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August 4, 2021September 18, 2024

How AI in Business Can Drive Growth and Give You a Competitive Edge

Using AI in business may seem like a futuristic idea reserved for sci-fi movies — well, not anymore. Companies are already using artificial intelligence to forecast sales, predict customers’ needs, and drive sales.

Main AI in Business Takeaways:

Artificial intelligence describes the simulation of human intelligence in machines.
The most common role of AI in business may be process automation.
AI applications can include decision-making, speech recognition, visual perception, translation, and chatbot tasks.
NLP is an AI branch that explores the interaction between computers and human language.
Businesses that deploy AI in their operations enjoy a drop in expense and a rise in revenue.
Data scarcity and algorithm bias are some challenges of using AI in business.

AI Breakthroughs in Computing

The early 2010s ushered in several breakthroughs in modern computing. Besides creating more powerful GPUs, we also had access to massive data collection and smarter algorithms.

As a result, artificial intelligence quickly became a thing in business — especially among the tech giants.

For example, Facebook showed off an algorithm that detects cats in pictures at near-human accuracy. Shortly after, Google started using similar technology to understand and rank content better.

As someone fascinated with understanding the how and why humans and AI make decisions, I was intrigued.

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So, I spent hours assessing how Google used neuralnetworks on its search engine. And that led to a theory that the tech giant’s Rank Brain AI would pose a challenge for content creators.

“Prove it,” said my now-partners. And that’s what we did.

The result was an AI-powered tool that helped writers to create content that ranks. What’s more, Fortune 100 companies now rely on our artificial intelligence solution to improve their site’s organic visibility.

In this article, I’ll explore what AI means in business and its advantages. We’ll also examine how brands can use artificial intelligence to drive growth.

First, let’s consider a crucial question:

What is Artificial Intelligence in Business?

The broad term “artificial intelligence” describes the simulation of human intelligence in machines. It involves developing systems to perform tasks that ideally require human intellect.

With that in mind, AI applications can include decision-making, speechrecognition, visualperception, translation, and chatbot tasks.

I should also point out that artificial intelligence is no longer a futuristic notion from Hollywood. While we’re still a long way from self-aware cyborgs like Ultron, several AI applications already exist in our daily lives.

Here are some platforms using AI in their products:

Twitter: Fight hate speech and misinformation
Google Maps: Analyze traffic and suggest a faster route
INK: Improve content relevance for search engines
Uber: Determine the price of your ride or the wait time
Snapchat: Identify user’s face and apply filters
Netflix: For media recommendations

As you can see, the link between business and artificial intelligence has grown stronger in recent years.

According to a study on AI use in enterprises, the number of companies implementing AI-related technologies rose by 270% between 2015 and 2019. What’s more, the number surged by 37% in 2019 alone.

So, how do these companies use artificial intelligence?

How is AI Used in Business?

3 Vital Business Demands Supported by Artificial Intelligence

According to Harvard Business Review, artificial intelligence supports three vital business demands. These needs range from customer and employee engagement to gaining insight through data analysis. But, the most common role of AI in business may be process automation.

It sounds a little complicated, I know. So, Let me explain what it all means.

Robotic Process Automation

Robotic Process Automation (RPA) involves using productivity tools to automate repetitive tasks in the workplace.

Although the term suggests that hardware robots execute repetitive tasks, that’s not the case. Instead, a software tool autonomously executes a task based on specific rules or structure.

Examples of such tasks include:

Reading contractual documents to extract provisions
Transferring email and call center data into system records
Claims administration in healthcare and insurance
Credit card application process
Online scheduling of appointments

As in most AI-applications, RPA prevents human errors and reduces costs at the same time.

For example, a commercial bank was looking to automate 13 processes that handled 1.5 million annual requests. So, it deployed 85 software bots to handle repetitive tasks.

As a result, the bank managed to add capacity that would be the equivalent to 230 full-time employees at the cost of recruiting 30% more staff. What’s more, it reported a 27% increase in tasks performed “right the first time.”

Industries that use robotic process automation include healthcare, manufacturing, retail, and financial firms, among others.

Cognitive Insight

Cognitive insight is another popular use of artificial intelligence in business today. It involves using a machine-learning algorithm to process and interpret a massive amount of data.

Thanks to cognitive insight, businesses can now do any of the following:

Identify credit card fraud in real-time
Automate personalized targeting of digital ads
Predict what a specific customer is likely to buy
Detect insurance claim fraud

As you may have guessed, this AI application frees up humans to focus on less repetitive tasks.

For example, Deloitte’s audit practice currently uses a cognitive insight algorithm to extract terms from contracts. As a result, an audit can cover more documents without needing human auditors.

Cognitive Engagement

Personalization is a vital aspect of any business practice. Unlike before, brands now have to craft engagement strategies to meet their customers’ specific tastes.

But that’s easier said than done. Indeed, many companies struggle to create personalized experiences despite having access to the necessary data.

That’s where cognitive engagement comes in.

Cognitive engagement describes any project that engages both employees and customers. It uses machine learning, natural language processing chatbots, and intelligent agents to create personalized experiences.

Some examples of tasks that rely on cognitive engagement include:

Product and service recommendation system for retailers
Intelligent agents that offer customer service
HR site for addressing employees’ queries
Health treatment recommendation system

Back in 2016, Starbucks rolled out its cloud-based Digital Flywheel technology for a personalized customer experience.

