Do Chatbots Really Help Businesses In Increasing Their Sales?
The sales funnel of your business defines the process through which every potential customer has to live through while making a buying decision. While a major chunk of this process still remains traditional, the remaining minor part is progressively driven by automation technology. Not to forget, this minor part plays a major role in bringing business and increasing sales number for every company. For this, chatbot automation has been playing a phenomenal role in driving the entire process. It makes your business available to grow revenue.
Rule #1: Before building the sales pitch, build trust
Chat services that are directly available on a company’s website are more likely to be trusted than those on company social media profiles. Therefore, first, allow a potential customer to interact with your business and product through a website chatbot. This way, they will have an upper hand at initiating an open-ended loop. Later if they show an intent to make a purchase, follow up with them on social media to close that loop.
Starbucks, Spotify, The Wall Street Journal, Pizza Hut, Mastercard, Lyft, Whole Foods, Sephora, and many more successful businesses are selling through their business chatbot. Moreover, we know for a fact that 30,000 business bots are already functional on Messenger!
47% customers are believed to complete buying processes through a chatbot. This is entirely based on the fact that chatbots are available 24/7 and are well-informed, pretty smart customer agents. They keep customers engaged, involved and interested by helping them move from step 1 to step N and buy your products online without dropping off. Plus, customers like to deal with businesses that know what they want. For this, they would willingly submit survey responses and share their interests to receive a personalised experience. Who doesn’t like being pampered?
Let’s approach this discussion from a customer’s perspective because they are the ones who bring business to your company. Data will tell us about the factors that prompt a customer to choose or leave a particular brand, depending upon the situation created by the brand.
Rule #2: Understand customer behaviour and list down the reasons why they behave the way they do
Top reasons for customers to abandon a brand
- 63% of loyal customers say they would pick a competing brand if the product selection or quality changes.
- 84% customers get frustrated when the salesperson puts up a show with lack of information.
- Lack of convenience – long waiting time, poor experience, ineffective innovation – why would any customer want to stay?
If we talk about chatbots, they are smart. They are built with intelligence, constantly trained to understand context, sentiment, emotion, intent, and everything possibly human. Therefore, they understand customer needs and ensure that they provide the correct, to-the-point information. They share product notifications as per customer choice and priority. They are easy to train and are super fast. Hence, no long queues or disturbing royalty free IVR music.
The world is digital, it has completely gone online now. Customers are beginning to believe in a personalised experience and expect it every time they interact with business products. They also believe that technology will only enhance this experience if they are able to assess brands and products online.
Top reasons for customers to choose a brand
- 55.3% customers try and stick with a product because they really like it.
- 91% of 18 to 34 year-olds trust online reviews as much as they trust personal recommendations.
- 3 out of 4 customers pick a brand if they like the customer support.
From the first point, we can figure out that you have to make use of technology to ensure that your business is up-to-date. This is because no customer would like an outdated, out of fashion product. That’s a given. Second point suggests that you have to be really out there, anywhere and everywhere where your customers can be, to show how reliable and effective your product is. How is that possible? Again, via technology.
Third and last point, customer support is the backbone of any business. The other day I was having this conversation with a friend about the customer support team of American Express. Just a prenote, he is not someone whom you can easily impress. I was dumbfounded when he began to appreciate the AmEx customer support team. He literally said, “I simply love AmEx customer support. It feels so good to talk to them. They are quick, smart and witty. They make you feel important and it’s wonderful to have a conversation with them” – another proof of the fact that building connection is important.
Rule #3: Let the numbers talk
77% of customers would recommend a brand to their friends if they really really like it. If you have 100 customers out of which 77 are true and loyal to your brand, the minimum number of people each of them would bring in is 1. This means 77% easy increase in customer base, and this is the bare minimum!
You can now easily calculate the increase in your business sales when you offer the best product at the best price. This is possible when a customer experiences newness in a brand as long as there’s consistency. All you have to do is to understand your customer and provide lightning fast customer support and this is possible when you integrate your business website, social media channels and business messaging apps with a chatbot.
A quick look at the worldwide rate of customer interaction with chatbots.
Yes, chatbots help businesses in increasing their sales.
- You’d never have to remind a chatbot to follow up with a customer who comes to your website with the intention to buy your products.
- Any time a customer visits your website, the chatbot would be there to assist them throughout without taking any breaks.
- Your chatbot will remember the business process, never forget the recent changes and additions, and train itself every time you add new features.
- You will be able to ensure real-time lead management since chatbot and CRM integration is extremely easy and efficient. CRM interactions will become faster and smarter.
- You can build a chatbot that is 24/7 aware and ready to take action and grow your business.
- Customer data will be available to you anytime, anywhere. It would just be a click away for you to access it.
Now that people and businesses are becoming aware of increasing sales through chatbot automation, more and more organisations are showing interest and believing in it. Businesses are tapping into this opportunity to become a brand for their customers. The technology is going to improve manifold and the user-base is, therefore, going to increase. The idea behind introducing this facility is to transfer the initial multiple sales processes to technology so that humans can handle bigger, more complex sales and marketing processes. Think about it. It’s magnificent and exciting.
To know more, visit us at Engati.
Read our blog on Chatbot Intelligence – Intent & Entity
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