As a startup founder, you're constantly seeking ways to enhance your business operations and customer experience. Conversational AI, an emerging technology, can help you achieve this.
According to computer scientist and entrepreneur Andrew Ng,
“It is difficult to think of a major industry that AI will not transform. This includes healthcare, education, transportation, retail, communications, and agriculture. There are surprisingly clear paths for AI to make a big difference in all of these industries.”
For conversational AI specifically, according to a survey by Deloitte, chatbots currently represent the top use of AI in enterprises, and their adoption rates are expected to almost double over the next two to five years (The future of conversational AI | Deloitte Insights). To gain a business advantage as a startup, in this article, we'll dive into seven ways startups can harness conversational AI, intelligent virtual assistants, and chatbots to boost their business operations and differentiate themselves.
Automate Repetitive Tasks
Conversational AI can assist startups in automating repetitive tasks, such as answering phone calls, responding to customer inquiries, and other similar duties. By utilizing AI-powered chatbots and virtual assistants, startups can streamline their customer service operations and allocate their team's time to more crucial tasks. For instance, an e-commerce startup can employ a chatbot to automate order tracking and shipping updates, while a healthcare startup can leverage a virtual assistant to schedule appointments and send reminders to patients.
24/7 Customer Support
Customers expect immediate responses to their questions, even outside regular work hours. Conversational AI enables startups to offer 24/7 customer support without the need to hire additional staff. Chatbots and intelligent virtual assistants can manage customer inquiries around the clock, delivering prompt and accurate answers to common questions. Startups can integrate chatbots into their websites or messaging apps, reaching customers on their preferred platforms.
Reduced Wait Time for Customer Support
Lengthy wait times can frustrate customers and result in a negative customer experience. In fact, a survey from Hiver found that 70% of consumers say they will advise their friends against buying a product or service after a negative service experience.
Conversational AI allows startups to handle multiple conversations concurrently, reducing wait times and enhancing the overall customer experience. AI-powered chatbots and intelligent virtual assistants can tackle a wide array of queries and provide swift, accurate responses, enabling customers to obtain the assistance they need without enduring long hold times.
Conversational AI tools can generate more personalized interactions with customers by utilizing data such as past interactions and purchase history. This personalization helps create a memorable experience that encourages customer loyalty. According to Outgrow.co, (19 Personalization Statistics you Need To Know In 2023 (outgrow.co)) “77% of consumers prefer to choose, recommend, or pay more for a brand that provides a personalized service or experience.” Startups can employ AI-powered chatbots and intelligent virtual assistants to offer tailored recommendations, upsell products, and cross-sell services. For example, an e-commerce startup can use a chatbot to suggest products based on a customer's browsing history and purchasing behavior.
Expanding Customer Reach
Conversational AI can help startups expand their customer reach by enabling them to communicate in multiple languages. This can be particularly beneficial for startups targeting global markets, as it allows them to cater to a diverse customer base without incurring the costs of hiring multilingual staff. AI-powered chatbots can be configured to understand and respond in various languages, breaking down language barriers and fostering a more inclusive customer experience.
Enhanced Lead Generation and Conversion
Conversational AI can also play a pivotal role in lead generation and conversion for startups. AI-powered chatbots can engage website visitors or app users, asking relevant questions to qualify leads and guide them through the conversion funnel. By providing instant responses and addressing potential customer concerns, conversational AI can help startups improve their lead conversion rates and boost sales.
Data Collection and Analysis
Conversational AI can collect specific information from users and record their responses in a structured and easily understandable format. This data can be analyzed to identify patterns and trends, empowering startups to make data-driven decisions and refine their marketing strategies. For instance, a chatbot for an online fashion company could inquire about customers' style preferences, sizes, and favorite colors. The chatbot can then record their responses and utilize the information to create a personalized experience and inform marketing strategies.
Conversational AI offers startups numerous opportunities to enhance their business operations and customer experience. From automating repetitive tasks and providing personalized conversations to collecting data for analysis, expanding customer reach, and improving lead generation and conversion, startups can leverage the power of AI to stay ahead of the competition. If you're interested in exploring how conversational AI can benefit your startup, consider partnering with a reputable AI solutions provider such as Kore.ai.
Learn more about our conversational AI platform below and see how your startup can leverage conversational AI to accelerate growth and improve customer and employee experiences.