What are the benefits of chatbots?

Manpreet Kalsi
min read
What are the benefits of chatbots?

Chatbots have been in a ton of hype lately. The reason why? Its wide-ranging use cases, roles, responsibilities and its several benefits. This has created the created a structure for the benefits of chatbots.

While an All-Knowing-Super-intelligent AI has not emerged yet, chatbots have shown great promise. They are great helpers to businesses and have now become an integral part of the business ecosystem. What makes them such good helpers is their ability to evolve and adapt to conversation and a power to keep the learning going. With advances in AI and ML industries, chatbots have now become commonplace.

Benefits of chatbots appear in many use-cases, ranging from Customer support to Personal assistance, and from Marketing to Management, which comes with a multitude of tangible benefits and advantages in each sector!

So here's our list of top advantages of chatbots for businesses around the world.

Let’s begin!

Chatbots- The New-Age Lead Generators.

Before we get to the advantages of chatbots in lead generation. Let's brush upon the basics.

In the marketing aspect, AI chatbots have been ideal for lead generation, retargeting, customer service and more.

Some people are still confused about how to grow their business and use traditional methods which are time-consuming and don’t work anymore. That’s the reason we see many businesses starting up fast and shutting down even faster. Why? Because they’re unable to engage their visitors long enough to turn them into customers.

You ask any good marketer for the best marketing strategy out there and they will tell you that the first thing that comes into making your business successful is building a good relationship with their customers. And of late, due to advances in AI and Machine learning, Chatbots have become the ideal tool to do so.

Hence, here’s a list we made that comprises all the advantages of chatbots for lead generation

Benefits and advantages of a chatbot for lead generation.

They are cost-effective

This had to come first while talking about the benefits and importance of chatbots! We all know that chatbots are easier on the pockets than employing a person. With chatbots, all you have to do is purchase the services and build a customizable bot according to your requirements and you’re good to go. No training, no appraisals, no leaves, no burnouts, no conflicts, and no drama!

Available at any time so that you can passively generate leads

Who doesn’t want to get their mid-night issues solved right there and then? Sometimes things can’t wait until morning and we need instant solutions, and not many companies can afford to hire a team for 24/7 customer support. So what do we do at times like these? Go bots! This is another benefit and advantage of chatbots that most businesses love!

One of the reasons why chatbots have grown so popular and liked among their users is the fact is that they are available 24/7 hours, throughout all the 365 days! This way, the customers can ask their queries without the need of being time-conscious.

Engaging conversion experience

Chatbots have a great way of customer engagement. When customers have a query, for example, imagine someone wants to know if a particular resort is a good place to go to for an outing, the chatbot can send them all the relevant details, photos, reviews, etc. After that is resolved, the chatbot will further engage the customer by showing other competitive resorts or suggest places to visit around the resort that the customer can go to.

On the other hand, chatbots also collect user data and user values from their interactions and send them anything that has to do with their interests, a.k.a personalisation! Like, if your customer is looking for shoes from your store, it can send them notifications on new arrivals, discounts, similar products, etc.

This way the chatbot keeps the consumer engaged and engagement is the secret recipe behind success.

Eliminate wait time

One of the major benefits of chatbots are its instant replies. Instant replies can be so important at times, and often a common issue with human conversations. Wait time is an inconvenience commonly experienced by a lot of consumers. Chatbots eliminate this with instant replies. When a query arises, chatbot reads the cue word, goes through all the documents fed to it and gives out solutions. And all this is done within seconds! This way, customer satisfaction is increased and they turn into leads.    

They take care of low-level tasks during the initial decision-making stages so that the sales team can look after complex issues.

So there are two perspectives to this- the consumer and the producer perspectives.

According to the consumer perspective- imagine you’re looking for cars and you’re interested in one. The chatbot can show you details, prices, features, resale value and much more for it. This way, you can evaluate your needs and take a step further towards talking to the agent for the deal.

Producer perspective is that many people have to be hired to do small jobs like mentioned above and this actually wastes a lot of their time, which could havebeen invested in looking after complex issues.

By automating repetitive tasks, people now have plenty of time to aid in difficult situations and decision making.

They can track leads

Chatbots track leads by asking basic questions like name, email, etc of every user that clicks on it. By doing this, you can say goodbye to the old, time-sucking tools that can’t stand up to the par with the robust chatbot technology. You can store the lead information and track their activities on your website and personalize their experience for them.

Engage customers by sending messages and notifications

Once the user reaches out to the chatbot for a query or shows an interest, the AI chatbot will store this information and like discussed previously, it will customize the user experience according to their preferences.

Even when the user is off the chat, the chatbot will send them regular updates, notifications, and news to keep them hooked.

Provides booking services

You can directly let the customer book your services through chatbots. When the customer looks up for the details of your product, you can present them with a CTA like “buy now” or “book now”. This will make the customer experience easier as well.

Salesforce and Google sheets integrations

Salesforce and Google sheets are both excellent tools that you can use to capture your lead information in and store it for future purposes. When the user enters their information into the chatbot, all the data can be stored in either of the tools, depending upon which one you choose to integrate with.

Merging Bots In Your Marketing Strategy For Better Outcomes!

Things are changing since automation became an integral part of everyday business functions.

Chatbots, as a result, have become an important part of the big change that we are experiencing. We have been able to achieve more in less time and bots are only going to add more value by automating more and more basic tasks for us.So, why not automate the basic, manual tasks of digital marketing as well?

Benefits of Chatbots in Marketing:

Bots are gaining popularity day by day and businesses honestly cannot afford to perform digitally without an artificially intelligent chatbot.

Here are some benefits of chatbots for businesses in the marketing aspect.

