Published on January 17th, 2019 | by Guest0
5 Reasons for Your Company to Focus on Chatbots
The digital and more connected future is a nowadays reality. New technologies and developments make our lives and business more automated. Smart homes, smartphones, digital personal assistants, etc. All the innovations are bound to ease some aspects of our everydayness and increase the productivity giving a chance to focus on the other more crucial things.
The smarter business is, the higher consumers’ expectations are. We live in the on-demand world. People count on the support in real time and expect fast results; otherwise, they feel frustrated. It’s the very reason to stay tuned and be aware of the new technologies that can provide the experience the users look for. One of such improvements is chatbots implemented into your business.
Due to the State of Chatbots Report 2018 created thanks to the collaboration of Drift, Salesforce, SurveyMonkey Audience, myclever, we can analyze the common expectations as well as frustrations of the customers. Let’s start with the research showed what was the most annoying for the users of online services:
- 34% of respondents reported about the difficulties to navigate the website;
- 31% of customers informed about no opportunity to find the answer to simple questions;
- Problems with finding basic details like address, phone number, hours of operations were pointed out by 28% of consumers.
In that survey we’ve also found out that the following benefits from chatbots are expected to get most of all:
- 64% of users wait for the ability to get 24/7 service;
- 55% of consumers count on getting instant responses to inquiries;
- Another 55% of the customers want to get immediate answers to simple questions.
Here we are to shed some light on what is chatbots, how the technology influences on your business and what profit it can bring to you.
What is Chatbot?
To see the benefit of chatbots, you’d know about the technology a little bit more. So, plainly, it’s a software that is developed to interact with a person simulating the natural conversation and is created to solve various problems and administrative tasks, sales, FAQs, etc. There are 2 (two) types of chatbots:
- Command-based bots have a database of answers, heuristics, and functions. They have a limited number of replies, require specific formulations to understand the question and match the context to give you an answer; can’t create new texts.
- AI-based chatbots can do much more than just automate tasks. They become smarter with time, remember and learn from previous questions and answers, understand ambiguous queries, can personalize the user experience, can upsell services/products strategically.
Anyway, both kinds have their pros and cons. Thus, command-based bots give more reliable and grammatically correct replies, but only if they are in the database. When it comes to AI bots, their undeniable advantage is that they can learn and struggle to create longer sentences.
Top 5 Reasons Why Your Business Needs a Chatbot
E-Learning, day-to-day life, business, etc. Chatbots are used in lots of areas today. And it’s obvious that technology will be developed and it’ll impact both businesses and users. Nowadays the chatbots are mostly used in the sphere of customer service, but there are lots of innovative ways to implement the technology further.
Herewith, it’s expected that in the near future the chatbots will be a common thing to find at every brand like phone numbers, feedback form or email. With increasingly intelligent AIs, chatbots can take a lot of tasks of human assistance. If you still hesitate if you need the technology, then check our top 5 reasons why you should implement a chatbot to your business.
As we’ve mentioned above in the article, more than half of the participants of the search expect to have the customer service available 24/7 by means of the chatbots. And that’s the reality – the technology will provide your consumers with around the clock and the whole week long access to you.
Such an opportunity comes at a high cost for the business usually, but not in the case, because it doesn’t require any extra pays. Besides thanks to the improvements in the AI and NLP (Natural Language Processing), the bots can understand as formal so casual dialogue, slang, even emojis as well as punctuation. Hence, your customers will feel friendly and comfortable, getting all the info fast.
Automation of Routine Tasks
Every business has some repetitive tasks, that are to be done by your employees on a daily basis and at the right time, for example. Using various slack chatbots, for instance, you can automate the process and in such a way to save the time of your staff across all your departments and increase their productivity.
Accepting payments, placing orders, responding the FAQs, invoicing, requesting information, bringing queries results, and lots of other routing and time-consuming, but essential, work can be done by chatbots. Therefore, your employees can focus on revenue-generating activities.
More Personalized Experience
The better you know your target audience, the better service/product you provide for them. It’s a way to increase your revenue. That’s one of the fundamental rules to build a successful business. And that’s what chatbots can provide you with.
The chatbots are developed to interact with your consumers as well as remember previous conversations, collect and analyze the information about their likes and preferences. That helps you to understand the wishes and needs of your target audience better. Herewith, due to the data, you can plan more personalized services and products specifications for your clients.
Better Lead Generation and Nurturing
E-commerce sales are increased impressively thanks to the chatbots. If we’re talking about the lead generation, then such AI technologies are more effective than current B2B marketing methods. The figures speak volume, checking the reports of Marketing Profs, we’ve found that the businesses with the solution implemented noticed:
- 52% higher conversion;
- 54% more engagement as well as traffic;
- 58% raised revenue;
- 59% better close rates for sales.
It’s not a secret that the lead nurturing plays a critical role in marketing too because the key to success is to send the right offer/info/follow-up sequence at the right time. The advantage of the chatbots is that they don’t forget to send email/message, saying nothing about they respond really quickly. All that makes them the best solution for nurturing leads and retaining customers.
Believing the research of the USA market, 59% of people preferred to get the promos and coupons by means of a chatbot. Due to the same report, the technology showed the customer retention of 40-60% averagely after the month of using chatbots that won over the apps with 20-40% only. That is an excellent example that the chatbots are right choice for your business.
Monitoring Consumer Data and Gaining Insights
Gathering information about the target audience is an essential task that becomes simple by means of using chatbots. Anyway, today enterprises generate tremendous volume of data, even bigger than they can handle.
Because of lots of consumers as well as processes and employees involved, the crucial information can get lost. Even though you have a single base to store all the data, it’s a challenge to analyze it accurately.
The chatbots can be your way out here as well. Thus, using the solution you can receive the answers needed by making a chatbot to flick through the base and insights about your customers, sales, employees, etc. and even get the conclusions from your data, without a need to analyze it by yourself. Also, the technology can help you to eliminate the potential risks by revealing the problem areas of your business that must be improved.
Chatbots for Business: Concluding Observations
We’ve mentioned a range of benefits you can get by implementing the chatbots in your business. The main advantage of the solution is that the bots can save money, work 24/7, increase your revenue, analyze gathered data and improve your products/service. What’s more, developing technologies as NLP, AI and ML (Machine Learning) make the chatbots more and more intelligent expanding the areas they can be used. No extra pays and pure profit is what the solution promise to you.
About the authors:
DDI Development company brings a unique combination of e-business experience and solid technical proficiency to provide high-quality web and mobile digital solutions in a friendly and creative way. We help businesses achieve their goals by offering professional services. Our expertise spans into several industries including e-commerce, CRMs, e-learning platforms, recruitment and financial systems, etc. Our experienced team has delivered 150+ completed projects.