Chatbots are big business, with the global chatbot market set to be worth $15.7 billion by 2024, according to Gartner. This growth is set to continue as chatbots grow smarter, and as organizations better understand chatbot business benefits and how to drive efficiencies using AI chatbots and keyword chatbots.
Let’s take a look at the key chatbot business benefits you should consider when building a business case for a chatbot:
The chatbot business benefits you need to know about
1. Cost efficiencies
It costs very little to set up a chatbot and start experimenting (we even offer a 60-day free trial to get you started). Better still, this minimal upfront investment can be quickly offset by using your chatbot to help optimize the cost of running your contact center.
Simple keyword chatbots help drive contact center cost efficiencies by taking on the basic and frequently asked customer service enquiries. This reduces the number of inbound contacts a contact center receives, while also freeing up agents to handle more complex tasks.
Did you know? You can build your own self-service chatbot. Learn how!
While keyword chatbots can help optimize costs for your contact center, sentiment analysis chatbots can help generate revenue for your business. Natural language processing (NLP) bots can have conversations with potential customers and provide a conversational customer experience from start to finish. Sentiment analysis enables these bots to understand human emotions and moods, which allows them to deliver appropriate responses towards creating meaningful conversations and building customer relationships.
In addition to optimizing costs and helping generate additional revenue, chatbots also generate:
2. Increased customer satisfaction ratings
Improving customer satisfaction is challenging over traditional channels. Customers will typically abandon calls after waiting between 45-95 seconds – and a customer with an unresolved enquiry will not typically be very satisfied.
Chatbots improve customer satisfaction by providing immediate assistance to customer FAQs or simpler requests that can be automated. This results in higher first contact resolution and instant customer service resolution.
How much can chatbots improve CSAT? Mukuru saw customer feedback they received increase sixfold during the period coinciding with their WhatsApp chatbot release – a positive sign they attribute to their chatbot.
And while chatbots may not be able to resolve highly complex customer queries, they can gather important information that helps in case of live agent takeovers. This provides agents with full context of the customer’s needs, which makes for:
3. Superior customer experience
Chatbots help create better customer experience in several ways. First, there’s the presence across all popular chat apps and channels.
Did you know? Infobip’s Answers lets you deploy chatbots over WhatsApp, Viber, RCS, SMS, Live chat, Facebook Messenger, and Apple Business Chat.
This means that customers can reach your business to get immediate answers to their questions over the chat app they prefer and in an environment they’re comfortable with.
Quick answers, high first contact resolution, and instant customer service resolution all work together to create a positive customer experience that lends itself to collecting feedback. Chatbots can collect customer feedback with surveys in a natural, conversational tone. This encourages customers to provide more detailed answers you can use to further enhance customer experiences.
Answers to all your customers’ questions
This post provided a high-level look at three chatbot business benefits to consider when investing in a chatbot: improved costs, higher customer satisfaction, and better customer experience.
You might also like these related posts:
- What are chatbot success metrics?
- Chatbot implementation challenges
- Automated customer service: advantages and examples
Do also check out Infobip’s Answers, an intuitive chatbot building platform that lets you build and deploy chatbots on WhatsApp, Facebook Messenger, Viber, Live Chat, SMS, RCS, and Apple Business Chat – all from a single platform.
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