Two main things can keep business owners up at night. One of them is competition, and the other is business failure. No doubt, the heat is intense when it comes to competition. If you are a start-up, you have to figure out how to survive amid industry giants. On the other hand, if you are an already existing company, you face the constant risk of disruptive technologies that may render your business obsolete.
The best way to survive is to stay ahead of the game and keep innovating. You have to be at the forefront of adopting the latest solutions. AI Chatbots is one of those solutions that can help you up your game.
Before we get into how AI chatbots can help you, let’s take a brief look at what they are.
What Are AI Chatbots?
Chatbots are computer programs that can simulate human conversations. They leverage conversational AI for this. This program uses machine learning and natural language processing to understand and respond to questions posed by customers. The bot converses with clients either through text chats, voice commands, or both.
You might have come across these chatbots on ecommerce websites, apps, etc.
Chatbots interact with clients the same way a human would. They are wired to address common questions and answer them immediately. The best part about the chatbots is that they’re available all round the clock. So, let’s take a look at their advantages and disadvantages.
Benefits of Using Chatbots
Chatbots can help in increasing your overall business efficiency and productivity. They do this by handling repetitive tasks that would require you to hire more employees. You can automate business processes using them. For example, the chatbot can help your customers fill out forms on your website accurately. Once they fill out the form, the chatbot can store the data in your CRM. It can achieve all of this without any manual intervention.
A data-driven chatbot can help you get a lot of data on your customers. The feedback the bots collect through simple questions can help you gain deep insights into them. This can also help you identify purchasing patterns, and using these insights, you can modify your marketing strategy.
You can also generate more qualified leads with chatbots. They can help you understand your customers. You can achieve this through surveys, and by asking questions to each customer that visits your site or app. The chatbot can also segment the audience based on the information collected.
Chatbots offer personalized attention to customers. The interactive nature of chatbots makes it affordable and accessible for businesses to provide their customers with a personal touch. Furthermore, the conversations that bots have with the customers help keep them on your website a little longer. This gives your customers time to engage with your website and discover your offerings too.
Let’s now see if there are any disadvantages and risks associated with chatbots.
Challenges of Using AI Chatbots
There are several risks associated with chatbots. One of the major risks is data privacy and security. Customers are highly concerned about how companies use their personal data. One of the ways to mitigate this risk is to ensure that your chatbot is hack-proof.
The second challenge of using chatbots is understanding the emotions and sentiments of customers. Chatbots aren’t able to identify human emotions well and may not be able to understand what the customer is going through. They might end up misinterpreting their emotions too.
Now that you know the pros and cons of AI chatbots, let’s take a look at how you can leverage them to grow your business.
5 Ways You Can Use AI Chatbots Help Your Business
Companies can use AI chatbots to enhance their customer experience. Chatbots are available 24/7 and can respond to your customers’ queries instantly. You can even set the chatbots to message your website visitors the moment they land on your website. Nearly 74% of customers expect brands to communicate with them in real-time, and chatbots can help you achieve exactly that. So, let’s take a look at how you can use chatbots.
1. Lead Generation
AI chatbots can come in handy when you want to ramp up your lead generation efforts. They can collect the email addresses of all the customers who chat with them and store them. You can then send out emails to these leads and nudge them along your sales funnel.
2. Enhance Customer Service
Chatbots offer a seamless live chat experience. Since the chatbot is available 24/7, it’s able to provide timely responses to your customers at any time of day. You can integrate the customer service chatbots into your website, app, or even on social media.
Visitors who might be struggling to find the information they want will be able to find it seamlessly using the chatbot. Even if they have any questions regarding your product or service, they’ll be able to get their answers with ease using the chatbot.
Also, using chatbots on mobile apps enables you to offer your customers a more streamlined app interface. They can compare prices, make purchases, and receive support all through a single interface.
3. Boost Social Media Presence
Social media has become an integral part of our lives. Currently, over 3.8 billion people use it. People also look for their favorite brands on it and use it to get assistance as well. When you incorporate AI chatbots into your social media platforms, your customers will no longer have to wait to get solutions to their questions.
4. Promoting Your Products
You can also use AI-powered chatbots to promote your products and services. Whenever someone visits your website, app, or your social media page, you can send out messages related to your latest products to them through chatbots. This can increase product awareness and might get you more sales too.
5. Boost Organizational Efficiency
Chatbots can help you minimize the high costs that you might incur if you have a big customer support team. Chatbots can handle thousands of queries together and can reduce your overheads. At the same time, they are less prone to errors and can respond to your customers instantly too. This can help you improve your efficiency.
To know more about chatbots and understand their advantages and disadvantages, read the blog shanebarker.com