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Here's something that very few people are talking about when it comes to AI and business.
Proper use of AI can actually turn around an ailing business.
In other words, there is an AI cure for broken businesses.
We'll start with this, and I'll be brief. Why do online businesses fail?
There are many reasons online businesses fail. Here are the top three according to research.
Running out of money.
They created a product the market does not need.
They failed to give customers a compelling reason to do business with them instead of someone else.
As I said, I've identified the top 12 reasons, and each and every one of them has an AI solution.
For the sake of brevity, let's look at the top three.
AI solution number one: running out of money
The solution to this is simplicity itself, but people overlook it.
The solution is to create a low-cost product and begin posting on social media, reaching every possible contact you can, (including your email list) and selling them that low-cost product.
The low-cost product alone is not going to get you around the block, so what you want to do is have an upsell flow for the people who take up the low-cost product.
A few days ago I wrote to you about a woman who's doing a couple of million dollars a year in sales, and her first product offer is 20 courses for $20.
Her product line doesn't stop there, of course, and it's the upper end of her product line where the real money comes in.
The $20 product is just designed to offset advertising cost and to offset the cost of finding new customers.
Read that last statement again because this is very important: offset the cost of finding new customers.
That is the entire game.
AI solution number two: creating a product the market doesn't want
I want to differentiate here between want and need. People need a great many things that they don't want.
If you're not sure if this is true, just think about this: How much life insurance have you bought? When's the last time you went to the dentist? Are your wills up to date?
The AI solution for problem number two is simple: use AI to determine what people are already buying.
Then create a similar but better product and promote it with all your might and all your strength.
This method has saved countless businesses over the years.
AI simply makes it faster and easier.
AI solution number three: Failing to give customers a compelling reason to buy
When businesses realize that they have this problem, they often begin over-promoting or discounting deeply.
While those methods are a band-aid, they are not the cure.
The cure is to ask their customers what ELSE they want.
If you have customers it means they like you enough to spend money with you. You can leverage that good will be asking a few questions.
The answers to these questions can be the basis for your next product.
Where does AI come in?
AI can design a survey for you to use with your customers. AI can compile the answers they give (even if you only use email) and AI can architect your next product.
HINT: If you use this method be sure to give the new product to your existing customers. They were there for you - now be there for them. Plus you get great testomonials.
Is AI the answer to all business problems. No. Not even close.
But it can be the answer to the three we discussed.
Let me know if you found this helpful. My newsletter is for you so what you want and need is what matters most.
Just hit reply.
Thanks and have a great weekend!
Charlie