WHY CHATBOTS ARE THE FUTURE OF MARKETING?

?BATTLE OF THE BOTS

No need to overcomplicate it. A bot is nothing more than a computer program that automates certain tasks, typically by chatting with a user through a conversational interface.

The most advanced bots are powered by artificial intelligence, helping it to understand complex requests, personalize responses, and improve interactions over time. This technology is still in its infancy, so most bots follow a set of rules programmed by a human via a bot-building platform. It's as simple as ordering a list of if-then statements and writing canned responses, often without needing to know a line of code.

Say you want a new charger for your robot suit from your favorite superhero supply store. You could visit their website, scroll through 20 or 30 product pages, fill out the form with your shipping and payment information, and so on. But if it had a bot, you'd simply tell it…

Order me a back-up unibeam charger.

…and it'll guide you through the voltage options and place the order. Behind the curtain, the bot is leading you through a series of dependent questions to collect the necessary information to understand your intent, and then deliver the right content to satisfy your needs.

*WHY CHATBOTS ARE THE FUTURE OF THE COMMUNICATION?

Chatbots are one of the interesting applications of Artificial Intelligence??

In today’s modern era, social media is one of the trending technologies to discuss. Various milestones by legendary players reaches?in bot technology and?AI?such as Facebook, Skype and KIK are in enumeration. The evolution of chatbots and its absorption of more AI in the future?has also become a topic nowadays. E-Commerce is achieving a huge beneficiary due to this bot technology. Huge amounts of data generate due to the e-commerce platform. So, there is a need to use bot technology and cloud services. Hence, Amazon, flipkart, swiggy, Zomato, etc. are using online shopping cart system.?

It helps identify a person’s choice of product and groceries online. Thus, this reduces the time and labour of women all over the world. Two tech giants, Facebook and Google, have a pit against each other on the basis of their ongoing developments. Hence, they have a competition in this area and the question of who will emerge as the best is raised.

Below are a few statistics and facts to prove why chatbots are the future!

1. Number of People:

There are?1.3 billion people?using?Facebook Messenger! This number increases every day as more people join the application. With the backing of these numbers, it is clear that Messenger cannot be ignored. Chatbots help make the customer experience better and faster on Facebook Messenger.

2. Number of Businesses:

?There are 60 million businesses using Facebook Messenger. These numbers indicate that businesses are taking Facebook Messenger seriously leaving no stones unturned to provide the best customer service.

??3.Number of Interactions:

????????On average, there are?2 billion messages exchanged?monthly between users and businesses on Facebook Messenger. It shows that both customers and businesses trust ????Facebook Messenger for customer service solutions. Facebook Chatbots help in making customers’ experiences seamless.

4.Number of Pages:

????There are nearly?20 million pages?using Facebook Messenger to interact with customers. Chatbots can help these brands in making customer experience remarkable by providing real-time solutions.

?5. Number of Chatbot Developers:

?????????There are 100,000 developers of Facebook Messenger chatbot. This number shows that people are taking chatbots seriously. They have learned the skill to develop personalized and user-friendly chatbots for top brands.

*BENEFITS

Benefits to Customers

24-hour availability

According to?studies, over 50% of customers expect a business to be available 24/7.?Waiting for the next available operator for minutes is not a solved problem yet, but chatbots are the closest candidates to ending this problem.?Maintaining a 24/7 response system brings continuous communication between the seller and the customer. Of course, this benefit is proportional to how well the bots are. Bots that are unable to serve simple customer queries fail to add value even if they are 24/7 available. The main issue at this point is how well the chatbots can understand and solve customer problems. Finally, highlighting 24/7 availability can create backlash when bots are down due to security issues or maintenance.

Instant answers

An operator can concentrate on one customer at a time and answer one question. However, a chatbot can answer thousands of questions at the same time. Thanks to the speed of the cloud, internet, and software mechanisms, responses can be provided instantly.

Consistent answers

Talking to a customer service rep, a customer has no assurance that other reps are also providing similar, consistent responses. If a customer service rep is not helpful, a customer could be tempted to try calling again to see if the next rep is better.

Recorded answers

Talking to a customer service rep, a customer gets no record of the conversation and most people would prefer not to record their conversations. However, a customer can take a screenshot whenever she likes, to remember the conversation, or to challenge an answer provided by the bot.

Multi language

One of the advantages of chatbots is that they can support multiple languages which is especially useful for global brands. Chatbots can either ask the user which language they prefer at the beginning of the conversation, or detect the language of the user via their input phrases.

Endless patience

While customer reps and customers sometimes lose their patience, that’s something bots are yet incapable of. The impatience of the representative and the consumer during the solution of a problem is one of the human-related failures. The representative is expected to be more patient as much as possible so that the company can keep consumer satisfaction high. Chatbots can show the patience that no human can provide. At this point, a human-sourced consumer service problem can be resolved directly.?

Instant transactions

Actions like changing or querying records are almost instantaneous for bots which can significantly improve customer satisfaction.?

Programmability

Since bots are on digital platforms where people spend the majority of their waking hours working, bots can be used to automate common tasks such as arranging meetings, providing advanced search functionality.?Chatbots do not just have to be used for shopping. It will be a great convenience to hand over repetitive tasks such as arranging meetings, researching a topic to chatbots.