This cognitive engagement tool informs Starbucks of every nuance of your coffee drinking habit. Whether you prefer an espresso on a sunny day or a latte on a rainy day, this coffee chain will know it all.

That way, it can offer a drink that you haven’t thought about as it has insights into what you’re most likely to buy.

The bottom line is that various businesses rely on artificial intelligence applications in unique ways. And that brings us to the next aspect of AI in business.

5 Applications of AI in Business That Can Drive Growth

Ai in Business Reduces Human Errors and Improves Customer Communication and Brand Loyalty

Some applications of artificial intelligence in business that can drive growth are product recommendations, targeted marketing, and business intelligence. Others include customer service and natural language processing.

Let’s delve a little deeper into the power and potential of AI.

1. Natural Language Processing

If you’re wondering whether machines can read, write, or understand human language, the answer is a resounding yes!

Natural Language Processing — or NLP for short — is an AI branch that explores the interaction between computers and human language. This is how Siri understands your request and responds accordingly.

However, NLP’s application extends beyond voice recognition in digital assistants to several other AI-based tools. These include Amazon Comprehend, IBM Watson, and our very own INK.

Companies use NLP solutions to generate automated business reports without human intervention. It can also perform sentiment analysis of social media comments to assess people’s perception of your brand.

At this point, you already have a rough idea of the benefits of artificial intelligence in business. But let’s highlight them anyway.

2. Customer Service

Chatbots are a vital application of AI in business. From troubleshooting to customer interaction, AI-powered bots now deliver tremendous value in customer support operations.

Indeed, the average satisfaction rate of bot-only chat is 87.58%. That’s almost two percentage points higher than human agents.

Intrigued? The rationale for why is simple.

Chatbots work round the clock to answer simple queries and proactively start conversations with customers. As a result, companies can save more money and time on customer support or call centers.

According to a study on the potential for chatbots to save companies money, they found that chatbots will deliver a whopping $8 billion in cost savings by 2022. What’s more, they will save businesses 2.5 billion hours by 2023.

3. AI in Business Intelligence

More than ever, companies now have access to a massive amount of customer data. Unfortunately, converting valuable information into actionable insights is not nearly as simple as you might imagine.

That’s because many business owners tend to rely on their gut instinct when making decisions. As a result, it becomes easy to dismiss data that is not consistent with specific beliefs.

That’s where business intelligence (BI) comes in.

BI involves using business analytics, data mining, data visualization, and other AI tools to make data-driven decisions. In other words, you’re using artificial intelligence to obtain valuable insights from data.

To effectively manage and analyze the vast amounts of content generated, many companies are turning to GEO services to gain deeper insights and improve their strategies.

By leveraging these services, businesses can better understand how their content performs across different regions and demographics.

It’s no wonder that many companies consider business intelligence a priority.

In 2020, 54% of enterprises said Cloud Bi is critical or vital to their ongoing or future initiatives. What’s more, an organization that implements a Cloud Bi solution can experience up to 127% ROI in three years.

Excellent examples of business analytics platforms are Microsoft Power Bi and Oracle Analytics Cloud.

4. Customer Insights

AI and data provide businesses with an in-depth view of their customers’ overall journey or trends. As a result, it becomes possible to sell a product or service based on individual behavior.

This real-world example will help illustrate this point.

Unilever has 26 data centers across the globe where data scientists work to generate insights from various sources. One such insight helped the company discover a link between ice cream and breakfast.

Besides the social mentions, lyrics of at least 50 songs in the public domain talk about ice cream for breakfast. Besides, brands such as Dunkin’ Donuts were already selling ice cream in the morning.

So, Unilever used the insight to develop a range of cereal-flavored ice cream under its Ben & Jerry brand. These include Frozen Flakes and Fruit Loops.

Customer insights can help enhance your brand’s overall marketing strategy. That way, you can provide a tailored experience that focuses on each customer’s needs.

5. Product Recommendation

Product recommendation is another essential way to use AI in business.

If you’ve watched a movie on Netflix recently, then you’re familiar with recommendation engines. It’s the Other Movies You May Enjoy option that foresees your possible choice from the massive movie library.

Besides Netflix, you’ll also find recommendation engines on Facebook and retail sites such as Amazon. In fact, roughly 35% of Amazon’s transactions come from its recommendation algorithm.

So, how does it work?

Recommendation engines rely on algorithms and data to recommend the most relevant product to users. Think of it as an automated shop assistant that anticipates your needs.

These engine systems are now more advanced than ever.

Thanks to machine learning algorithms, the predicting process is now more accurate than ever. Furthermore, the algorithms change based on the data from the recommendation system.

What are the Advantages of AI in Business?

Businesses that deploy artificial intelligence in their operations enjoy a drop in expense and a rise in revenue. Indeed, 22% of companies using AI said the technology accounted for over 5% of 2019 revenue. Furthermore, revenue generated by AI increased year-over-year.

Besides the revenue boost, here are other advantages of using AI in business:

Streamlined hiring process
Reduction in human errors
Improved customer communication
Stronger brand loyalty with personalization
Objective forecasting

Despite these advantages, using artificial intelligence in business also comes with some challenges.

There are the potential issues with data security and privacy. This is especially crucial since several artificial intelligence applications involve collecting user data.

Then there’s the problem of data scarcity and algorithm bias. But, the biggest challenge may be the limitations in current computing capability.

That brings us to the final question:

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Is AI the Future of Business?

