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Revolutionizing Customer Service: 5 Key Benefits of Conversational AI

Conversational AI is an innovative form of artificial intelligence that recognizes and responds to natural human speech. This technology has revolutionized customer service and eCommerce, offering convenience and accessibility to businesses and customers alike. If you’re not already using conversational AI in your business, you’re missing out on the numerous benefits it offers.

One of the most significant advantages of conversational AI is better customer service. With natural language processing, chatbots and virtual assistants can understand human speech accurately, making customer interactions more efficient and personalized. Conversational AI automates simple tasks, freeing up agents to handle more complex issues and gather real-time customer data to improve product or service offerings. Furthermore, conversational AI eliminates language barriers by providing support in multiple languages without the need for bilingual agents.

Conversational AI also enables personalized customer interactions by linking to a Customer Relationship Management (CRM) system. Customer data such as contact details, order history, and past interactions are used to create customer profiles, allowing businesses to personalize conversations and increase customer satisfaction and lifetime value.

In addition, conversational AI helps businesses to scale their support function, handling more customers without sacrificing quality. AI can automate simple customer interactions, freeing up agents to handle more complex queries. This makes it possible for smaller companies to offer the same level of customer service as larger enterprises at a fraction of the cost.

Conversational AI also lowers operational costs by offering 24/7 availability, which is costly to staff for most businesses. AI platforms get smarter over time, reducing the number of staff required to provide customer support and keeping operational costs low.

Lastly, conversational AI enables easy follow-ups with customers by automating the process. This allows businesses to build better relationships with customers, showing them that their experience matters and their business is valued.

In summary, conversational AI is scalable, affordable, and efficient, making it the perfect solution for businesses of all sizes. Whether you’re a small business or a large enterprise, conversational AI can help you improve customer satisfaction and loyalty, setting you up for long-term success.

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Here’s Why Crypto Mortgages Are The Next Big Disruptor

Crypto mortgages are bringing in a new wave of onlookers, wondering if this is the next avenue to securing a home? Well it makes sense, but we’ll see if there’s a catch to it. Say you’ve got $300,000 in crypto currency, this can be leveraged against a mortgage company’s $300,000 cash for a home with no taxes paid because you never cashed out of crypto!

Why crypto mortgages do make sense

When you cash out of crypto you pay huge amounts of taxes, short-term investments get hit harder than long-term investments. The trick here is that the bank will hold your crypto equity as collateral, so it’s like you never cashed out and those taxes are out of the equation of your new home. This is especially helpful for those who are self-employed or a regular trader since qualifying isn’t easy traditionally.

The end all is crypto mortgages allow you to pay off your house without meandering through the traditional process, with large dollar signs sitting in your crypto wallets it makes perfect sense to skip all of that lousy traditional process!

Why crypto mortgages are insane 

Okay really, what’s the risk?

Okay, so the thing is, like everything in the crypto world, crypto mortgages are an amazing idea that can go south for you very quickly.

Let’s say that your $300,000 in crypto tanks and now it’s worth $100,000. Your bank will perform a mortgage call and you’ll either need to put up more equity, refinance your home, or otherwise come up and with the cash. 

And let’s be honest, crypto is very volatile. So, the odds are that this could happen.

It’s a gamble. If everything works perfectly, you disrupt the mortgage industry and get an amazing house without paying taxes. If everything goes poorly, you’ll be back on your Robinhood app trading penny stocks in no time at all.

As you should know, the crypto world is very volatile and can make your life either Heaven or Hell depending on the market. How you could end up losing out on big dollars is, say that $300,000 in your wallet tanks down to $100,000 your bank will either require you to refinance your home, put more equity, or otherwise come up with the cash. The odds of this happening are probable as the market fluctuates consistently, so the gamble is up to you. The pros are getting to disrupt the mortgage industry by securing an amazing home without paying taxes, versus the cons of a major setback in your crypto wallet and the bank leveraging you (they know you’re likely to pay considerable fee and high interest to avoid hefty taxes).

What crypto mortgages mean for tech disrupters 

The larger picture is mortgage is a highly regulated and controlled industry. You’re not going to be getting FNMA mortgages, however the fact that you can get a subprime mortgage with crypto makes crypto continue to take over the conventional mainstream spheres.

