May 20, 2020

7 reasons you need Chatbot for your business

Introduction to chatbots

A chatbot is a software solution that can converse independently to engage customers, answer standard queries(fed to it from the backend), provide customer support, and help with lead capturing and conversion. The more advanced ones that are AI-based can fetch data, understand vague user responses, and deliver meaningful information to the user. Botpenguin is one such chatbot available readily. 

How chatbots are changing the world

According to Acquire’s report, 1.4 billion people are using chatbots, another report by Salesforce

recorded that 58% of users say that chatbots have changed their expectations of customer service and a similar one by Chatbots Life mentions that companies will save 2.5 billion customer service hours using chatbots by the end of 2023. There is no doubt that chatbots have permanently transformed the way customer service and the sales industry functions. 38 percent of the consumers have a positive perception of chatbots and 69 percent of the customers interact with chatbots at least once a month. It is safe to say that chatbots are here to stay and the future belongs to smarter AI-based solutions which can make the user experience better, save time and engage users in multiple ways and on multiple platforms.

Here are 7 reasons why Chatbots for Businesses

Always available customer support

‘Satisfied customer is the best source of advertisement’ 

One aspect of a business to which chatbots have proven to be indispensable is customer support. With a chatbot for business, you will never need to think about unattended customers again. After all an automated solution that can answer your customers’ queries, provide them information about your products/services, help them raise complaints (and the list goes on), is bound to become a panacea for all customer needs. 

Another channel through which a Chatbot for business helps customer support is the kind of connectivity it provides by being always available on your website or a Facebook chatbot or any other social platform you prefer. Customers can reach out to businesses anytime they want, ultimately leading to a better experience which results in more and more satisfied customers.

Improved Lead capturing, and conversion

In the present day scenario, businesses thrive on digital marketing through social media platforms, digital ads, search engine optimization, etc. According to a report by the Forrestor, the global digital marketing budget will reach 146 billion by 2023, and the market is predicted to grow at a healthy 9 percent for the next three years. With more and more businesses investing in digital marketing, it becomes vital that the incoming traffic is converted to meaningful leads to achieving growth and ROI. This is where chatbots play a role akin to a superhero. Chatbots not only engage the customer, help him navigate better for information he is looking at but also make the experience interesting and engaging which would otherwise be a mundane affair, having to skim through pools of information and static forms. Chatbots can also be deployed on platforms like creating a Facebook chatbot for business, chatbot for a website, integrating the chatbot with your CRM, etc. This translates into better revenues through the collection of useful data which helps convert more leads into sales.

Time and cost savings

According to a prediction based on collected data, Chatbots life(a renowned chatbot publishing and consulting firm), chatbots can cut operational costs by 30%, another report by Acquire mentions that 37% of people use a customer service Bot to get a quick answer in emergencies. The data directly suggests that chatbots minimize user service time and help save costs by answering standard queries, which would otherwise have to be answered manually. Using a chatbot for business results in minimum errors and zero human bias which directly translates into higher efficiency and productivity for the workforce on account of saved time.   

Gaining insights about consumer behavior

One of the more sought after uses of a chatbot is to interact and engage with customers. In the process of interaction, the chatbots invariably end up collecting vast amounts of user data. This data can be analyzed to gain insights into various parameters such as timings the users are most active, kind of expectations they have, from which location does one get more customers, and so on. The data analysis based on shortlisted parameters can give valuable insights based on which businesses can be transformed to better serve customers and grow faster, in this age of data, a solution that can efficiently serve customers as well as collect useful data about them is a godsend. 

Chatbots have negligible setup cost and time

Most of the software solutions in the market, typically the ones that are customized for a particular business, can take months for deployment. But here is where the deal becomes sweeter in case of a chatbot for business, chatbots are ready to use solutions and the better ones can be customized and set up in less than half an hour. This gives chatbots a clear edge over any other solution when it comes to lead and set up time. 

Chatbots are extremely user friendly

Chatbots for businesses have innumerable uses and it is very easy for one to not account for the ‘user experience factor’. Nowadays the user not only demands an instant solution but also wants the solution to be easy to use and understand. After all the success of a software solution depends ultimately on the ease with which the user can operate it and this where chatbots score extra brownie points as they are very uncomplicated for the user to interact with. 

Chatbots are becoming smarter by the day

Many of the chatbots for businesses available are AI-based. AI is still in its nascent stage and as AI improves, the chatbots are going to get smarter by the day. Not only a chatbot for business will be able to do the usual stuff but might also help in better prediction and analytics on the go or might be able to engage customers in other innovative ways as they become smarter. To be frank there are no limits to the technology on which say a BotPenguin(an AI-based chatbot creating platform) is based and therefore there is no limit to what the chatbot could do as the technology makes progress.

Conclusion

The only conclusion that can be drawn is that chatbot for business is going to become a necessity rather than an option soon. Businesses that use a chatbot will gain consumer trust, achieve more sales, and optimality in operations and will have an edge over those not using one. So if you are wondering whether to use a chatbot for your business, I would recommend that this is the time to get ahead of the curve and buy one given the innumerable advantages it brings with itself.

Although there are many options out in the market one of the best ones available is ‘BotPenguin- an AI-based chatbot maker’, the platform is smart, has a user interface that is better than any other, and is surprisingly affordable. You can also create a chatbot on multiple platforms such as chatbot for a website, Facebook chatbot, WhatsApp among other social platforms.

To sum it all up, use a chatbot to take care of your customers better, sprint ahead of the competition and grow manifold within no time.

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