Every business thrives on customer conversion and the Covid-19 pandemic was a ruthless awakening to the fact that businesses, big, medium, or small are extremely fragile. It proved that a massive hit to the customer base can directly impact conversions. So, while the majority of big names and small businesses were failing, some others did exceptionally well even during that period. Wondering what allowed these companies to stay relevant in the face of this terrible catastrophe, and grow? The answer lies in the intelligent use of technology. Businesses that managed to jump on the digitization bandwagon or were quick to implement it could stay afloat during the rough times. It is safe to say that the use of Artificial intelligence (AI) and Machine Learning (ML) paved the way for success. More precisely, chatbots.
Chatbots are software applications that expertly mimic human conversations. A chatbot can help answer customer queries and resolve them. In addition to that, using advanced technologies like AI and ML can help integrate human sentiments into chatbots and this conversational chatbot can answer complex queries in multiple regional languages as well. Chatbots have been around for quite some time now but it’s only recently that businesses have tapped into their true potential. From reducing downtime, being available 24*7, solving complicated issues, and optimizing cost, a chatbot has donned multiple hats successfully. All this has boosted customer conversion and led to business growth. In fact, a study by Gartner predicts that by 2027, chatbots will become the primary customer service channel for a quarter of organizations.
So, in case you are still figuring out whether to incorporate chatbots in your business, this is your time to do so. To help you further on this journey, here are a few ways in which you can boost your customer conversion using chatbots:
1. Deliver excellent customer service
The first and foremost advantage that a chatbot brings to the table is improved customer experience, which is the very essence of this article. No business is oblivious to the fact that good customer service results in good customer conversion. However, as humans, it’s only possible to do so within a limit. But a machine or more specifically, a software-based application like the chatbot can go much beyond.
A chatbot can be customized as per your business needs and goals. From answering simple questions like the example, price of a hotel room and cost of merchandise to solving complex queries like booking a hotel room, flight tickets, showing directions, suggesting places to visit nearby and much more, a chatbot can give you a more personalized experience that customers love.
A study by Invespcro shows that businesses that deliver an omnichannel customer experience can retain up to 89% of their customers and those that do not retain only up to 33% of their customers. Chatbots that are integrated across platforms help deliver this omnichannel experience by letting you start on one channel and continue the experience on another channel. This is made possible by seamless customer connectivity across channels like social media, email, Facebook Messenger, WhatsApp, etc.
In addition to AI, ML is also integral in delivering a personalized experience to customers. An AI-based engine uses ML to study user behavior and then show the customers/users products that they would be most interested in or were searching for. All this leads to the customer making a purchase which means their user experience (UX) has been smooth and pleasant.
2. Create a reliable sales funnel
The first step to boosting customer conversion is to create a dependable sales funnel. A sales team requires good leads and prioritization in order to convert potential customers. As a human, you can only have one point of contact with your customer over one channel at a time. This can be a shortcoming when you are catering to many clients at a time. But a chatbot can solve this as it can have multiple conversions across multiple channels at a time. This leads to generating more leads which eventually gives better conversion rates.
In addition to that, a powerful AI and ML-backed chatbot is capable of understanding human sentiments and analyzing responses. This helps the sales team to show curated products that customers are interested in. When a customer enquires about a specific product, its variants, and price and gets the most accurate response, that customer is bound to make a purchase from your website. This way not only have you created a good customer base, but they also end up becoming your recurring customers.
A chatbot can also analyze a website’s top-performing content and accordingly pan out content to customers. This way AI-based chatbots can significantly improve operational efficiency, thereby improving conversion rates.
3. Chatbots promote lead magnets
A lead magnet is a type of incentive that will be attractive for a potential lead/customer. That means the purpose of a lead magnet is to give a free product which is valuable in exchange for a contact that is then added to the sales funnel. So for example, a customer visits your website and clicks on a gated content and is then given the access to it in exchange for their email address or any other contact information. Once you have the details of your customer, you can send mailers, newsletters, signups, etc. that they might find interesting or initiate conversations which can lead to successful conversions. You can also create interesting promotions depending on the past behavior of your customers. A personalized marketing always works in favor of your company and helps build a brand’s trust and customer relationship.
4. Chatbots can hyper-personalize marketing
In this era of quick gratification, customers don’t wait to get something they want on one website. They quickly move on to the next. Therefore, the quicker you give them what they need, the faster they are bound to convert. A chatbot can help you in this regard because of machine learning and predictive analysis. So, the next time your customer is searching for a particular product, they get exactly what they have typed on the search board. Not only are chatbots limited to search bars. A chat bot’s super ML-backed programming can tell them what your customers are looking for and the next time they are casually surfing any website or social media. Your chatbot simply pops up with the exact recommendations. This gives you faster conversion rates.
5. Values your customers
How can you ensure that you have a great customer conversion? By valuing your customers! When customers feel like their demands have been met and they have had a pleasant experience at your website, they are bound to come back again. This will also ensure you have a repetitive sales funnel. A chatbot pitches in as a major help in this regard. Whether it is answering their queries, offering them a service, selling your products, or redirecting to a human agent, a chatbot makes sure that your customers have a happy shopping experience.
With the majority of the world spending most of its time online, it is extremely important that you as a business are capable enough to provide them with a seamless experience. A chatbot is an intelligent way to not only boost sales but also build your brand’s identity. Also, you can greatly optimize your sales team’s costs by integrating chatbots. They can be present 24*7 to cater to the demands of your customers. Also, since the basic queries are already answered by them, your human sales team just needs a single push further to convert that customer.
A chatbot is a powerful tool for boosting customer conversion. Backed with AL and ML, the analytics solution can study customer behavior, record important data, present meaningful insights and create an actionable plan. As mentioned earlier in the article, many companies have already begun using chatbots to improve their sales cycle, it’s time you do so too. With great third-party companies like BotSpice that lets you personalize and create your very own chatbot in simple steps, you are just a step away from creating a truly meaningful customer connection.