There’s no doubt that artificial intelligence is the future of business. In a survey investigating the use of AI in business applications, 95% of brands said AI technology is “important to their digital transformation efforts.” Meanwhile, another 65% of companies indicated artificial intelligence is “very important” to their business goals.

AI deployment within companies is somewhat limited at the moment. And that’s primarily due to fear.

Due to the narrative that robots are coming for our jobs, some business owners are reluctant to take up AI. However, a recent report on AI suggests that the worry may be unwarranted.

According to their results, 87% of organizations plan to increase or maintain employee numbers after adopting automation. So, this narrative is already losing traction and doesn’t hold up when compared to the reality of AI in use.

So, what does the future hold for AI and business? I’ll summarize the answer with two words — limitless potential.

Best Website Copywriting Practices and Tools to Boost Conversions

Investing in excellent website copywriting may be all you need to boost your site’s conversion. But, convincing prospects to take the desired action is no easy feat — even for the most talented writers.

Main Website Copywriting Takeaways:

Website copywriting is the process of creating content for the web.
Excellent web copy prompts visitors to take specific actions.
Poor copywriting can hurt your conversion significantly.
SEO website copywriting involves writing content that appeals to both readers and Google.
Copywriting is a form of writing that you can learn, practice, and master.
Consider starting your website copy with a clear goal in mind.

The phrase: “Your website is your best salesperson” holds true now more than ever — and for good reason. Besides serving as a store, your site also works round the clock to address prospects’ needs.

There’s just one small thing.

Using websites to generate leads is more effective when visitors believe you are an authority in your industry. In other words, the information on your site should be engaging, trustworthy, and persuasive (E-A-T).

That’s where website copywriting comes in.

In this guide, we’ll explore essential practices forwriting copy for websites. First, let’s delve into what good copywriting is — and isn’t.

What is Website Copywriting?

Website Copywriting Involves Writing Content for Different Online Platforms

Website copywriting is the process of creating content for the web. It involves writing content for landing pages, product pages, or blog posts. But, web copywriting extends beyond writing copy for a website. It could also entail writing social media posts, ad copy, or any other web material.

Why is website copy vital, you ask? The answer is simple — it persuades readers to do business with you.

Web copy aims to identify the audience’s pain points and explain how your solutions can address them. Whether you’re writing copy for a landing or contact page, it’s vital to write in a language that resonates with readers.

That way, prospects will become more likely to make a decision to improve their lives. Yes, that involves doing business with you.

Sounds straightforward enough, right? No, not really.

While the significance of relevant web copy is undeniable, there’s also the emotional aspect. According to Harvard Professor Gerald Zaltman, 95% of our purchasing decisions occur in the subconscious mind.

In other words, emotions are what drive purchasing decisions.

With that in mind, website copy that’s generic, boring, or vague is unlikely to excite customers or stir them into action. Similarly, visitors will abandon your sites with content that’s as dry as the Sahara.

Indeed, bad copywriting can hurt your conversion significantly. That brings us to a critical question.

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What is Bad Copywriting?

Bad copywriting involves marketing materials that fail to motivate action because your audience can’t follow the overarching idea, tone, or grammar. In other words, the web copy doesn’t communicate your brand’s marketing message effectively. As a result, the web page could experience fewer clicks from Google, resulting in fewer leads and conversions.

Some copywriting blunders that can result in inferior web content include:

Typographical errors or grammar mistakes
Failing to proofread your web copy
Focusing on yourself instead of your audience
Plagiarism
Ambiguous call-to-action

However, using negative terms may be the most common reason behind bad copywriting.

How Using Negative Terms Can Impact Website Copywriting

Imagine that your audience is mere moments away from writing their contact information in your online form. But, bad experiences with spammers made them a little hesitant to share their email addresses.

What do you do?

The correct option would be to reassure them with a note that highlights your company’s privacy policy. Unfortunately, that can turn out to be a double-edged sword.

In a study, Michael Aagaard wanted to understand how a site’s privacy policy might influence sign-ups. So, he created an online form with a note that reads: “100% privacy – we will never spam you!”

But the reassuring message backfired spectacularly, resulting in 18.7% fewer sign-ups. Here’s why.

According to Aagaard, the word “spam” raises anxiety in the minds of prospects. So, including negative terms to distance your brand from bad practices might not be the best option.

Instead, consider focusing on a more positive, authoritative message.

Aagaard later reported improved conversion rates when he changed the note to “We guarantee 100% privacy. Your information will not be shared.” The positive message resulted in 19.4% more sign-ups.

What is SEO Web Copywriting?

SEO Website Copywriting Makes Page Content More Appealing to Both Google and Your Target Audience

SEO website copywriting is the practice of writing keyword-optimized content that appeals to both human readers and Google. It involves writing web copy that that’s relevant and helpful. That way, your audience would want to share and link to it. At the same time, businesses optimize their SEO web copy with specific keywords to improve organic visibility.

Why is it crucial to optimize your web copy for Google? We can summarize the answer in two words — search traffic.

According to a study, 68% of online experiences begin with a search engine. Furthermore, over 92% of global traffic comes from Google Search, Google Images, or Google Maps.

Besides boosting organic traffic, SEO website copywriting offers the following benefits:

Boosts credibility and authority
Improves user experience
Easy to measure
It keeps you ahead of the competition

The bottom line is that SEO web copywriting can help your business get in front of its target audience. That raises another question.

