Are chatbots adding any real value to businesses?
If you were to ask this question to a business person a decade ago, you would have witnessed a look of surprise and confusion. But today, ask anyone about their experience with a well-built professional chatbot and you’ll see a smile travel from one side of the face to the other. That’s the exact kind of an impact that chatbots are creating for businesses. To name a few biggies, Nitro Cafe, Coca Cola, Marriott, among others are receiving huge returns with the help of their chatbots. So, what all are the industries in which chatbots are winning? Or shall I ask, which industries are winning with chatbots and AI?
Businesses winning with chatbots and AI
E-Commerce and Online Marketing
Conversational chatbots are allowing e-commerce and online marketing businesses to talk to their customers even after they have left the platform. Traditionally, it wasn’t really possible to track user data and engage them the way they want. But now with the coming of chatbot technology, times are changing and they are changing fast.
We’re looking at chatbots as a better substitute for emails, and why not? Chatbots have higher open rates and click through rates, all while receiving a much better response rate than email marketing campaigns. So, there’s no doubt that chatbots are better at pushing leads towards the bottom of the sales funnel so that they convert faster.
Further, chatbots can easily replace the manual process of lead segregation. Bots already have the information about the lead so they can make interactive and personalised conversations. Separating leads to different parts of the funnel will help in expediting conversions.
Moreover, more than customer management businesses must focus on relationship management. Through the medium of chatbots businesses can keep a record of customer-chatbot conversations and focus on improving these interactions over time.
According to a report by McKinsey, businesses save as much as 30% on customer support costs by deploying AI bots instead of employing an entire customer support team. With your own business chatbot, you can-
- Initiate smart conversations with your customers and hook them right at the beginning
- Create customer journeys to create a personalised story around each individual customer
- Retain customers for long and keep a timely check on their needs and requirements
Your chatbot would be your help desk for customer support at providing solutions. You can even upload all your FAQs along with suitable answers to make sure that the chatbot is 24X7 responsive.
HR & Recruitment
Chatbots have an interesting role to play in recruitment and human resource management. They don’t only contribute towards reducing costs greatly but improving employee engagement as well. Especially at a time where most of the HR systems are outdated, slow and mechanical chatbots are now evolving as the most advanced HR tools that can manage the entire employee lifecycle – Recruitment, Pre-Screening, On-Boarding, Training & Development and Retirement.
Here’s what the HR and Recruitment chatbot will manage-
- Personal employee information
- Update personal information
- Process requests from HR
- Company FAQs
- Feedback & reviews
Hence, chatbots can automate and manage the entire employee lifecycle.
What do you need a personal assistant for?
- Entertaining requests
- Doing background research work
- Managing the initial level conversations with clients or candidates
- Remembering names and marking dates that you often tend to forget
Basically, all the manual work that you avoid doing because you’d rather focus on your thoughts, ideas, creativity and decision making. What else other than chatbots to takeover your manual tasks and allowing you the creative freedom to make better decisions for the future?
Stories, interactions, rich messages and continuous support are what make chatbots addictive for customers. As a result, you must focus on chatbot training and for that, you need to ensure that you are up-to-date with what’s latest in the industry. If you as a business don’t invest in chatbot technology, training and improvement then you must brace yourself and see your loyal customers departing from you and going towards a competition. I am sure that’s not something you want or look forward to.
So, if you are trying your hand in chatbot building or are new in the industry then don’t away from signing up with Engati. We will help you schedule a free demo where you will discover how easy it is to build your own business chatbot. However, if you require further assistance then we’ll let our in-house team help you with it.
Also, read our blog on chatbots in banking