However, although AI has been around for a while it is still not the easiest concept to grasp and put into practice. But interestingly this does not quite apply to AI powered chatbots.
Have you heard people saying that chatbots will be the next big thing? Well, they already are.
Chatbots are currently being used by businesses all over the world. 80 percent of marketers will be using a chatbot by 2020 according to Oracle Survey.
AI based chatbot is the technology of today and , it is are pretty easily accessible on the market. More than that, chances are that you've spoken to an AI based chatbot at least a few times during the last few months.
According to 2017 Aspect Consumer Experience Index
No matter how much a CEO loves your vision for a digital future, getting the CEO to sign-off budget is much harder.
Yep, AI based chatbots are indeed very useful for business. But let's see what specific reasons stand behind their commercial value.
Not surprisingly the first and foremost area where AI based chatbots are helping businesses is customer service.
Chatbots today communicate in a much more human-like manner compared to those of just a few years back. Although chatbots, even when powered by AI, cannot replace the whole customer service department, they are still able to make your customer service much more effective, better and cheap.
The current state of development of chatbots does not allow them to solve complex issues (this is likely to change in future) but they are really good in simple, routine and straightforward work. As customer service is one of the key areas to increase sales and improve customer loyalty, outsourcing part of the workload to chatbots and focusing on things where human involvement is required can be game changing.
Gartner 's study also predicts that by 2020 businesses will manage 85% of their relationships without human interaction. And we are currently in 2019 meaning that the big part of this prediction must already be a reality. So, if your business still relies on human power in customer service and is not currently making a shift towards chatbots you might be lagging behind your competition. Use of chatbots can be an important advantage for staying current in today's digital world.
Chatbots are faster than the fastest customer service agent. This is a fact and beating a chatbot in this area is near to impossible to any human. Chatbots react to customer messages instantly. Human response takes some time. Replying to a customer in chat would take at least a few moments for every human, even for the fastest of us.
Combine this with the fact that customers do not like waiting and you get a real-life pain that chatbots relieve. When customers do not get a fast enough reply, they are very likely to leave the website or end a phone call and go to your competitor.
For instance, 70% of retailers report that customers wait on average 5 minutes or less before they abandon a purchase and go elsewhere.
The term ‘digital’ will likely die out over the next few years as ‘digital’ operating models basically just become the business operating model.
Well if you thought that there is no answer to the previous question and that the 0 seconds waiting time is the absolute best you might be wrong.
But what can be faster than 0 seconds you might wonder?
Answer: Proactive interaction.
Proactive interaction with customers is faster than 0 seconds waiting time because you reach out to the customer before the customer contacts you. This is something that chatbots are very good at. They can be programmed to monitor the user activity in order to reach out to the user in the right moment and with the right message. Doing this at a scale is close to impossible for human unless you have someone (or the whole team) constantly monitoring the activity of each and every user on your website.
This is another factor where chatbots have an indisputable advantage compared to live customer service agents.
Regardless of the volume of your customer inquiries, your chatbot is likely to solve them all without much hassle and in a very timely manner.
There are almost no capacity limits for chatbots which is not true of humans. More than that, high volumes do not lower the speed of chatbots and do not harm the quality of their work. Chatbot does not really care how many customers it talks to at once as long as it has been programmed in the right way and relies on sufficient hard and soft resources.
Chatbots do not sleep, do not have time off and do not need any breaks. They are free of literally every component that limits human availability with regards to 365/24/7 service.
While customer service agents are entitled to time off customers do not really care about this when they want to go to the website and make a purchase. Customers expect the business to solve this problem for them and if not solved your customer experience simply suffers. No excuse can satisfy a today's consumer– better to act proactively and prevent this.
Chatbots easily solve this problem by being always present at their workplace with no extra cost or effort from your side. They also do not get sleepy or tired.
Chatbots integrate better with FAQ.
They are capable of identifying the issue the customer experiences and directing them to the relevant material on FAQ. This helps to better solve user's basic needs when it's part of the FAQ.
Live customer agents can also be pretty good at this job, but they cannot be as good as machine no matter how hard they try.
So, if you want to leverage the power of your FAQ then combine it with the power of an AI based chatbot.
If done right, this can have a tremendous effect on the quality and efficiency of your customer service.
Messenger marketing is a relatively new concept which is about reaching users, conducting marketing related actions and gathering marketing data with the help of popular messenger apps like Facebook Messenger and WhatsApp. The emergence of messenger marketing as a concept is partly thanks to the introduction of chatbots. AI based chatbot is one of the major reasons for messenger marketing birth.
Another reason for that is that people started to move away from social media and go to messengers. This process still continues, but in fact, messengers surpassed social media in 2015:
Customers are not on social media anymore. They are on messengers.
The development and boom of Facebook Messenger also played an important role here giving the businesses a completely new channel to carry on their marketing activities. With the power of messenger marketing now even the beginner level business or website ideas can rapidly reach decent profitability levels.
So, if people are already on messengers this means that businesses also need to be on messengers. They need to be where their customers are – this is simple.
But then again there is a kind of dilemma: use your human resources for messenger marketing or use AI based chatbots for this purpose?
Well, looks like today the best solution would be some sort of combination between these two options that will work for most businesses. However, the long-term sustainable solution is more about AI Chatbots and not about human agents.
When it comes to marketing, sales funnels and other similar things chatbots are extremely useful. They can be programmed and customized in many different ways and for many different purposes. Taking into account that 90% of the purchase decisions are made subconsciously the power of chatbots can be leveraged to influence your sales numbers.
Chatbots also help to reduce human factor and increase the communication capacity. They help businesses to scale their messenger marketing efforts by literally putting it to autopilot. And any marketing tool that effectively works on autopilot is a beautiful thing for any business.
Unlike bots, machines, and robots humans do make mistakes. This is a significant factor that often leads to additional time, energy and money lost.
As we already know chatbots do not make mistakes, they behave at all times exactly the way you programmed them to behave. This helps to eliminate the human factor from your business processes (where AI chatbots are being used) and keep your affairs in perfect shape on a permanent basis – with no human made mistakes.
Handling customer service is expensive. Depending on the size of your business your interaction volumes with your customers can reach insane numbers.
It's kind of a no-brainer that creating single chatbot can replace the whole customer service team in many areas.
But if we look at the numbers then this becomes simply irresistible.
Thus, according to research performed by Juniper Research, today chatbots help to save more than $20 million annually. However, this is not all, it has been forecasted that chatbots will help to save over $8 billion per annum by 2020! These figures are not something to be ignored in the world where even the best of businesses miserably fail.
How exciting, let's get started