Is Copywriting a Learnable Skill?

Yes, it is! Like any skill, copywriting is a form of writing that you can learn, practice, and master. What’s more, you can become an outstanding copywriter regardless of the domain you work in or your level of education. That’s right — you don’t need a degree.

With that said, the skills outlined below could help ease the learning process:

1. Language

An in-depth understanding of the English language is an essential skill for a web copywriter. Besides using correct sentence structure, you have to also consider word choice, spelling, and punctuation.

The good news is several web pages on the internet can help you brush up on your language skills. For example, you could explore what passive voice is and how using it might affect your SEO.

2. Ability to Carry Out Research

A good website copywriter should know how to carry out research. Yes, it involves using the internet to find information to improve your web copy’s relevance.

However, excellent researching skills can also extend to knowing the right questions to ask your client. That way, you’ll understand the product or service well enough to know how to sell it.

3. Proofreading

The ability to proofread and edit copy is another crucial skill for any web copywriter.

According to a study, 74% of web users pay attention to the quality of the spelling and grammar on company websites. What’s more, 59% would avoid buying from businesses that made spelling or grammar mistakes.

As such, you need to carefully check your work for errors before sending it out or publishing it.

4. Ability to Empathize

As a web copywriter, it’s always a good idea to put yourself in the buyer’s shoes. That way, you’ll have a rough idea of their pain points and how to address them.

Not only does empathy lower readers’ barriers, but it also helps build trust in the brand. As a result, convincing your audience that a product or service will improve their lives becomes a straightforward task.

We’ve covered the skills necessary to write copy for websites. But there’s more.

Best Website Copywriting Practices

Use Persuasive Language to Convince Your Target Audience to Take Specific Action

The best website copywriting practices require starting with a clear goal in mind. Before writing web copy, it’s essential to identify the page’s objective. Specifically, what do you hope to achieve with the page?

Are you looking to sell a product, collect contact details, or introduce your brand? Whatever the answer may be, consider using the website copywriting practices below to improve your content.

1. Write with Search Engines in Mind

Consider writing your outline with search engines in mind. Besides increasing your site’s organic visibility, SEO also ensures that your marketing message reaches the most relevant audience.

Some factors that you may want to consider when drafting your web copy are:

Keyphrase: Words or phrases that searchers enter into search engines.
Page Title: Headline that appears on search engine result pages (SERP).
Header Tags: Heading tags that provide structure for your page.
Meta description: HTML element that summarizes your page for human users and search engines.

Start with keyword research to identify relevant phrases that your target audience might enter into Google. After that, you could include the target keyphrase in your page title and header tags to improve relevance.

While meta descriptions are not ranking factors on Google, they help the search engine understand your page. So, it’s best to write a compelling meta description that’ll drive clicks.

After laying a solid SEO foundation, the next step is to create the blueprint for your web copy. That’s where an outline comes in.

2. Create a Detailed Outline

A content outline is a visual representation of the web copy that you’re writing. Think of it as a skeleton that provides a complete picture of the finished product — just without the article.

For example, a blog post outline might include headers, pictures, videos, statistics, and infographics to help create engaging content. Conversely, the framework for contact pages often features only header tags and images.

An outline also provides an opportunity to pick your preferred copywriting formula. It could be any of the following:

Regardless of your preferred formula, it’s essential to make your copy as compelling as possible. That brings us to another web copywriting practice.

3. Use Persuasive Language

Again, website copywriting aims to convince a target audience to take specific actions. While there are different ways to achieve this goal, the best copywriters rely on persuasive language.

Sometimes, that involves writing a logical, well-structured argument that’s supported by statistics or expert opinion.

However, using words that provoke an emotional reaction is just as effective. After all, emotions are what drive our purchasing decisions.

Here are other vital elements to help make your web copy more persuasive:

Use positive language
Avoid technical terms
Use emotive words in your headline
Write for your audience — not search engines

The main idea here is to know your readers before writing anything. That way, you’ll know the words that might persuade them to act.

Another way to persuade customers to act is to appeal to their self-interests. In other words, focus on the benefits.

4. Focus on the Benefits

As tempting as it is to make your business the focal point of your website copywriting, it’s a terrible idea.

The reality is that prospects and customers don’t care about you, your company, or its proud history. Instead, their primary interest is how your product or service can help improve their lives.

As such, it’s best to provide quick access to these types of features and details in your copy. Consider discussing how your customers will benefit from your product or service.

You could also use materials such as images, videos, or infographics to make your copy even more compelling.

5. Proofread and Edit

At this point, you’ve written the first draft of your website copy. Now, it’s time to edit for flow and logical sequence.

First, check from the beginning to ensure that your spelling and grammar are correct. After that, consider editing your website copy for flow. Simply put, every idea should lead to the next seamlessly.

Also, confirm that your copy has a logical sequence. That means you don’t have jumps between unrelated sections or ideas.

Again, check the complete web copy from your headline to the call-to-action. If you’re satisfied with the result, consider doing it again — but in a different way.

Intrigued? Read on for how to put this in practice.

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To Wrap Up: Use A/B Testing to Improve Your Website Copywriting Practices

The process of writing copy for websites may seem overwhelming at first. And it can be. Along with devising an excellent content strategy, you also need to put hard work into writing, editing, and publishing your web copy.

But it’s not over yet. Now, you have to monitor your key performance indicators and tweak them accordingly. That’s where A/B testing comes in.

