It clears the log for you and your associates to focus on more hands-on tasks that can't be entrusted to a computer.
Effective Digital Marketing
Facebook and Google already use artificial intelligence to make their advertisements more efficient. There is no reason to think that the same can't work for other digital marketing mediums as well. For example, email marketing and newsletters can have substantially more ROI with an AI at the helm.
Acquiring customers requires a system that operates with minimal user input, as it is impossible to curate thousands of emails and create several layouts of the same website. You can achieve that through artificial intelligence applications. You need only provide enough sample data to work with, and the system can handle all the relevant functions.
Improved Customer Communication
AI has advanced to the point that it becomes near impossible to distinguish whether it is a human or a robot speaking to you. Thanks to progress in Natural Language Processing (NLP), a computer can recognise human speech patterns and process the response within moments. Using this methodology, you can save a small fortune and drastically scale down your customer relations department.
Another advantage is to use intelligent chatbots that handle more than a few queries. Any visitors to your website can converse with them just like they would with an average human. You can even program the chatbots to respond with quirky remarks for conversion rate optimisation and add to website retention.
Customer Churning and Remarketing
A significant prerequisite of retention is re-engaging current or former customers more effectively. Usually, once you have achieved a conversion, the efforts for customer retention and making the most of the lifecycle revenue prove pretty challenging. You can't have several associates looking over previous customers' data when they should be focused on lead generation.
Artificial intelligence solves that dilemma for you. If you maintain a reliable database, the software can scan for potential drops in customer re-engagement, letting you pick and choose the prospects that would provide the most value. The data is also crucial for your remarketing campaigns, so you don't have to waste resources on new low-quality leads when former customers can clear the bottom line.
Should There Be Changes in SOP with AI?
As with any other advanced technology, you should prepare for a few organisational changes when you try to integrate it with your business. They aren't extensive, but you need some modifications in your SOP to make the most of it.
Better Training with Digital Resources
If you want AI to work the best for you, you need to incorporate training with digital resources online with the orientation of fresh recruits. You should explain how the system works and demonstrate the critical steps in sales and marketing. The good news is that you don't need to include coding (since all inputs are front end), and you can skip the tedious reporting parts.
Changes in Outbound Marketing
Regular outbound marketing plans in MLMs involve creating campaigns and planning seminars. But, with AI included, you need to dwell deeper into the specifications of each program. It should have an updated database accessible from reliable sources and an inspection schedule that is more frequent to ensure the desired performance.
You can let off the case of lead management a little easier, as the MLM tools at your disposal can handle it for you.
With AI, your SOP should no longer include your employees going through large spreadsheets to analyse their next move. They can leave the heavy lifting to the AI as they focus on other crucial tasks such as supply coordination and marketing. Moreover, if you time it right, you can dedicate specific hardware for the AI so that the analytics take place when the servers are least busy.
Shorter Turnaround for Commissions
What any associate recruits can feel the most joyful about is their payouts. When there is reliable data related to sales and conversions, settling the commissions and milestone bonuses for each leg of the MLM becomes more convenient.
Artificial intelligence can deliver detailed reports for each associate's performance, creating a payout plan interpreted by everyone in the firm, regardless of their expertise. It reduces the financial workload and saves the hassle of any paycheck-related doubts.Also Read : How MLMs Can Succeed With Social Media
AI is not a magic wand. You can't just wave and expect your revenue to multiply overnight. It takes plenty of consideration and can only work for you if you're willing to adapt to the changing tide. We hope this article on artificial intelligence applications in MLMs calms your curiosity.
AI Powered MLM Software can essentially keep MLM companies a step ahead on the business front of networking marketing. Don't forget to try a Free Demo of Global MLM Software to experience it's AI capabilities