So, what industry will be next? Travel and hospitality? Restaurants? Manufacturing? As cryptocurrency continues to tumbleweed in support and reach, it can also spread into any of these other sectors and more. Just as Blockchain technology is changing everything from the Metaverse to legal contracts, crypto can be slotted into any type of equity or asset-based transaction. 

Years ago, crypto fans on Reddit rejoiced when they could suddenly order a pizza through BTC. Being able to buy cars, houses, or even just groceries with crypto doesn’t put crypto closer to adoption, it opens new opportunities more widespread than the eye can meet. It’s not just about building some crypto mobile app anymore. Now it’s about what traditional industry you want to disrupt.

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Startup Financing and the Economy: Is it a VC Drought?

Yes and no. Alright, if you’ve got a mobile app that you want to sell, it’s going to be a lot harder for you. But if you have a truly innovative and courageous product, you’re good to go. Let’s take a real look at what’s happening in startups, the economy, and the VC drought.

What’s a K-Shaped Recession?

The good do better and the bad do worse; that’s capitalism, baby. 

Currently, we’re in what you would call a K-shaped recession, but most people don’t want to talk about that because of the widespread and chaotic implications that might have.

A K-shaped recession is a recession in which the poor get poorer and the rich get richer, in extreme. You’ve already seen it. People who make under $50,000 a year are getting crushed by inflation. But your friends in tech just got like eight raises, didn’t they?

Money is bleeding all over Silicon Valley. But we also know that major companies are axing employees left and right. What are we to make of this strange and, let’s face it, terrifying dichotomy?

The reality is that we’re on the precipice of dramatic digital transformation. Money is coming into digitization and tech, while it’s absolutely bleeding from everywhere else. People are pulling back on spending (including VC funding) because they’re terrified of the upcoming recession. At the same time, the recession is by far hitting the poor, working class more than it is hitting the rich—the rich have only gotten much, much richer.

What Does That Mean for Venture Capital?

A lot of private investors are holding back not because their balance sheets are going south (which they are) but because of psychology. Yes, the market is crashing. But any actual investor understands that the “market crashing” is the time to buy.

But it’s an unprecedented time. This means people can’t really anticipate who is going to do well or who is going to do poorly. Before you load up that Robinhood app, think about how wrong Reddit was about most of their stocks. Any time an individual thinks they can “disrupt” the stock market, well. It’s probably not going to go in the direction they expected. 

It’s not a drought, it’s a dry season. The money is there to invest. The rich are getting richer. So, eventually, the dams are going to break. For now, though, investors are being conservative with their money because they don’t know what direction the water’s going to go. And who’s going to get wiped out.

Getting Funding for Your Startup

VCs are still going to invest in companies. You need to be the best company for their dollar. It’s getting harder to get capital, but that doesn’t make it possible. Don’t ignore the temperature. Address, head on, why VCs want to get on the ground floor with your technology now. Address the fact that the economy means they are getting a fantastic deal on your company that they could never get during more auspicious times. Talk to them about how far their dollar can go right now.

People are still investing. But they’re being rightfully cautious. The K-shaped recovery isn’t pure good for the people on the upper angle of the K; it’s bad for everyone. It builds a shaky economy that could collapse at any time. But it also means the people at the upper angle have more relative wealth to invest than ever.

So, go after those dollars. But be smart. A VC drought means you have to be the best pitch available. 

What Are Blockchain Smart Contracts?
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What Are Blockchain Smart Contracts?

Imagine that you wanted to purchase a car from your neighbor. You open an app and accept a contract. Instantaneously, money is sent to your neighbor and the car is transferred into your possession. Everyone can see that you own the vehicle. Your neighbor doesn’t have to do anything other than send the contract. 

This is the future of the blockchain — the incredible benefits of smart contract technology. But it’s also, like most new technology, potentially dangerous and disruptive.

How is a Smart Contract Created?