A/B testing involves showing two variants of the same page to different web visitors at the same time. That way, you can use visitors’ responses to identify the best website copywriting practices to help improve conversion.

Improving Your Brand Reputation Through Effective Brand Management

Brand management is an approach that is centered around creating powerful, memorable brand awareness. But how exactly do you achieve this? Before we dig deeper into brand management, let us first understand the difference between a product and a brand.

Main Brand Management Takeaways:

A product is a tangible or intangible good that a business sells to people.
A brand is a concept built upon the perceptions, expectations, emotions, and experiences of people with the product.
Brand management is a business management component that involves maintaining and improving products, services, and brand perception.
Strategic brand management requires an action plan that you can execute to attain your company or business’s goals.
Tone of voice pertains to how your brand speaks to or communicates with your prospective customers.
If you want to add weight and distinctiveness to your brand, you need to establish your brand’s tone of voice and use it consistently.

Improving Your Brand Reputation Through Effective Brand Management

What is the Difference Between a Product and a Brand?

People tend to confuse these two terms, using brand names to refer to products or vice versa. But, they are two different things. Let’s see how they differ from each other below.

Companies Create Products, and Customers Create Brands

The main distinction between the two is that companies create products, whereas consumers make the brands. A product is a tangible or intangible good that a business sells to people. Meanwhile, a brand is a concept built upon the perceptions, expectations, emotions, and experiences of people with the product.

Let’s take Nike as an example. Nike’s main product is shoes. One of its popular shoe lines is Nike Air.

You go to a Nike store, of course, to shop for shoes. But, when you think of its brand Nike Air, you don’t necessarily have to see or touch any product. In your mind, you can easily associate Nike Air with durability and lightweight footwear.

That’s what you call branding — the identity and reputation a brand built based on the experiences and perception of its previous customers.

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Products Can be Copied but not Brands

Your competitors can easily copy your product. For instance, when Apple launched its first iOS-powered smartphone (iPhone), it didn’t take long for its competitors to launch their versions of smartphones.

However, each brand associated with these smartphones offers unique value based on people’s perceptions and previous experiences with their brands.

Brands are Timeless but not Products

Yes, brands are here to stay. An excellent example is Elvis Presley. During his time, Elvis was an icon and a sought-after musician. He managed to turn himself into a household brand that people recognize to this day.

However, as opposed to brands, products can become obsolete, like vinyl and cassette tapes. People listen to Elvis until now, but not on vinyl or cassette tapes because these music players (products) are mostly obsolete.

With this understanding of the critical differences between what makes a product versus a brand, let’s move on to brand management.

What is Brand Management?

Brand Management can Increase Your Brand’s Perceived Value Over Time

Brand management is a business management component that involves maintaining and improving products, services, and brand perception. It is an umbrella term that describes all the aspects of advertising, design, placement, and distribution to promote brand reputation and identity.

Brand management can significantly increase your brand’s perceived value over time. It can give you cost leverage, improve customer loyalty, and help your company establish meaningful brand awareness.

Think of your company or business as a seed that you planted. Its branches and leaves are your brand(s) that will flourish as you continue to grow and nurture your business.

NOTE:Brand management is an approach that is centered around creating powerful, memorable brand awareness.

As your tree grows, you need to prune it. This ensures that it will grow based on the configuration of the limbs and branches suitable for its structural integrity. It works pretty much the same with your business’s brand.

As you scale (grow) your business (tree), you also need to make adjustments (prune/trim) to your brand (leaves/branches) to ensure that it resonates with your company’s values and identity. But, to make these adjustments, you need to put in place an effective brand management strategy.

What is the Importance of Strategic Brand Management?

Strategic brand management requires an action plan that you can execute to attain your company or business’s goals. It is crucial to ensure that your brand’s aesthetic and intangible aspects are aligned. This means managing all the elements your business uses to portray a perfect image to your target customers.

Strategic brand management will not only help you create a successful image and brand reputation but also achieve the following:

More significant brand differentiation and appeal
Customer retention and loyalty
Better perception of your product’s performance
Effective marketing communication
Accelerate customer response

Aspects of Strategic Brand Management

Strategic Brand Management Improves Customer Retention and Loyalty

Strategic brand management encompasses these aspects:

Identifying the proper planning process
Establishing brand position
Implementing a brand marketing program
Measuring and interpreting brand performance
Growing and sustaining brand equity

Identifying the Right Planning Process

By identifying the optimal planning process, you can ensure that departments across your company understood the values of your strategic plan and that they will adhere to it. The values you set must be aligned with your brand management strategy and centered on achieving your business’s mission and vision.

Establishing Brand Position

This aspect is crucial in convincing your target customers that your brand is better than your competitors. It involves analyzing your business’s position in the market. It also includes depicting your market associations and explaining the essence of your brand.

Implementing Brand Marketing Program

Involves selecting elements for brand promotion, including details like images, symbols, logos, and slogans, to name a few. This aspect also includes creating unique brand associations through different marketing programs and activities.

Measuring and Interpreting Brand Performance

Involves understanding your brand value chain by analyzing the impact of your brand marketing investments and expenses on your finances. Measuring your brand performance will also help in analyzing the source of your brand equity.

Growing and Sustaining Brand Equity

This aspect will help define your brand strategy through an effective brand equity management system. Brand portfolio tools and brand-product matrix are crucial here to ensure the success of your future marketing programs.

