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How AI Assistants and Chatbots Impact your Business Growth

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Chatbots and AI Assistants are programmed to imitate a human employee and carry out various customer and business-related transactions. These sophisticated computer programs enhance customer service, boost business profits and lead to the holistic growth of the business.
An increasing number of businesses are seeking the benefits obtained from virtual assistants and chatbots. Take a look at some interesting statistics on the same:

  • 57% of surveyed professionals say that conversational bots can deliver large returns on investment (ROI) with minimal effort as compared to human counterparts.
  • 61% surveyed executives affirm that they expect an increase in employee productivity in core tasks, on deploying a chatbot to support them
  • 60% of surveyed professionals expect chatbots to handle customer queries efficiently
  • Chatbots are predicted to save business costs of up to $8 billion annually by 2022.

This article will show you how Chatbots are gradually transforming the customer communication scene, and adding a new dimension to business growth in terms of lead generation, customer insights, customer service, and customer support scalability.

What are AI Assistants and Chatbots?

There is a slither of difference between chatbots and virtual assistants. However, the business benefits that they bring to the table are the same.

Chatbots:

Chatbots are programmed to engage with customers in human-like conversations. Driven by artificial intelligence (AI) and machine learning, chatbots can be deployed on websites, mobile apps as well as on social media channels like WhatsApp and Facebook Messenger. They are deployed by businesses to interact with customers/ leads to offer assistance around the clock. Their chat-like interface enables customers to converse with the chatbot using simple inputs in the form of numbers, sentences, automated responses, etc.

AI Assistants:

An AI assistant is a combination of a sophisticated chatbot and a virtual assistant. Virtual assistants assist businesses and people with automating tasks like sending emails, scheduling meetings, booking appointments, etc. They use predictive intelligence and machine learning to learn from past actions and improve on their conversations with your customers. Virtual assistants are integrated into the devices that they come with. Popular virtual assistants include Amazon Alexa, Google Assistant, Microsoft’s Cortana, and Apple’s Siri.

Business Benefits of Chatbots and AI Assistants

Chatbots and AI Assistants bring a plethora of advantages to your business, including:

#1 Improved Customer Service

A chatbot or virtual assistant is available 24/7, 365 days a year!. This is something that is not possible through a human employee. This constant availability means that your business will never miss a conversation with a potential lead- no matter the customer’s location or language/ global demographics.

Additionally, chatbots and VA’s can resolve customer queries and tend to customer feedback- making the customer always feel “heard”. This will leave a positive impression about your business in the customer’s mind.

Since AI-powered chatbots can be used with omnichannel messaging, customers can even communicate with businesses using various mediums like websites, WhatsApp, Facebook, Instagram, etc.

#2 Valuable Customer Insights

Conversations between Chatbots are an excellent way to track a customer’s purchasing patterns, their behavior and sentiment to the business, and other factors- that can help companies as valuable insights. Businesses can modify existing products, streamline processes, introduce new products based on market requirements, market their products differently, act on feedback collected, and thereby improve their overall customer experience and stance in the market.

#3 Personalized Customer Experience

AI-powered chatbots can learn from ongoing customer conversations and utilize this knowledge to provide personalized customer experiences. For instance, if a customer is browsing for art supplies, the chatbot can retrieve offers and discounts relevant to the customer’s interest. The chatbot is also capable of having a relevant and impactful conversation with the customer while maintaining a natural-sounding tone and encouraging interactive communication.

#4 Lead Generation

Chatbots and VA’s can direct prospective leads to particular website pages, to let customers know how your business can best serve them. AI bots can be programmed with a preset questionnaire that can persuade visitors to choose your business and ensure higher conversion rates. These leads are then directed to the sales team for immediate sales conversion.

#5 Save Capital

Chatbots and VA’s can help businesses save approximately 30% in customer service costs. With chatbots, a business can reduce costs in terms of human employee salaries, training requirements, and infrastructure (like computers, electricity, desk space, etc.) allocated to employees. Additionally, this technology has the potential to scale as website traffic surges, while handling multiple customer queries at the same time. This saves your business the trouble of hiring multiple employees as your business grows.

Final Thoughts

Chatbots are better and faster at boosting customer service and engagement, helping market research, generating quality leads, and saving business capital.

Choosing the right chatbot technologies for your business can be a complicated and confusing task. Our seasoned professionals can give you the guidance you need, to choose the right chatbot functionalities for your business and, thereby achieve your principal business goals.

For more information on this topic, send an email at contact@fargowiz.com or request the below quotation form.

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