Chatbots have been here for years but recent advances in machine learning and artificial intelligence have made them more versatile than ever before. Today, chatbots are used almost in every industry. From healthcare to elearning, almost all industries embrace chatbots as the key for improving customer experience.
Nowadays we can collect huge volumes of data within minutes thanks to the tremendous growth of mobile technologies. For instance, there are over 4 million Facebook likes, 3 million tweets, and 2 million Snapchat snaps made in a single minute. When calculating for an entire day, there are about 2.5 quintillion bytes of data produced which is a impressive figure.
I Quintillion = 100000 Terabytes or 102,400,086 Gigabytes
Speaking from a business perspective, businesses can benefit from huge volume of data. They can get useful insights about consumer behavior, competing products or services etc. Yet, companies can’t use this large volumes of data efficiently in some cases. This is where chatbots come into play as they are capable of handling complex data with ease.
Chatbots can scour huge volumes of data quickly and offer real-time, effective use of that data. Thus, many business use chatbots as their primary tool to engage customers. However, some businesses gain more from chatbots than others. Take a look at the ways to win your customers with chatbots.
Where can businesses use Chatbots?
- To Simplify Payments
- Building a Customer Resource
- In Streamlining Sales
- To Influence Buying Decisions
- Answering Customer Queries
- To Increase Social Media Engagement
Marketing to New Customers
In traditional online advertising, a click of an advertisement or video is called as engagement. In contrast, Engagement with a chatbot is an active conversation with a user. Thus, chatbot can help you market products or services to new customers with ease.
Marketing to Existing Customers
Active conversation and rapport-building using chatbots is considerably more effective than using a simple advertisement. Interaction with chatbots creates an entertaining experience for the customers and a better understanding of the brand.
Operations & Customer Service
With Chatbot, you can connect with customers on a deeper level allowing them to feel in command of the conversation. Chatbots can remember and refer to personal information of a returning customer to further customize the user experience. Just refer to the customer’s name for connecting them with the CRM, you can also customize the conversational experience and improve the operational efficiency.
Which Business can benefit the most from Chatbots?
Usually, Businesses with huge amounts of data benefits the most from chatbots. This includes major credit card and insurance companies like American Express that gathers huge amounts of data from its customers. The main advantage of chatbots for these companies lies in the amount of data the company can generate. Larger the data volume means more opportunities for the chatbots to help the business.
Take an electronics manufacturing company as an example; they could deploy a chatbot on their website to answer complex customer queries as it can quickly search through hundreds of thousands of products and provide individual details of a specific product. Consider this process of answering such questions for a year; you can clearly understand the importance of chatbot for these companies with large amounts of data.
Apart from customer queries, Chatbots can also be used for company’s internal purposes. Chatbots can scan through loads and loads of data in seconds and help companies reach key decisions in product development, competition analysis, and much more.
Businesses with lower volumes of data
As mentioned earlier, companies with huge volumes of data benefits the most from the use of Chatbots. In the case of companies with smaller volumes of data, the benefits that chatbots bring to the business is very limited. After all, the main purpose of chatbots is to help business use their data more effectively.
Chatbots are becoming more and more powerful with each passing day. Chatbots are helping companies save a lot of money and speed up their business processes. The amount of data that your company collects and analyzes is the key determiner for deploying chatbots in your business.
Need help regarding chatbots? Contact us! We help you win customers with our Custom Chatbot solutions.