Smart contracts are created on a blockchain. They are programmed to exchange a given blockchain’s token (such as wrapped Ethereum) under specific conditions. A smart contract can be sent to anyone, anywhere, if you know their address. This also means that smart contracts can technically be sent to those who have no idea that they’re about to receive them. Driven by blockchain, smart contracts have risen into power alongside crypto and NFTs. Binance, Polymatic, and Solana all support smart contracts.

What Are Smart Contracts Used For?

Smart contracts can send and receive money and record transactions on the blockchain. Essentially, though, that boils down to one thing: smart contracts, given a set of conditions, write to the blockchain. That means smart contracts can be used to validate real-life contracts, exchange goods and services, and complete very fast financial transactions. 

What Are the Benefits and Limitations of Smart Contracts?

Like crypto, the major limitation of smart contracts is that they’re difficult for the average person to understand and they’re difficult to use. More than cryptocurrency, an individual needs detailed tech knowledge to launch a smart contract. But ideally, smart contracts will become more prevalent and easier to use as time passes.

Smart contracts record transactions. But they cannot influence anything outside of their individual blockchain. That means that additional work has to be done to do things like validate real estate transactions or validate car transactions — even if that work is merely acknowledging that the blockchain provides a real record of contracts.

What is the Relationship Between Contracts and the Blockchain?

Smart contracts are built on the blockchain. This provides for triggering events (such as opening a transaction) as well as for recording events (recording them directly on the blockchain). A smart contract is blockchain technology, but blockchain doesn’t necessarily imply smart contracts. NFTs could be called a type of smart contract, as they do convey ownership to an item in exchange for money.

What is the Legality of Smart Contracts?

A contract, legally, is something that two or more parties agree upon. Consequently, no new laws are necessary for a smart contract to be a type of contract; if it is validated that both parties agreed upon a transaction, then both parties agreed upon a transaction. A car can be sold through a smart contract right now, all that would be necessary (which admittedly is a hurdle) is for the law to understand what a smart contract is and how it operates.

That being said, smart contracts aren’t intended to be a legal venue, at least not yet. A lawyer should be involved if smart contracts are used for anything that is more valuable than a car or more obscure than an NFT.

Conclusion

Smart contracts are very disruptive. Presently, someone can borrow money, buy an NFT from themselves, and then send that money back within milliseconds. That may not seem helpful, but people have borrowed millions of dollars to buy their own NFT (in a fraction of a second) thereby boosting the value of their NFTs.

Start to dig deeper and you can see how smart contracts could be disruptive. Because they aren’t regulated (and can’t be regulated) they can give illusions of profitability where there isn’t one. People who work with smart contracts need to be tech-savvy and knowledgeable due to the potential complications and ramifications.

National Cyber Security Awareness Month
Ken Bodine

National Cyber Security Awareness Month

Cyber security is critical to your business. No matter your endeavor, the safety of your data is central to your success and security. At the heart of every business is data – passwords, financial transactions, employee data, and a host of other digital concerns. The protection you extend to this data is critical to your success.

October is National Cyber Security Awareness Month, organized by a joint effort between the U.S. Department of Homeland Security and the National Cyber Security Alliance. This alliance between private industry and the U.S. Government is celebrating its 16th year helping you protect your data.

Take a few moments to explore the issue of cyber security. StaySafeOnline.org coordinates many efforts to protect the digital concerns of individuals, small businesses, and large corporations. Simply put – if you have a computer, you are at risk. Anyone anywhere can be hacked. This group has created an extended list of free tools and resources for everyone to help define their individual risk assessment. Here is a technology checklist for your business’s cyber concerns. Examine your company’s digital resources, to become #CyberAware of your network’s security status.

The National Cyber Security Alliance has listed an extended series of events taking place around the globe during the month of October to discuss various aspects of cyber-security. Some of these events are virtual; others are physical. Take a look at this list to see if there are any events in your area that you may be able to attend.

We often use this space to discuss advertising or tech developments. This week, we felt we’d explore an issue that helps to define our security, our independence, and our freedom in the marketplace. If you cannot specifically define the security status of your system, you may not be aware of the actual nature of your exposure.

