Can AI help you better understand your customer?

The lifeblood of your business is customers.

You need them more than they need you. Every business needs customers and in this video, Brett and Michael dig deeper into how AI can help you find and retain more customers.

Video Transcript

Brett St Clair
Welcome to! I am amped this morning, we’re dealing with a really important question, which is, can AI help you understand your customer better? incredibly important, right, Mike?

Michael Cowen
It is. I thought you were gonna get me to us the question you’re posing now, I was like, What do you want? Right? But generally, the only question that we have to be asking and the reason why you don’t want cash flow, we only the cash flow, cash flow comes from customers. And you know what the interesting thing is Brett, sales is the one subject you cannot get a degree in. And it probably is one of the most important functions of a business. Without customers you have nothing.

Brett St Clair
That’s why I don’t have a degree Mike. I’ve had to learn myself how to do sales.

Michael Cowen
Yeah. We were quite good at it. I mean, we doing okay in terms of the sales thing, but the question that Brett, can AI help drive customers, grow customers, find customers, retain customers? No brainer.

Brett St Clair
I mean, it is important, right? I always a question that whole understanding of customer, you know, and I think we don’t realise what assets we actually sit on in our business, the amount of nation information, what type of customer buys, what type of stuff? How often do they buy it? We tend to leave that to gut and intuition and our businesses. But it’s all there. The data is there for us to be able to figure this out more consistently.

Michael Cowen
Correct. And Brett. I do think that gets an intuition is really important. I mean, I look at how when we go into a sales process, how intuitive that process is, here. But I think when we look at the idea of how do we actually grow customers and we’ve gone into this digital world and understanding your core target profile, and and understanding who that customer is, and start doing predictive analysis, doing segmentation modelling. Because what data allows you to do, ultimately, Brett is get down to a customer of one and target that individual in virtual real time. When you add AI on top of that it’s just super juice man rocket to the moon.

Brett St Clair
I think it does one step more than that. And then when you add AI, it’s adding that constant repeatability. It makes it more predictable. Right, you can do this again and again and again and again and keep finding more customers. I think that’s often what we miss in ourselves cycle is we can make, you know, the first 10% of our business is flying. But how do you do this across millions of customers? And again, I think AI is an incredibly important role in getting that consistency, right.

Michael Cowen
Absolutely. I quite agree. And certainly, Brett when I think about this world of digital marketing, and actually expanding out across those million customers and actually reaching out to them because you know what, you only got 24 hours In a day, we can pack those 24 hours as full as we want. But that AI can compress that time into exponentialism there. And time becomes an exponential solution where you can really acquire customers at scale. So I think it’s exciting. I think it’s really quite dynamic. And you can really understand who your customer is, what they’re looking for, and how to solve those problems. Because just as important as acquiring those customers, retaining those customers, and I think a lot, a lot of large businesses are probably struggling on the retain, as opposed to the acquire small businesses or medium sized businesses possibly more on the acquire, as opposed to – well, probably a bit of both. But really, yeah, it comes down to that. So it definitely does. Sorry, Brett.

Brett St Clair
No, no worries. I was just gonna say on that new word, you just invented exponentialism. And I think it’s time for us to answer the next question. We’ll catch you guys later. Later,

Michael Cowen
Cheers man.

Brett St Clair

Michael Cowen
That was good. That was much,

much better. Yeah,

Brett St Clair
we even just mix it apart and double doubled or who cares where it goes. You can have a proper conversation. I prefer that.

Michael Cowen

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Michael Cowen

Michael Cowen

Michael Cowen is the CEO of WTF and co-host on the ThinkWTF Podcast. I focus on helping business build systems to respond to exponential change and thrive. You can book my keynotes on WTF Keynotes

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