7 Things AI Chatbots Can Already Do to Scale Your Startup
Besides product development and sales, Customer Experience, Engagement, and Satisfaction are three crucial aspects that every startup company owner must consider to be of utmost significance for upscaling his business.
The term Customer Experience (CX) talks about involving target consumers in marketing campaigns and offers to cultivate a brand culture that helps businesses build a memorable brand image in front of the customers.
Customer Engagement refers to the ongoing relationship between a business and its consumer that is not only based on monetary transactions but also loyalty and a significant value add at each interaction provided by the company- that makes the customer more invested in the business.
Lastly, Customer Satisfaction is the overall culmination of Customer Engagement and Customer Experience, which measures how much your customers like your products, and helps in determining whether or not they will be returning for more.
Businesses nowadays take a lot of different initiatives to enhance their overall customer satisfaction statistics. From investing in market research and product development to employing the latest technologies to tend to consumer requirements, companies are venturing towards numerous options for better engagement.
Artificial Intelligence chatbots are steadily gaining popularity for helping businesses interact with potential and existing customers on websites or chat portals. Chatbots can automate the entire business process and give accurate answers to customer queries within seconds, feeding the increasing popularity of AI Chatbots in various industries. Gartner Research showed that in 2020, 85% of customer engagement was handled by AI Chatbots.
Here are seven ways in which AI Chatbots can scale your business today!
How are Chatbots beneficial for businesses?
Artificial Intelligence-powered chatbots have been successfully communicating with customers around the clock as a part of sales, marketing, and support strategies. They also provide automated communication, augmented troubleshooting, and client handling at the primary level for businesses.
A recent study showed that nearly 69% prefer companies to implement more chatbots since they provide instant responses, which has improved their communication strategies by significant percentages in a short period. 64% of internet users admit that having a 24x7 chatbot customer service is very helpful.
Keeping the above statistics in mind, here are some benefits of implementing chatbots that you just cannot miss:
1. 24/7 Customer Support: The best part about implementing chatbots is that customers need not wait for long hours, through weekends, and special holidays, to get a satisfactory response to their queries. AI chatbots provide instant replies around the clock, 365 days.
2. Customer Handling: While it may be difficult for customer support teams to handle a large number of customer queries at the same time, chatbots can do the same with incredible ease. They are equipped to handle thousands of questions simultaneously while maintaining their set response time.
3. Personalization: Chatbot users always have the option of naming their bots, changing the languages for interaction, and adding specific phrases/responses to give their customers a personalized and natural communicating experience. Users can also create bot scripts to engage with customers at various stages of product sales efficiently.
4. Consistency: One thing chatbot users never have to worry about after implementing this technology is the consistency of language used in the chats and problem solving. The chatbots provide similar interactive experiences across all chats/platforms unless customized otherwise.
5. No human intervention necessary: With the help of automation, chatbots can execute sales, troubleshoot problems, and place product orders with zero human support.
7 things chatbots do to scale your business
Besides the benefits mentioned earlier, there are many ways in which AI Chatbots can add value to your business and boost your customer engagement.
1. Reduce Customer Service Costs: AI Chatbots may seem expensive initially. However, if you think about it, they are a long-term investment for the growth of your business, plus they are comparatively more efficient than human customer support. Unlike humans, chatbots do not need weekends and can work 24x7. Chatbots can also be scaled up during peak hours/ special occasions without extra cost. This not only increases lead generation but also builds a consistent rapport with all the customers on behalf of the brand. Besides, by implementing chatbots, businesses can save on recurring costs such as salaries and employee training costs and make unnecessary investments into infrastructure.
2. Easy Customer Onboarding: It is believed that tutorials, how-to blogs, and user manuals provide convenience to the customers' post and pre-purchase of the product. However, this may not always be the case. Customers are often reluctant to browse through the FAQs section and go through wordy articles to troubleshoot or clarify product-related doubts. Instead, they prefer quick and easy interactions with customer support. This is neither time-consuming nor does it require customers to scroll through the website looking for a possible solution for their problem. Due to this, chatbots are a convenient and commonly chosen solution for businesses. Employing chatbots on websites spares companies the added expense of hiring a trained customer service team that can be available 24x7. On the other hand, chatbots can educate customers, troubleshoot, and ease the onboarding process for businesses. They can also direct customers to the information, ask relevant questions and collect answers, and push the customers down the sales funnel by analyzing their overall brand experience.
3. Enhanced Employee Productivity: Customer satisfaction aside, chatbots can also help businesses increase employee productivity. They can take care of repetitive tasks, set up task reminders for employees, and provide accurate data required for further analysis and decision-making. Chatbots are very helpful in handling clerical work, which allows employees to concentrate on creative and complex tasks that are on priority. They assist businesses in streamlining communication and onboarding recruits by automatically saving employee data and uploading application status. They are also equipped to guide the new hires in filling out paperwork, educating them on company policies, and performing many other functions.
4. Customer Data Monitoring: Chatbots are a great option for analyzing customers’ purchasing patterns and consumer behavior. They also help sales teams do market research based on the data they collect from website visitors, allowing businesses to expand their reach and improve their products/services accordingly. Similarly, chatbots also collect customer feedback, which is significant for businesses if they want to grow exponentially and refine their customer experience. AI Chatbots are also programmed to send push notifications about discounts, products, special offers, and more - to keep existing customers constantly updated and engaged and automatically record their customers' reactions.
5. Customer Satisfaction: Customers expect instant replies and fast product-related solutions to their queries. Chatbots are programmed to automatically reply instantaneously with common interactive phrases, which helps engage the customer. By implementing AI Chatbots on websites or customer service platforms, consumers no longer have to wait for human agents to solve their queries. This has improved brand image as well as the retention rate too.
Bots can help in improving customer interactions in 3 different ways:
- Personalized Customer Experience: Implementing a chatbot can be very effective, especially when a personalized, one-on-one touch is required while handling customers. This helps in faster lead generation and enhances their conversion rates. Chatbots can provide customers with real-time responses, which helps businesses increase the retention rate and avoid losing them to competitors.
- Proactive Customer Experience: Proactively interacting with customers and making the customer service experience available around the clock is a significant advantage that chatbots provide to businesses.
- Effective targeting: Chatbots can also send interactive and informative content, graphics, product information, and sales alerts to potential and regular customers to boost engagement.
6. Improving sales and follow-ups: Since AI Chatbots are implemented to automate B2B applications and websites, they can also generate leads and create a sales funnel for businesses, along with collecting valuable consumer data by asking visitors to fill in their details. This data can be sent back to a Customer Relationship Manager Database to be used or analyzed by the sales or marketing team. Due to this, chatbots have been very effective in lead generation and sales conversion. Additionally, chatbots can subtly persuade customers to make well-informed decisions with the help of personalized recommendations and discounts and guide them towards making faster purchases using the template of predefined questions.
7. Prevent Frauds: Besides increasing sales and improving customer experience, chatbots can also provide safety and security to the company’s data and website. They are best at tracking and identifying identity fraud in real time. The chatbots are programmed to flag users trying to commit fraud and execute security checks. Additionally, there may be a risk of a security breach, tweaking, and mishandling customer information while employing human resources for data collection. However, users can rely on chatbots for storing private customer and business data.
Artificial Intelligence and Machine Learning are massively contributing to the steady and rapid growth of businesses of today. With automation taking over customer engagement and other clerical tasks, the workforce is able to make more time for complex tasks that require critical thinking and decision-making in favor of the company.
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