The cost of running your own social media
Ken Bodine

The cost of running your own social media

Running your own business is more than a full-time job. If you are like most entrepreneurs, you’re probably already working between 40 to 60+ hours per week handling the day-to-day operations of your company. A huge question that frequently hits the corporate boardroom is “in addition to running my own company, should I also handle my company’s social media?”

First and foremost, we applaud the entrepreneurial spirit. It’s this drive that motivates each business owner to reach for their greatest dreams. Everyone has their own goals and abilities. The drive to “do it all” is often found at the core of success. But everyone has limits on two of their most basic resources – time and ability.

Let’s be frank – You probably would not try to fix your own transmission, perform a medical procedure on yourself or defend yourself in court. If you saw someone else trying to do this, you might be tempted to ask “Is that ego or ability?” The operations of your corporation and managing the corporation’s social media are two separate, full-time jobs. If you can honestly handle both of these corporate tasks, then we tip our hat to both you and your achievements. Not many individuals are able to muster both the time and intellectual resources needed to accomplish this set of tasks. If you cannot perform flawlessly in both arenas simultaneously, it’s only a matter of time before one or both of these two paths will become compromised.

Learning a new skill set, in order to communicate with other professionals, is critical for your growth and survival. However, there’s a huge difference between actually developing a functional skill set and “thinking” that you possess those skills. Understanding the differences between these two positions could be the line between success and failure.

Running a corporate social media mechanism requires time, industry perspective and a refined skill set. The social media manager must possess a social acuity, finesse and the undeniable ability to communicate with others. In most cases, this is NOT a part-time job. Unfortunately, these are not skills you’ll acquire ‘just because you have a Facebook account’.

Corporate owners might consider the actual cost of social media:

  • Do I actually understand what it takes to do the job? The wrong manager will kill a project. It’s that simple. Just because a manager understands some of some of the project parameters, does not guarantee that they possess a broader base of knowledge and experience required to manage the entire project. A solid project manager appreciates when they do not possess the expertise for a given objective. There is a time when knowledgeable experts are needed to facilitate a process or project. 
  • Can I do the job? You need to ask yourself – objectively – “Do I have the ability to dedicate myself full-time to my company’s social media needs?” Can an entrepreneur effectively fulfill the social media needs of their corporation and then spend an additional 60+ hours per week running their company?
  • What is your long-term objective? Do you want to be able to communicate with functioning teams or do you need to be in control of everything? There’s a huge difference between managing teams and trying to micromanage everything and everyone around you. One behavior is healthy. One is not.

A wise choice to consider is hiring a team who can objectively handle your social media needs. Whether this is an internal or an external team is the next question. That answer will be determined by your corporate needs, budget and audience. Knowing the limits of your own skill base is the first step in defining both your corporation and its social footprint.

Colure Media is a New York based advertising and marketing agency. We can help your corporation gain exposure and increase revenue. If you are interested in exploring various social media possibilities for your corporation, Contact us now.

Protect your brand identity
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Protect your brand identity

Your brand is the most important asset your corporation possesses. More than money, more than real estate, more than anything – if your consumers cannot identify, define, or respect you, you are dead in the water. Protecting that brand is critical to every interface your organization faces. A brand defines your values, creates an emotional bond between yourself and your customer, and it is the anchor upon which you stand every single moment.

A plethora of voices

Anyone can jump on social media to criticize your products and brand. They can write a blog posting that ranks higher in Google’s search results than you’d like. Control has left the hands of the marketer. The issue is multiplied in the service industry, where review sites like Yelp, TripAdvisor and Angie’s List – all designed to improve customer experience – can seriously threaten your brand’s credibility and identity.

The consumer has a direct voice to connect quality to value. Now branding efforts must address both macro and micromanagement strategies. Companies must be responsive to individual voices of dissatisfied consumers while focusing resources toward broader quality efforts and branding.

This is the price of doing business. Rightfully so, consumers can now put their mouth where their money is. The business community must do the same.

What can you do?

Successful companies leverage positive reviews into word-of-mouth advertising. This remains the single most effective type of advertising today.

