With the rising customer demand for self-service and thrilling technology advancement… chatbots have become a driving force for business communication. If you’re not capitalizing on it yet, you’re missing out! One of the significant chatbot benefits and reasons successful businesses are using bots is that it saves them tons of money and time. To put that in perspective, the global chatbot market is projected to hike from 2.6 billion in 2019 to $9.4 billion by 2024. It’s estimated to result in $8 billion cost savings for businesses by 2022. Even better, it’s projected to save 2.5 billion hours for businesses.
With numbers like these, chatbot benefits are clear. To be honest, every business should capitalize on it. Running a business requires you to be productive so your profits are high and your overhead is low. This means using all the tools you can to make it happen. Artificial Intelligence is something you can benefit immensely from. The AI, in this case, being chatbots. If you still need more convincing, we have listed the main reasons successful businesses are using this technology.
1. 24/7 Automated Customer Support
Most businesses do have 27/7 customer support services. The problem with this is that they need massive teams so that employees can be available to customers day and night. Even with such human resources, though, customers may have to wait on hold or representatives to answer emails at one point. The problem with this is that the human attention span is decreasing by the year. Being able to give people immediate answers through chatbots is indispensable. One of the most significant chatbot benefits is that they offer help 24/7 without fail and are available. A majority of businesses view customer experience as a competitive differentiator.
Having excellent customer service will have a good impact on your business. Some of the incredible benefits of chatbots include directing customers. Directing customers to credible answers that offer the help needed, that is! This leads to increased customer satisfaction and support ticket deflection. You can incorporate your business FAQs and answers with the bot. It’ll learn how to answer similar questions with real helpful answers in the future. Additionally, chatbots make approaching international markets much more comfortable. With multi-lingual bots, you don’t have to consider hiring many customer representatives to open up language barriers.
2. Better Nurturing and Lead Generation
Nowadays, most businesses are operating on omnichannel models. This means they sell across many channels, such as websites and social media platforms. With AI chatbots, it’ll be easier for you to engage your customers with personalized messages through their customer journey. It’ll be easier to guide them and make recommendations that help them make the right choices. One great benefit of chatbots is that they lead customers in the right direction, which leads to lead generation. There are two different ways chatbots can increase your revenue. These include better lead nurturing and better lead qualification. If customers get personalized recommendations, discounts, and offers… there’s always a better chance of a conversion.
3. Save on Customer Service Costs
One of the significant benefits of chatbots is the fact that they cut down operational costs. If you were to implement a fully-functional and advanced chatbot… it would be cheaper compared to hiring human resources. One customer representative can only handle one customer at a time. This means you may need many reps to manage your growing customer base. Adding more representatives can prove to be expensive for a business. With chatbots, but these costs don’t apply, and more than that, you save on human errors.
Chatbots are projected to handle 90% of customer queries by 2022. This will save businesses billions and billions of dollars. Look at implementing chatbots as a business investment. One that will help you save on salaries, training, and infrastructure. These expenses are rarely cheap and something you can’t afford to overlook. It’s possible to optimize your customer service costs without having to compromise the quality.
4. Increased Customer Engagement
In a competitive business world, it’s imperative to keep customers engaged with a brand. You’d be surprised at the high levels chatbots can take the engagement. To begin with, they offer immediate one-on-one interactions. Bots can analyze customer responses and provide relevant data immediately. They also can use customer names to make it even more personal! Doesn’t this make chatbots the ultimate business representatives already?
5. Chatbots Offer Personalized Experiences
We can’t emphasize how personalization is for your business, and it’s one thing chatbots offer. A big number of customers prefer to share personal data to receive personalized experiences. And if it leads to personalized recommendations… double whammy! Bots are usually only designed to offer personalized experiences to customers. They make them feel like they are communicating with humans. They collect customer information and adapt to their preferences. Then they offer them a personalized one-on-one conversation based on the provided information.
6. They Save Time
In business, time is money, and chatbots can help you save a lot of it. You see, when chatbots engage your customers, they offer the first level of support. They filter the requests before they get to the sales team. Your sales team doesn’t have to spend time, and resources, chasing leads that may not convert to buying customers. Chatbots improve the productivity and efficacy of your business. Bots primarily do this through catering to quick answers to customers. Chatbots also cut down operational costs, tie, and manpower. Customers no longer have to wait for human interaction to book appointments or make purchases. This means your business will remain operational all throughout.
7. Better Team Productivity
Chatbots are an integral part of the shift from human to artificial intelligence customer services for any type of business. They may not completely replace all customer representatives. But, they will empower your business in delivering primary support. And they do this before potential customers can be led to the representatives. If you automate customer service and sales tasks, it’ll be possible for you to improve productivity. Chatbots will improve the first response times. They’ll average resolution times, the number to requests accepted, and the number of issues resolved.
8. Chatbots Offer Scalability
Scalability is one of the many benefits of chatbots. You see, most businesses with live customer support may not know when it’s necessary to hire more representatives. And even if they do, it’ll take a significant amount of investment recruiting, training, and infrastructure. Chatbots can manage thousands of customers simultaneously. Regardless of the time or the location of the customers. Bots are easily scalable to handle as many customers as the business garners. You don’t need to spend extra money to handle the influx.
9. High Customer Satisfaction
As a business, it can cost you a lot to act passively. Apart from the reactive customer support options like phone and emails, you need to provide real-time feedback to your clients. It may be impossible to start communication with all the customers reaching out to your business. With the use of a chatbot, you can reach all of them, increasing customer satisfaction. Customers will feel that you care about them when you provide a proactive mode of communication. This will improve your brand reputation and perception. With a higher satisfaction, there is a higher chance they will become repeat loyal customers of the brand.
10. Easy Implementation
One of the key reasons why successful businesses are using chatbots is because they are easy to implement. In most cases, all business wonders have to do is a simple install. It’s a given that, in some cases, it’ll be more complicated than others depending on the industry. Still, they are easy to set up and integrate with your website. One of the significant chatbot benefits is that they are upgrades and improve with updates. This makes them more precise, accurate, and intuitive.
They start reacting to queries more accurately and offer better customer satisfaction with time. The next best thing is that they meet customer expectations and push your brand value to a wide array of prospects. Chatbots interact in a friendly way, which builds lasting relationships with customers. Bots have higher open rates, and they are applicable in different industries. Chatbots can be beneficial despite what industry you’re in. Whether online eCommerce to real estate, healthcare, banking, HR, among others.
Chatbot Benefits: The Major Reasons Why You Need Chatbots
Chatbots have advanced in the past few years, and the potential they present for your business is almost limitless. This makes them an incredible addition to your business. There are many chatbot benefits, and you would be losing out if you choose not to implement them. They are effective, interactive, efficient. And they’re an incredible way to take care of your customers and grow your business. You can use them to educate your customers about the current pandemic, for example. All by minimizing human interaction… and reap the innumerable benefits they have to offer.
This sounds like a great idea, right? If you think so, please get in touch with us. We’ll provide you with all the information you need about adding bots in your business. Also, please check out our blog section for more in-depth information about chatbots.