Historically, mid-sized companies have had a difficult time grabbing a larger part of the market share from large competitors. However, advancements in technology have helped both small- and mid-sized companies better compete with large businesses. No longer is a large budget required to stay ahead in the market. These three emerging technologies are helping mid-size businesses grab a larger share of the market.
1. Augmented Reality Marketing
Augmented reality (AR) marketing offers so much potential for mid-size companies. It allows you to overlay digital information over a customer’s reality. Businesses that sell products, for example, can use AR to allow customers to see what their product will look like in their home.
AR doesn’t have to be costly or complicated either. It can be as simple as using the free Snapchat Lens Studio. For custom implementation, mid-size businesses can hire AR developers or marketing firms.
2. Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine learning are often used side-by-side to help mid-size businesses get an edge on the competition. Today’s consumers want a personalized experience, and AI can help companies achieve this goal.
An AI-enabled email marketing platform can help businesses determine the best times to send messages, engage in A/B testing for headlines, automate content, and even improve personalization.
Machine learning can be used to improve online advertising campaigns by streamlining spending and results.
Mid-size businesses are also using AI and machine learning to improve the customer experience. Chatbots can provide answers to customer inquiries 24/7 and cut down on the number of inquiries and emails businesses receive.
Going beyond marketing and customer service, these technologies can also be used to help companies make smarter business decisions. AI can be used to better manage company warehouses while suggesting smarter shipping options and inventory improvements. It can also be used to streamline the project management process to ensure that projects are completed on time and budget.
With the help of the right IT consulting firm, mid-size companies can leverage the power of AI and machine learning to grab a larger share of the market.
3. Robotic Process Automation
Many mid-size companies can also benefit from robotic process automation. Automation is best suited for repeatable tasks in predictable environments. From operating machines to picking products off a line and pipetting chemical, robotics can save time and improve efficiency.
This technology can be used in a variety of industries, from manufacturing to construction, agriculture and laboratory settings.
To make the most of robotic process automation, businesses need to partner with firms that have experts in the technology. Firms that can help mid-size companies develop an innovation strategy and offer the help of C-level experts that will help them achieve their goals.