If you are a business owner or manager, then you are most likely looking to increase customer engagement within your business. Which can be challenging with some customers having questions or making requests at odd hours of the day. Because of this, chatbots can assist in providing consistent customer retention. When your sales team is unavailable or unable to handle all the customer requests at once.
The benefit of using a chatbot over an actual human customer service agent can lead to increased customer retention. And revenue over time through faster response times, increased engagement, and new customer acquisitions. Here are some examples of why you should use a chatbot in your business today!
Why companies should invest in Chatbots
Research says that on average, people expect companies to reply in 3 minutes. With Chatbots, it is possible for your customers to talk with an automated virtual assistant. As if they were talking with an actual employee of your company, with no more waiting time.
Chatbots are designed specifically to deal with repetitive questions over time. So you will be able to answer most of your client’s questions in seconds. This also increases customer satisfaction and loyalty, because they don’t have to wait any longer than necessary.
Chatbots provide personalized answers based on previous conversations. This means that every interaction with a new client will be relevant and useful. Instead of generic replies which are not tailored to their needs. Because of all these benefits, businesses who use Chatbots experience 20% more conversions from leads into paying clients!
Also, according to a recent study by VentureBeat, 77 percent of surveyed executives said their companies have plans to integrate artificial intelligence (AI) into their products or services within the next 12 months. It seems like everyone wants to integrate AI technology into their business processes. And Chatbots might just be one of the easiest ways to do it!
So what does AI mean for you? The future holds exciting opportunities in store when it comes to improving sales strategies. And creating better connections between businesses and customers.
Which industries are having more impact from Chatbots?
Chatbots are becoming increasingly popular in various industries, not just FinTech. Online travel agents have been using Chatbots for a long time now, as have telecoms. However, there is plenty of space for other industries too; real estate, fashion retail, or even health services could benefit from using Chatbots in their marketing.
It all depends on whether you think your customers would find such an interface useful in increasing engagement or not. If they do, it’s worth exploring further. If they don’t, then it’s probably best to leave them alone! What makes a good chatbot?
A good Chatbot should be able to answer questions about your products and services quickly and accurately. But also provide information that isn’t readily available elsewhere. For example, if you sell clothes online, one of your Chatbots might help with sizing queries.
This information will be more helpful than simply saying Sizes start at XXS because that doesn’t really help anyone who isn’t sure what size they need. The aim of your Chatbot should be to give people exactly what they want when they want it – no more, no less. That way, you’ll keep them coming back for more.
Who can benefit from Chatbots?
A chatbot’s potential is almost boundless: Companies can use them in customer service, internal communications, analytics, automation, research, and marketing. In fact, Chatbots are becoming so effective that they might even surpass humans at their own jobs.
They need little or no sleep. They do not complain or ask for money or vacation time. And they will never be able to go on strike —at least not until someone creates an artificially intelligent union leader.
What do the customers want from Chatbots?
The customers or users of Chatbots have their expectations set by existing applications. Their expectations are based on what they are currently using. For example, if they use WhatsApp, then they have WhatsApp-like expectations.
If their experience is not good, then they may be skeptical about using chatbots at all. For example, if there is no privacy of messages or even if there are delayed replies, then they will lose trust in chatbots as well as in other applications that utilize messaging platforms. This is why it’s important for developers to consider these things while building chatbots.
Final Thought
Chatbots are here to stay and have numerous applications in industries like hospitality, travel, healthcare, and banking. At their heart, they are powered by Natural Language Processing (NLP) technologies that are getting more advanced by leaps & bounds every day.
Businesses will be able to use them as an effective channel for communication with customers and prospects. It’s just a matter of time before we see companies adopting them at scale!