A better understanding of what the customers want.

Majority of the customers prefer texting over speaking over the call – that’s a given! So, it’s an advantage when you integrate a chatbot with your business website. Moreover, when you train your bot to respond to customer queries, they will do it immediately without much lag. On the other hand, human agents are usually busy responding to a deluge of customer queries, so they cannot possibly find time to entertain all requests immediately at once.

Gather quality leads for your business needs

Spray and pray is along lost strategy when there weren’t really much means to measure your performance and strategies. In fact, while designing and giving structure to your bot you’ve got to ensure customers feel like you care for them.

This way, you will be able to generate good quality leads that will pass through the sales funnel faster. Moreover, you can also integrate the LIVE chat feature with your bot so that whenever a customer wants real human support, your customer support agent can jump in.

Bots will make your product sell on its own

Chatbots are extremely capable of managing your customers so you can sit back and relax and intervene only when required. So, you only have to manage the initial-level inputs so that the rest of the journey is taken care of by the bot.

Seamless user experience will help you measure business success

Did you know, more than 70% of online customers like it when they see personalized, and not forced, advertisements? Bots can easily collect user data and help you create personalized customer journeys according to the user path.

So, it definitely does make sense to integrate your digital marketing strategy with an automated chatbot. Things will only become easier for you this way. The need of the hour is to trust automation technology and not rely on traditional marketing anymore.

Now, moving on to our final section of the blog...

Benefits of Chatbots in Customer Service

Chatbots and AI are drifting pretty quickly from being a new customer service tool to going mainstream.

Each day, there are more and more customer service organizations that are turning to the power of AI and chatbots to automate their tasks.

Person-to-person customer services have become old-fashioned. After all, the key to customer loyalty and an increase in sales is by improving the customer experience with the help of technology. Let’s see how chatbots do that perfectly!

But before that, let’s begin with...

What do Chatbots do in Customer Service?

Customer service isa massive $23 billion sector. Companies encourage chat functions to reduce dependency on humans. Conversational AIs offer a way to reduce costs and satisfy customers by being fast and convenient. Businesses reduce costs up to 30% by using customer support chatbots. This is one fine example of benefits of chatbots.

Within a decade, conversational AI will be capable of replacing the everyday man at the customer support desk.

Conversational AIs provide more efficient, personalized solutions with fewer chances of errors.Using them to answer simple questions and engaging customers is effective. Hence, chatbots are growing in their popularity and are being used extensively now by different sectors of the industry.  

Here’s a list of some of its benefits:

Convenient and fast service

So let’s imagine you run a customer service organization and have a team of support aid to customer queries. Presume your support team is really efficient, responding to customers within 24 hours and getting recognition for their work. But what if you had to make your team respond in under one minute, to more than one person at a time and solve problems even in their sleep? It’s impractical. So instead of expecting humans to function like robots, employ robots themselves to handle such speedy tasks.

In the fast-paced world that we live in today, 69% of the customers want quick answers, while 40% of the decision-makers take a minimum of 60 minutes of time to come to conclusions.

To bridge this gap, it’s a better option to integrate conversational AIs into your business which has proved to be way faster and convenient.

Engage customers better

As per a study, customers expect the same from brands as they do from friends. Warm and welcoming one-to-one conversations make customers feel valued and heard, versus moody humans.

It’s the end of friction in communication. Conversational AIs are easily reachable, saving the hassle of having to place a call, wait to speak to a person and try getting the information from that person.
When you engage customers better, customer loyalty grows. Chatbots have increased the response rates by being available 24/7, and open rates by 88% and higher.

Help track customer satisfaction

Remember receiving “how was your experience?” emails after you contact customer support? Now it’s easy to build a follow-up message within the chat itself. It helps you improve response rates and the customers are less likely to experience respondent fatigue.

According to the statistics, 41% of companies struggle to organize and use customer satisfaction data. Hence, conversational AIs make it easier for companies to collect this data so that they can make more strategic decisions for their growth and development.

Handle extensive queries

Irrespective of the size of your business, your customers will always have questions. And when the queries come in, you have to be armed with quick and correct responses.

Conversational AI chatbots carry out this task really well. They’re exceptionally effective at handling simple queries at large scale- a lot more than human agents. In case your chatbot makes any error, it can be easily detected and trained not to repeat it in future interactions.

They also save support costs. You can rather invest in a more efficient, quick conversational AI than into a support team. A study shows chatbots cut customer service costs up to 29%-46%, depending upon your business.

Chatbots solve disposable queries, while humans can take care of complex problems

Chatbots help employees of a firm focus on complex tasks while rendering conversational AIs to solve commonly asked questions. Instead of making your staff answer the same question 100 times, a bot can automate it and do it endlessly.

When a query is complex and requires a real person, a chatbot can recognize it and direct the conversation to the right person, for example- live chats. This feature adds an even more personal touch to your interactions with the customers.

Chatbots are shaping the future of customer service

Chatbots are growing rapidly beyond messaging services. It’s estimated that by 2020, 85% of customer interactions will be powered by chatbots.

Chatbots today not only perform natural language understanding but also perform cognitive tasks such as:

  • Speech to text – text to speech.
  • Text analysis
  • Language recognition and translation
  • Content moderation
  • Speaker recognition
  • Computer vision.

In summary

Chatbots offer many advantages and also the benefits of chatbots for businesses only seem to grow hereon, saving them money while increasing sales and conversion rates. With the advancements of AI, NLP and machine learning, they are set to become more and more intelligent, leaving the future of chatbots looking very bright.

To build chatbots, visit Engati, the best free chatbot platform!

Register with Engati right away.

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