What are the Different Brand Management Strategies?

There are several brand management strategies that you can utilize to build and improve your brand reputation. However, choosing the right approach and understanding its impact on your business and brand identity is integral to making intelligent decisions. Here are the different brand management strategies:

NOTE:Strategic brand management is crucial to ensure that your brand’s aesthetic and intangible aspects are aligned.

Multi-Product Branding

This strategy involves using a business’s brand name for all its products within a class. This product and management branding approach is also commonly referred to as family branding or corporate branding. Multi-product branding allows companies to focus customer loyalty on the parent brand, not just the individual product brands.

Apple, Samsung, Sony, and many international brand names take great advantage of multi-product branding. For instance, Sony is a parent brand name. But, you’ll also see it plastered on many of its products, like the PlayStation series and Xperia smartphones.

Multi-product branding aims to pass over brand awareness from the parent brand to the product class. This allows for more efficient brand promotion.

However, using this approach can also lead to a weaker brand image. That’s because the more you use your parent brand name on products of different classes, the more diluted your brand equity gets.

To counter the negative effect of multi-product branding, companies utilize it together with the sub-branding approach.

Sub-branding

Sub-branding is a strategy where a company uses its parent brand name on its products. But, it will give each product a distinct brand name of its own. It helps marketers and businesses differentiate their products. It is also useful in managing the expectations of customers.

Sub-brands are almost always associated with the parent brand and appear in the context of the latter. Sub-branding’s primary goal is to provide a way for businesses to improve customer loyalty while expanding into new revenue streams.

Some examples of successful sub-branding are the following:

Coca-Cola’s Coca-Cola No Sugar
FedEx’s FedEx Express
Virgin’s Virgin Atlantic
Toyota’s Toyota Prius
Samsung’s Samsung Galaxy
AMD’s AMD Ryzen
Lenovo’s Lenovo Legion
Microsoft’s Microsoft Xbox
Sony’s Sony PlayStation
Apple’s Apple iPhone
Amazon’s Amazon Echo

Individual Branding

Individual branding is a brand management strategy where a company creates a unique brand name for each product that it sells. So, it works by giving a product its own distinct identity. Then it will be introduced to the public under a unique brand name.

This brand management system is standard among large organizations to shield their parent brand’s reputation against individual product fails.

Other advantages of this approach include:

Ability to use different marketing methods
Capture a variety of customer demographics simultaneously
Position individual brand to large consumer groups

Organizations like Procter & Gamble (P&G) and Unilever use this approach to build their products’ brand names and reputations. For instance, P&G has over 60 leading brands, including Gillette, Pampers, and Tide. Unilever, on the other hand, has over 400 brands in 190 countries. Some of the most popular ones are Lipton, Axe, Dove, TRESemmé, and Cif.

Of course, individual brand management has its downside. This brand management system has a higher risk of instability within the parent brand. Moreover, introducing a new brand name often entails an enormous cost.

Co-branding

Co-branding is an approach where a new brand is created and introduced into the market by combining two popular brands. However, the new brand’s characteristics are rooted in the core competencies and attributes of the two existing brands.

Co-branding is an effective way to break into new markets, boost awareness, and capture the prospective customers of each brand. But, if you’re not familiar with it, here are some examples of popular co-branding campaigns:

GoPro and Red Bull’s Stratos
Kanye West and Adidas’s Yeezy
Apple and Mastercard’s Apple Pay
Amazon and American Express’s Amazon Business American Express Card
Nike and Apple’s Nike+

Bonus Tip: Finding Your Brand’s Voice

A critical aspect of strategic brand management is communication. You need to communicate to your target customers and introduce your brand.

One effective way of communicating with customers is through brand copywriting. But, if you want to come up with compelling copy, you need to find your brand’s tone of voice.

Tone of voice is how you want to speak or communicate with your prospective customers. It’s how you want your business or brand’s character to come through in your copy. It pertains to how you say things and what impression you want to create.

Final Thoughts

Knowing these principles is just part of crafting a successful brand management approach. But, if you want to create a unique brand identity and boost your brand reputation, you need to implement the right brand management strategy. Moreover, you need groundbreaking ideas that are sustainable and consistent with your business’s mission and vision.

Lastly, communicating with your prospective customers is a crucial factor in the success of your brand management strategy. Find your tone of voice and write relevant and compelling brand copy. If you’re struggling with this part, INK has some fantastic tools that can help you. Check them out and try them for free here.

Tips on How to Write an Effective Product Review and Drive More Sales

A compelling product review may be one of the quickest ways to increase sales on e-commerce sites. However, it’s also an excellent way for affiliate bloggers to boost affiliate sales and revenue.

Main Product Review Takeaways:

A product review describes a report that customers write on e-commerce sites.
Reviews are handy for sharing information about a product with other shoppers.
Good reviews involve research and in-depth knowledge of the product.
Product review examples include customer reviews, blogger reviews, affiliate reviews, buyer’s guides, and expert reviews.
Product reviews may be the quickest way to relieve shopper’s concerns about a product.
The process of writing an objective product review that converts begins with knowing the product.

According to studies, affiliate marketing is responsible for roughly 16% of global e-commerce sales.

What’s more, nearly 65% of affiliate marketers generate traffic by blogging. In other words, they rely heavily on writing and publishing persuasive product reviews to boost conversions.

There’s just one problem.