If your company is being battered with negative reviews, what can you do? Here are a few ideas to start:

  • Find them. Use focused social media searches to discover what consumers are saying about your company. 
  • Respond diligently. Once you’ve found complaints, don’t just dismiss them. These reviews are actively read by consumers. Consumers are often more likely to embrace a review than an advertisement.  Respond to the feedback openly and solve the issue. Deal with it.
  • Improve. Don’t just make empty promises. Empty lip-service is the worst response you can provide to a complaint. If you have an issue, deal with it. If you get called on the carpet because of poor service – deal with it. If the customer is upset – deal with it. Don’t dismiss the complaint, resolve the issue. Even if it costs you a few dollars and a bit of time – solve the problem. At this point, damage from the mismanagement of a complaint only escalates.
  • Grow from your mistakes. Learn what the consumer wants. It’s that simple.
  • Take feedback. Make this an opportunity to improve your brand – your customers will thank you for it.

Contact Colure’s marketing team. Discover the art of crisis management. Learn from a team that can help you properly manage your corporate image.

Colure Media is New York based branding advertising and Social Media marketing agency. We offers comprehensive strategies and solutions to help businesses create impactful campaigns, increase brand visibility, and drive targeted online traffic. If you are interested for improve your brand awareness, Contact us now.

What is a mobile application “cost per install”?
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What is a mobile application “cost per install”?

Mobile apps are a critical component of our everyday lives. They affect our interaction with almost everything and everyone. Our actions often revolve around some type of mobile application. As companies maneuver to create new apps, they have to decide what is the most cost-efficient manner to market their application.

One question that surfaces is “which is the best way to measure the client acquisition and marketing costs for our mobile application?” One of such method of measurement called “Cost Per Install” (CPI).

The Cost Per Install model measures the net cost to the application developer for each download of their application to a single user. In other words – how much does it cost to deliver a single copy of an application to a single consumer. Media companies such as Facebook and Twitter, for example, might advertise your shiny, new, mobile app on their high traffic sites and garner countless numbers of clicks and impressions. With CPI, your advertising budget pays only when a user actually downloads and installs the application – not for the volume of click traffic on your advertisement (or Cost Per Click – CPC). Therefore, the more installs the advertisers gain for your app, the net cost per download to the application developer is reduced, thus creating greater profits. By using this method, it guarantees that you, as a client, pay for only as much as your campaign is actually producing. The downside is that your user loyalty or activeness volume is not accurately documented. This measurement is calculated through Cost Per Loyal User (CPLU).

In late 2015, Twitter introduced Cost Per Install as part of two models for clients to advertise on their platform for mobile downloads. According to their beta partners, the CPI model presents the highest cost efficiency – lowering the cost for advertising by nearly 30% compared to its previous model of Cost Per Click (CPC).

According to Fiksu’s Cost Per Install (CPI)Index for November 2015, it measures the cost per app install due directly to its advertising to cost approximately $1.54 for iOS acquired users and $2.27 for Android acquired users.

As business owners, ideal conditions would call for acquiring the highest amount of quality users with expenses that would maximize their Return on Investment (ROI).

At Colure Media, a mobile app marketing firm based in New York City, we structure advertising campaigns that would guarantee downloads, lowering your cost per install and increasing your mobile app users. Contact our campaign advisors to discuss your operating costs for your next project.

Top 4 Tech Shows in NYC for 2018
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Top 4 Tech Shows in NYC for 2018

New York City is a massive hub for the technology and marketing industries. The Big Apple is the natural gathering spot for some of the biggest tech industry shows and conferences. 2018 is bound to be another exciting year for the digital advertising industry. Here are the shows you don’t want to miss this year:

Top 4 Tech Shows in NYC for 2018:

