7 Ways Chatbots Can Help Grow Your Business

As businesses look to embrace new digital technologies that they hope will give them the edge over competitors, many find themselves questioning which tool will prove most valuable in the long run.

One of the most talked-about digital technologies of the last few years has been Chatbots. And for good reason.

Here, we take a look at seven reasons that Chatbots are the technology you’ve been looking for to help grow your business.

  1. 24/7 service stops customers navigating away

The internet is a fickle place and users quickly move from one site to another if they can’t find exactly what they’re looking for or they have unanswered questions about a product or service.

Chatbots offer a 24/7/365 customer service channel that can respond to enquiries and requests at any time of day and often in multiple languages. This type of channel prevents shoppers from navigating away from your site and seeking the answers they need from a competitor.

They also allow for comparatively inexpensive multilingual customer service – a necessity for many businesses operating in global markets.

7 Ways Chatbots Can Help Grow Your Business

  1. Funnel shopper towards a sale

The conversational nature of Chatbots ensures they’re often better able to guide customers towards a sale than traditional advertising. Whereas traditional adverts impose themselves on shoppers and involve no dialogue or two-way communication, Chatbots take a more nuanced approach.

As customers typically engage Chatbots for assistance in resolving an enquiry or issue, the technology is perfectly positioned to guide users towards a sale at the same time as helping them.

Carefully scripted prompts can be introduced into the Chatbot dialogue, making the marketing process far less one-sided and far more conversational, informal and effective.

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  1. Enhancing the customer experience

If you think that Chatbots are only good for automating high volume enquiries, you’ve yet to realise their full potential. The manner in which Chatbots engage customers gives you the opportunity to develop a whole new side of the customer experience.

Rather than interacting with and navigating around a traditional website, customers engage with an AI application that boasts a distinct and unique personality. A personality in which you can embed your values and through which you can express your brand.

7 Ways Chatbots Can Help Grow Your Business

Chatbots aren’t just a way of reducing customer service expenditure (though the fact they do is highly beneficial to businesses), they’re also a way of enhancing the customer experience.

When you consider that two-thirds of businesses now compete on the basis of customer experience (Forbes), it becomes clear just how valuable this element of Chatbot customer service is.

  1. Refocus employees on more valuable tasks

Most employers understand that some tasks are an efficient way for employees to spend their time and there are others that don’t maximise their potential.

In the past, employers have had to hire staff to complete these tasks, despite the fact that it wasn’t the most effective use of their labour, simply because they were a necessary part of doing business.

Today, Chatbots allow employers to automate these tasks, freeing up human labour to focus on those tasks that maximise value. For example, rather than repeatedly helping customers reset their account passwords, employees can be redirected and focus on developing and following up on sales leads.

  1. Reduce and remove obstacles in the way of a sale

As digital devices have become an increasingly important aspect of everyday commerce, removing obstacles to online sales has become a key means of improving performance. This is known as reducing friction in the user journey.

In a marketplace in which a sale is only ever one impulsive click away, businesses need to do everything they can to eliminate reasons for customers not finalising the purchase. Chatbots do this by providing shoppers with a quick answer in an emergency, resolving a problem or supplying further product details (Drift).

7 Ways Chatbots Can Help Grow Your Business

  1. Understand customer behaviour

All businesses are beholden to laws of supply and demand. Your business must provide customers with something they want or need in order to survive and prosper.

To do so, you need to know what your customers want.

This is both more difficult than you would think and also a question of degree – you can know your customers’ basic urges and desires or you can know every facet of their personality in the greatest detail.

The success of digital behemoths Google and Facebook can largely be attributed to their ability to collect user data and turn it into information that benefits businesses by improving their understanding of customers and better influencing their behaviour.

Chatbots, using advanced AI technologies such as Natural Language Processing (NLP) and Sentiment Analysis, are a remarkably powerful means of collecting user data and analysing their behaviour. This information can then be used to refine your services and products, ensuring that you offer your customers exactly what they want.

  1. Reduce costs, allowing for investment elsewhere

Finally, Chatbots can help you grow your business by reducing the amount you spend on providing basic customer service and freeing up investment for other parts of the business.

Even a basic Chatbot that’s designed to automate simple, high volume enquiries is capable of saving a business a considerable amount. Their ability to handle multiple enquiries at the same time increases their value and the fact that they don’t suffer from fatigue, burnout or boredom makes them better suited to the task than human agents.

7 Ways Chatbots Can Help Grow Your Business

This is perhaps best demonstrated by JPMorgan’s new COiN Chatbot. Designed to analyse complex legal documents, the tool performs the equivalent of 360,000 hours of human labour in a matter of seconds (Digital Initiative). Crucially, the Chatbot is also more accurate than human lawyers.

This a key characteristic of intelligent Chatbot use – the applications not only reduce costs but also improve service provision.

What Next?

Chatbots are already a popular customer service tool amongst forward-facing businesses, with COVID-19 sending more and more people towards digital channels. Ultimately, chatbots are a win-win technology: they improve the customer experience, while also lowering costs.

In this article, we’ve covered a wide range of benefits. However, if you’d like to know more about Inform’s Chatbot technology or want to talk to one of our Chatbot specialists, please don’t hesitate to get in touch.

Our expert team have been providing customer self-service solutions for over 25 years. Call us on 01344 595800 or drop us a line to find out more.