Personalization

A chatbot or a customer service specialist is unlikely to be like your hairdresser, keeping track of your love or personal life, acting like a psychologist for people who have a hard time opening up. However, chatbots can deliver more personalized experiences than customer service specialists that have no time to prepare for your call and need to understand the context during the call. A chatbot can access the history of your interactions with the company to deliver a personalized experience. Given the relative immaturity of chatbots, this is not a focus area for most companies now but will be an important part of future chatbots. Feel free to read our research for more on?personalizing your company’s website?or?the leading vendors in personalization.

Benefits to Companies

Cost savings

Companies’ need for growing the customer service department can be managed by rolling out increasingly capable bots handling more and more complex queries. The implementation of chatbots will create a certain amount of investment costs. However, this cost can be lower compared to consumer service salary, infrastructure, and education.?Except for the implementation of investment costs, the extra costs of chatbots are quite low. These items can be topics such as ensuring chatbot security and improving it. But it is not optimistic to think that the costs will decrease considering the long term.?Juniper Research?claimed that the cost savings from using chatbots in the Banking Industry is?estimated at $209 M in 2019 and it will reach $7.3 B globally by 2023.

Increased sales

Bots can be a frictionless platform for presenting users with?recommendations?which can smartly introduce customers to new products and services from your company. Bots can also boost sales because of their 24/7 availability and fast responses. Customers hate to wait and long wait times result in lost sales. Business leaders claim that chatbots have increased sales by?67%?on average.

Increased customer interaction

Bots provide another channel to reach out to your customers. Bots can be leveraged to increase customer engagement with timely tips and offers. Real-time customer communication of chatbots helps the customer find what he is looking for and also evaluates different suggestions.?A?case study?indicates that Zurich Insurance UK recorded 765 customer interactions (which is recorded as a 20 percent increase) within 6 weeks with the chatbot Zara (Zurich Automated Response Agent).

Reaching new customers

Bot platforms such as Kik or Facebook Messenger are one of the most popular apps. Being continuously active on these platforms helps companies reach new customers who may otherwise not want to reach out to the company with an email or call.?In a?survey?by TELUS International, it was stated that 38 percent of millennials give feedback once a week via social media. It was noted that the number of feedbacks has increased in the last 12 months. Given that Facebook has more than 300K chatbots, chatbots seem to be a way to reach new customers.

Gaining a deeper understanding of customers

Your customers rarely talk to your business. Chatbots provide your business with detailed, actionable records of your customers’ greatest pain points, helping your company improve its products and services. The chance of selling is proportional to the data provided by the consumer and chatbots can improve the rate of customer data. Chatbots are optimal tools for organizations to learn customer expectations. In light of the data provided by the chatbot-customer interaction, customer-specific targets can be planned. Thanks to chatbots, the organization can be given feedback, and improvements can be planned by making some inferences from the data.

While the benefits of chatbots may seem clear, most chatbots fail to produce the intended business benefits. Our research on chatbots can help you chart your company’s way to success through chatbots/conversational AI:

• Discover all the latest chatbot platforms and voice bot platforms?on the market from our sortable up-to-date lists.
• Understand why languages are hard, why your chatbot could fail and some spectacular chatbot failure examples and common strategies to achieve chatbot success.?
• Get inspired by the most comprehensive collection of chatbot success stories,?explore our?comprehensive list of chatbot use cases?and as well as?industry/business function specific chatbot use cases?to see how they can help your company
• When you are ready to build your company’s chatbot, explore the?chatbot ecosystem,?top chatbot companies,?top voice bot providers,?compare the top chatbot platforms.
• Get ready for the conclusion of chatbot development by?exploring our detailed guide on chatbot testing
• After rolling out the chatbot, get ready to focus on the key metrics.

??*Uses & Applications

As many as one billion people use Facebook Messenger every month and ??????????thus, having a?chatbot?installed on this application is very common. According to a report, over 100,000 bots are being used on the FB Messenger. It applies for a lot of purposes, like recommending products, collecting information, processing orders, etc. If audience is using this messenger, then creating a FB messenger chatbot is the thing for you. You can connect with potential customers, automate customer engagements and interactions, and do several more tasks.

Similarly, the Twitter?chatbot is another platform where you can connect with your customer on a more generalized basis and recommend your products and services.?

By augmenting the human experience, starting simple, proactively greeting people, giving quick replies and better guidance as well as using emojis and personalizing the experience, it can take your social media bot?strategy to another level.

1.????Chatbots make interactions with customers and clients hence, they help in customer services.

2.????Bot technology helps in generating leads online.

3.????It increases sales opportunities and marketing

4.????Makes the process of content filtering & taking surveys easy in FAQs, reviews, comments, etc. according to customer’s needs.

5.???Lastly, it makes customers’ engagement on social media platforms intuitive, which helps in expanding our product reach

Chatbots- In Sales & Marketing

Sales & Businesses today are moving forward in many ways. Employees at all levels in an enterprise are using chatbots. Even women can work online and expand their e-commerce using this technology.?Hence, due to its ever- increasing rise, it will have more and more influence in future.?

*CONCLUSION

Chatbots have a long way to go before they realize their full potential. Still, with billions of dollars of annual investment and significant human capital committed to their development, chatbots will ultimately generate significant future value in both corporate and consumer settings.

Many open questions remain. How might personalized chatbots manifest going forward? Further, there are many companies striving to develop the most advanced chatbot for both consumers and enterprise. In the race to develop the best chatbot, will one company or product truly emerge above the rest? While many chatbots may prove viable, industry consolidation may lead to a single dominant product. However, the chatbot industry develops, what’s clear is that it will only become more consequential in how businesses and consumers interact.

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