  • Industry Preview — January 17-18. Two days focused on what to expect in the next 12 months in marketing technology. Industry Preview prepares digital marketing professionals for marketing technology in 2018. Located at the Grand Hyatt at 109 E. 42nd St.
  • Digital Strategy Innovation Summit —February 27-28. This conference focuses on digital marketing strategies features senior executives from companies ahead of the curve in technology and marketing. Attendees will learn about optimizing digital platforms for businesses and using digital strategies to build trust with consumers. You’ll find yourself surrounded by the sights and sounds of the city at the New York Marriot Marquis.
  • Social Media Week — April 24-27. You won’t want to miss this week chock full of education and networking. Social Media Week celebrates its 10th annual conference and will cover everything from content marketing to data and analytics. Get up to date on the latest social media trends and learn to use them to benefit your business. To mark the occasion, organizers Crowdcentric Media, are launching a new global edition of the conference at The Sheraton Hotel.
  • New York Business Expo & Conference — Coming November 2018. This annual business conference is the only one-day event of its kind geared toward small businesses. Attendees will have the opportunity to network with other small business owners and gain in-depth training and knowledge. Education and teaching will focus on sales, marketing, financing, social media strategies, and businesses startup and growth.

Whether you’re looking for an overview of the top digital marketing trends or an in-depth education on SEO, New York City is the place to find it. These top conferences offer an excellent way to learn from the best in the industry and connect with our professionals in marketing and technology.

Study confirms Americans’ Internet usage headed toward market saturation
Ken Bodine

Study confirms Americans’ Internet usage headed toward market saturation

The Pew Research Institute has released an analysis of Americans’ internet usage spanning the past 15 years. The study shows our collective internet use pointing toward an end goal of total market saturation. As Pew looked across all demographics lines, they saw two key points:

  • All groups were steadily increasing the level of internet integration into their lives.
  • The rate of increase varied between groups.

Starting in 2000, Pew conducted 97 studies examining how American adults use the internet in various facets of their lives. Amongst the data, four key data points displayed usage within certain communities:

  • Age: Young adults showed the highest level of usage, but senior citizens demonstrated the highest rate of growth for usage within their age group.
  • Education: Adults who are college educated are more apt to use the internet. However, those with less than a high school diploma have shown a steady increase in usage.
  • Financial: Family households with a yearly income above $75,000 reflect a 96% usage rate. Families with annual incomes below $30,000 reflect a dramatically lower usage rate, but that number is steadily increasing with the use of smartphones.
  • Ethnic: English-speaking Asian-Americans reflect the highest usage by ethnicity. All other ethnicities reported lower rates, but all showed proportionally consistent growth.

During the life of this study, Americans have consistently demonstrated a demand to integrate the internet into their lives. If consumer trends continue, we should see this trend of internet access entering more corners of our lives.

THREE NYC TECH CONFERENCES TO ATTEND IN 2015
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THREE NYC TECH CONFERENCES TO ATTEND IN 2015

New York City hosts some of the most incredible high-tech trade shows each year. 2015 is no different! If communications and media are your trade, we have the inside track. Here are a few trade shows in New York City custom-fit for advertising and multimedia professionals:

Three outstanding tech shows in NYC for 2015:
  • New York Business Expo and Conference – October 27. This exposition creates a platform for business owners and industry insiders to come together and network. It will be taking place at the Javits Center. The conference is intended to be a place where ideas are shared, connections are made and relationships are built. All organizations, from Fortune 500 companies to startups should attend, in order to experience the networking opportunities and business education from accomplished professionals.
  • Ad:tech New York – November 4-5. This is an integrated conference that unites the marketing, technology and media communities. They explore opportunities and address key problems in the related industries. This convention will be held on at the Javits Center. It provides industry professionals with a sneak peek at both new technologies and new directions that industries are moving toward. Ad:tech provides a place to connect, learn and integrate different industries with prominent technologies.
  • Content & Communication World – November 11 and 12. This conference is designed for those interested in media, entertainment and communications technologies. CCW’s 2015 conference will take place at the Javits Convention Center. Topics discussed at CCW include problems and solutions with content management and creation, as well as new and revolutionary technologies in the market. With big-name sponsors like Sony, Cisco and Canon amongst others, it’s no secret that CCW is a great trade show to attend if your interest lies in media, entertainment and communications technology.

Trade shows are excellent places for small businesses, entrepreneurs and enthusiasts to grow professionally. Discover the power of networking and form relationships that will assist in the growth of your company. Seek what interests you – most likely there’s a trade show or conference that caters to your interests. Stimulate your mind and your resume. Come to the Big Apple and take a bite of out of the latest tech shows on earth!