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How Chatbot Development can help Businesses Earn increase Profits?

How Chatbot Development can help Businesses Earn increase Profits?

Customers usually demand quick and customized service, and chatbots let fulfilling these demands simpler. Chatbots are capable to talk to you in an amusing, effective and friendly manner, similar to a real person. Apart from being an intelligent app to communicate, they too serve as a valuable marketing tool which can assist customers to find pertinent services or products. One of the most irritating features consumers find is the waiting time for Helplines and Hotlines. Chatbots are capable to address user’s queries immediately. They can decrease the waiting time while dealing with customer queries, requests, feedback, complaints, etc. to almost zero. It frequently happens that customers have the similar kinds of repetitive questions or queries, which suggest that Chatbots could be effectively programmed to respond to such queries instantly.

Benefits of Chatbot development to business:

Those who are unaware of the benefits of Chatbots usually ask –why to invest in chatbot development? The question needs to be answered. The businesses who have already acknowledged the benefits of chatbots know why to invest in it. Nowadays, we observe a large number of companies, varying from small-scale businesses to large scale businesses, using chatbots as a share of their lead generation, marketing, or customer service tactics. It is known that big companies influence chatbots to manage tasks that used to be accomplished without assistance or were impossible before chatbots got introduced.

In addition to that, they can assist business influence the advantages of starting the conversations at different levels and reaching out to the audience. Businesses attempt to make sure their users get assistance when they need to. But when they fail to reach the level of assisting many users, they use chatbots.

Let’s have a look at how chatbots development can assist business fetch profit:

Decrease Customer Acquisition Cost (CAC):

Decreasing CAC (Customer Acquisition Cost) is one of the major business challenges presently.  Chatbots are capable to manage your sales operation as well as decrease your CAC significantly. The business’ salesperson can approve and process lots of requests in a single shot. It is known that the query handling ability of the chatbot relies on the type of the chatbot platform which you use. In order to understand this, for example, a chatbot developed with IBM Watson is capable to process 500 GB data. Therefore, it is capable to manage limitless queries your customers may have.

Drives In-App purchas with improved engagement:

It is an awesome strategy to offer your business app for free but fetching profit through in-app purchases is also a good idea. As chatbots are getting prevalent as a customer engagement platform, usually it is a recommended to integrate the same with your business application or launch it in form of a standalone app for facilitating the business’ in-app sales. Spontaneity and intelligence make them do their job in the best possible manner. But, prior to getting on chatbot development, the recommended point is to analyze the pricing properly or some other types of anticipation that your customers wish to have. It is necessary to assess the buying process for providing your services or products.

Chatbots are available 24*7:

Any individual who gains access to some services like Whatsapp or Messenger can effortlessly access Chatbots.  There is no need to pass through the procedure of getting the app over the store and then downloading it. They only need to make use of their as earlier. The good news is that Chatbots integrate seamlessly with these kinds of apps.

Apart from that, their services are obtainable 24×7 for 365 days a year. Also, you need not concern about any human consequences while employing individuals on unusual hours. There is no need to motivate chatbots as they are basically robots. Unlike humans, they don’t get exhausted and persist to work the entire day without taking breaks. This will, in turn, boost consumer satisfaction.

Delivers personalized experience:

Customers prefer to have personalized experiences wherever they go and they prefer to use the services of businesses that fetch a considerable amount of profit out of it. In order to fulfill this requirement, chatbots are excellent means. Chatbots are capable to read the objectives of human and appreciation go to the built-in AI. Moreover, they are capable to access and assess the prior conversations for delivering a personalized experience to the consumers. It is known that the personalized experience transforms into an enhanced engagement with customers and, that is influential in facilitating customer satisfaction.

Develops Business Intelligence:

Appropriately deriving customer behavior and envisaging market trends is mandatory for staying strong against the competitors. Considering the ruthless competition present in the market, it is very important for businesses to obtain effective business intelligence (BI) and develop their modus operandi. Moreover, it is also important to implement innovations in their services and products offered in order to meet the need of the customers. The interesting fact is that they require business intelligence with utmost precision and at the correct time. The good news is that chatbots that are equipped with machine learning and AI techniques could help a lot.

In order to gain the maximum benefits out of your BI, you must develop a chatbot using the correct chatbot platforms. It is also necessary to organize it to track particular actions or events that users do on the chatbot.

They can scale with business operations:

The ability to scale a business develops gradually. It is usually found that imparting training and employing more people is one of the major expenditures that prevent a business to grow, chatbots come with no such hassles. They are capable to scale and provide assistance to your customer interaction characteristics whenever the business develops.

Many businesses even fail to manage multiple requests without making growth in the support facilities being provided. In absence of that, the business’ phone lines would block, and the limit of growth gets limited. Chatbots are capable to make a positive impact in this regards. They can effectively adapt as your business grow. For instance, one user communicating with a chatbot does not influence another user’s capability to accomplish the same. It is impossible for humans to interact with multiple customers simultaneously but chatbots can. They are capable to interact with thousands of people without any delays.

They reduce the costs:

Many beneficial tools usually come at excessive prices but this is not the case with chatbots. They are very easy, cost-effective and quick to develop. Majority of costs linked with chatbots are fixed cost during the beginning stage. Therefore, these would not rise as the business develops. This kind of one-time costs is found to be lesser as compared to the costs linked with creating cross-platform fully functioning apps. There are many prevalent messaging platforms that come with handy template-like software for providing proper guidance to build chatbots. This will further decrease development cost and time. They can not only save the costs linked with recruiting more people, they even have the potential costs coming up from human errors.

Increased revenue opportunities:

Every individual and business prefer to get an additional source of income or bonus. By getting a deep understanding of the prevailing market and the requirements and challenges of the customers, your business can discover many new ways to meet the needs. This understanding is developed by Amazon, Google, and every giant leader to stay at the front position of the competition. Chatbots work to not only expand your prevailing product lines and carry out cross-selling as well as upselling but they even go beyond to explore more useful opportunities.

Act as a tool for Market Research:

Market research is of prime importance if a business wishes to develop. It comes with many benefits in addition to procuring good returns. Carrying out an extensive market research will help a business know who its competitors are and where does it stand in the market. Apart from that, it will even assist a business to know what are the demands of customers and how to fulfill them. Market research is based on collecting data and the collected data can be of different kinds. It can be a simple feedback on diverse pages on the website of a business. When sufficient information can be collected from a considerable sample size, it is possible that the business may comprehend ways to boost its conversion rates, or in what ways it can make their website pages more engaging. Because the data is assimilated over time, chatbots could be helpful when there is a need to track patterns and understand consumer behavior. These kinds of behavior and patterns would assist a business know what to market, how to market, and when to market, in a long-run. With further statistical analysis of this data, it is assured that business can foresee what their customers would do in the future.

Concluding Note:

It is anticipated that in the future, as different chatting platforms develop and the number of app downloads reduce the chatbot development would dominate how businesses interrelate with their customers. With the development of various kinds of bots, their benefits and continue to increase.

About The Author

My name is Stuti Dhruv & I am senior consultant at Aalpha, primarily working on pre sales, consulting with clients on latest technology trends.