Writing in-depth, objective reviews to help customers make informed purchasing decisions can be challenging. That’s especially true for individuals that are new to affiliate blogging.

That’s where this post comes in.

This article explores various product review examples and how to write a product review that converts. First, let’s begin with the obvious question.

What is a Product Review?

A product review is an article on traditional or digital media in which an expert gives an opinion about a specific product. It also describes a report that customers write on e-commerce sites to help people decide if they want to buy an item. In other words, reviews are handy for sharing information about a product with other shoppers. Meanwhile, businesses use online reviews to promote their products and understand customer’s pain points.

The good news is you can review virtually any product — whether it’s a laptop or an electric pressure cooker. But the bad news is several of the product reviews on the internet are of low quality.

Along with glowing praise of a product, you’ll also find a handful of bitter criticisms from dissatisfied customers. In other words, most online reviews don’t contain information that’ll help with purchasing decisions.

This raises the question of how to write a product review. Simply put, what type of reviews do customers find helpful?

What Should a Good Review Include?

Good product reviews rely on research and in-depth knowledge of the product in question. The reviewer should be able to evaluate a product’s benefits and flaws objectively. That way, it becomes possible to compare it with other similar products.

Besides detailing how the item works, a good product reviewtemplate should include the following:

The product’s target audience
Pros and cons of the product
Whether the product is worth the cost
Alternatives to the product
How the options measure up

With that said, these elements can vary depending on the product review example.

For instance, customer reviews focus primarily on the buyer’s experience with a specific product. As a result, they don’t always contain information about a target audience or how the alternatives compare.

That brings us to another question.

What is a Product Review Example?

Customer reviews may be the most popular product reviewexample on the internet. You’ll find these kinds of online reviews on Google My Business, Facebook, Amazon, Yelp, and other social platforms. Other product review examples include blogger reviews, affiliate reviews, buyer’s guides, and expert reviews.

Here’s a breakdown of these product review examples and why they’re helpful.

1. Expert Review

An expert review involves industry professionals sharing their opinion or experience of a product.

Generally speaking, we tend to trust this type of review because it’s intended to be unbiased and comprehensive. That means the reviewer focuses primarily on the product or service’s features.

As a result, it’s essential to avoid overly flattering terms when describing the product.

The tech sector is an example of industries where expert product reviews are handy. It’s an acceptable way to review AI-powered software, a gaming laptop, or a web-based tool.

2. Blogger Review

Blogger reviews may not always be as technical as an expert review. But, their approach is more in-depth, friendly, and personal.

Manufacturers send products to bloggers or YouTubers in exchange for an honest assessment of their product. So, the reviewer can tell stories about their experience with the item.

Blogger reviews explore the various ways that a specific product might improve buyers’ lives. As such, companies use them as a quick way to establish a trusting relationship with buyers.

3. Buyer’s Guides

As with other product review examples, buyer’s guides provide an objective assessment of a product. However, they’re not limited to a specific niche.

That’s right — a buyer’s guide covers a massive range of products from various sectors. What’s more, they break down the information into a format that’s easy to understand.

4. Affiliate Review

Affiliate marketing provides an excellent opportunity for online retailers and content creators to grow their audience. And that begins with writing objective affiliate reviews. But what, exactly, does that entail?

Well, an affiliate review involves sharing your experience of a specific product or service. And it can take various forms — such as articles, vlogs, or podcasts.

Regardless of the format, affiliate reviews aim to provide insight into whether an audience should buy a product. Meanwhile, the reviewer would receive a decent commission for each purchase that’s based on the review.

We’ve explored the basics of product review and examples. Now it’s time to delve a little deeper.

Why is a Product Review Important?

Product Reviews are Based on Research & Product Knowledge

Product reviews may be the quickest way to relieve shopper’s concerns about a product. That’s because people’s experiences — both positive and negative — significantly influence their purchasing decision. Indeed, 82% of shoppers specifically seek out negative reviews as a foundation of authenticity. At the same time, negative reviews can help businesses identify and address specific pain points in a customer’s journey.

Other reasons product reviews are essential to any e-commerce business are:

They increase product visibility
Product reviews function as social proof
Online reviews can boost conversion
They provide insights for improving the product

Besides these reasons, online reviews can help build customers’ trust. In fact, 92% of consumers are more likely to buy a product after reading a positive review.

Since the internet is saturated with a sea of content, tracking down an authentic review isn’t always easy. That raises an essential question.

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What is the Best Product Review Site?

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Product review sites offer some of the most comprehensive reviews about trending products in the market today. The best product review sites, based on authority and domain rating, include Amazoncustomerreviews, Angie’s List, G2, TrustPilot, Quora, and Capterra.

Others include Google My Business, Trip Advisor, and GetApp, among others.

We also have the following:

Consumer Affairs
Consumer Reports
Choice
TrustRadius
CNET

Knowing how to write reviews on Amazon may seem vital, considering its massive community of over 95 million loyal shoppers. However, the retail giant frowns heavily at the manipulation of online reviews.

That leaves you with a few options — blog review, buyer’s guide, and affiliate review. With that in mind, perhaps you are wondering how to best write a product review that converts. Read on for tips on just that!

Six Tips on How to Write an Effective Product Review

Good Product Reviews Should be Objective

Creating an objective product review that converts begins with knowing the product. While in-depth research may help with this part, it’s always better to experience the product. In other words, you may have to buy and use the item to write an objective assessment of your observation.

After using the product, here are some tips to help you write a review that’ll help with other buyers’ purchasing decisions.

1. Start with an Engaging Introduction

An engaging intro is vital to gaining a reader’s attention and making them care about the product. Besides serving as a hook, the introduction should also provide a quick glimpse of the product you’re reviewing.

For first-gen products, it’s best to explain the product’s functionality. That involves briefly describing the features and how it compares to the competition.

If the product is an update of an existing version, you could explore how it evolved from one model to the next. You could also mention some issues that are common in the older model that the new version eliminates or addresses.

2. Provide a Detailed Description

After writing an engaging introduction to grab the reader’s attention, the next step is to follow up with a detailed product description.

Your description should contain any information that consumers might find helpful when making a purchasing decision. That includes the following:

Brand name
Model number
Target demographic
Price
Specifications or measurements

While it’s best to add technical information to your description, you may want to use terms that are easy to understand. However, it’s acceptable to use technical jargon if your readers are industry insiders.

3. Explore the Pros and Cons

A good product review should be as objective as possible. So, it’s best to avoid showering a product with effusive praise or severe criticism.

Instead, consider discussing what you liked about the product. That involves highlighting each helpful feature and how it can improve the buyers’ lives.

But it’s not enough to focus on the good side. An unbiased review should also explore a product’s shortcomings and how you reached this conclusion.

The goal here is to write a review that’s as balanced as possible.

4. Compare the Alternatives

As you may have guessed, this part involves considering how the product measures up to the alternatives.

Consider comparing the product under review with other similar items that are available to the buyer. For example, you could discuss both products’ benefits and shortcomings.

Comparing the alternatives demonstrates your knowledge of the product. What’s more, it gives your readers a point of reference. It’s especially important for first-time buyers.

5. Speak to the Target Audience

At this point, we have a complete picture of the product and how it works. Now, it’s time to pinpoint the target audience.

This begins with describing the individuals that you think can benefit from the product. After that, you can identify the specific features you believe will improve the target audience’s lives.

Finally, discuss how the product compares to other similar items that the reader may have used in the past. That way, it becomes easier for a buyer to decide whether the product is right for them.

6. Conclude the Product Review

End your review with a take-home message, which could include recapping the vital points and expressing your opinion.

A well-written conclusion summarizes the product and whether it lives up to the company’s marketing message. But, it also offers an excellent opportunity for the reviewer to express their opinion.

You could also encourage your readers to leave feedback before writing a final verdict about the product.

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Wrapping Up: Write Product Reviews that Convert

Well-written product reviews offer an efficient way for businesses to reach their customers. After all, 84% of people say that they trust online reviews as much as a personal recommendation.

However, it’s also an excellent opportunity to monetize your affiliate marketing blog.

As tempting as it may be to write a five-star review for every product, it’s best to focus on the facts. These include the features, benefits, flaws, and how the product might improve the consumers’ lives.

Remember, the goal here is to write a product review that can help with the buyer’s purchasing decisions.

AI Breakthroughs in Computing

What is Artificial Intelligence in Business?

How is AI Used in Business?

Robotic Process Automation

Cognitive Insight

Cognitive Engagement

5 Applications of AI in Business That Can Drive Growth

1. Natural Language Processing

2. Customer Service

3. AI in Business Intelligence

4. Customer Insights

5. Product Recommendation

What are the Advantages of AI in Business?

Is AI the Future of Business?

Read More: Tips On How To Write An Effective Product Review And Drive More Sales

What is Website Copywriting?

What is Bad Copywriting?

How Using Negative Terms Can Impact Website Copywriting

What is SEO Web Copywriting?

Is Copywriting a Learnable Skill?

1. Language

2. Ability to Carry Out Research

3. Proofreading

4. Ability to Empathize

Best Website Copywriting Practices

1. Write with Search Engines in Mind

2. Create a Detailed Outline

3. Use Persuasive Language

4. Focus on the Benefits

5. Proofread and Edit

To Wrap Up: Use A/B Testing to Improve Your Website Copywriting Practices

Read More: Tips on How to Write an Effective Product Review and Drive More Sales

What is the Difference Between a Product and a Brand?

Companies Create Products, and Customers Create Brands

Products Can be Copied but not Brands

Brands are Timeless but not Products

What is Brand Management?

What is the Importance of Strategic Brand Management?

Aspects of Strategic Brand Management

Identifying the Right Planning Process

Establishing Brand Position

Implementing Brand Marketing Program

Measuring and Interpreting Brand Performance

Growing and Sustaining Brand Equity

What are the Different Brand Management Strategies?

Multi-Product Branding

Sub-branding

Individual Branding

Co-branding

Bonus Tip: Finding Your Brand’s Voice

Read More: What Is Integrated Marketing Communications?

Final Thoughts

Read More: Tips on How to Write an Effective Product Review and Drive More Sales

What is a Product Review?

What Should a Good Review Include?

What is a Product Review Example?

1. Expert Review

2. Blogger Review

3. Buyer’s Guides

4. Affiliate Review

Why is a Product Review Important?

What is the Best Product Review Site?

Six Tips on How to Write an Effective Product Review

1. Start with an Engaging Introduction

2. Provide a Detailed Description

3. Explore the Pros and Cons

4. Compare the Alternatives

5. Speak to the Target Audience

6. Conclude the Product Review

Wrapping Up: Write Product Reviews that Convert

Read More: 11 Effective Writing Techniques for Content Writers

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