What is the current market situation of Chatbot?
Do you ever observe the automated message that pops when you open any Website or other messaging platform? Being a layman, I always felt about how the human associate come to know, that I had visited the Website.
It took me years to realize, that simulated conversation software is widely known as Chatbots. They are simulations that can understand human language, process it, and interact back with humans while performing specific tasks. For example, a Chatbot can be used as a customer care executive for resolving customer queries.
Chatbots are not a recent invention. They are between us since 1966, when Joseph Weizenbaum invented the first Chatbot, Eliza. There are very less human beings on this earth who have not come across chatbots once in their life.
It gathered all the limelight when the article about Alan turning was published, which was “Computer Machinery, and Intelligence” Where he ask serious questions regarding Machine Learning and Artificial intelligence. Ever since that day the world is served with varieties of Chatbots by different IT companies.
This invention helped people to get exposure to technology without disturbing their routine life. To Chat with a Chatbot, a person doesn’t need to have specific knowledge of codes or a background in information technology. Chatbots are designed in such a manner that they imitate to be real human beings on the other side of the screen.
Today almost every company uses Chatbot to resolve customers’ queries. Gartner said in a report in 2020 that “Almost 85% of corporates use chatbots as a conversational medium”. Chatbots have raised the bars of customer support systems because they are more than just a serving tool, which is available around the clock.
What are the Parameters for Chatbot Marketing and what are its advantages?
Before we dig deeper, let us first have a brief idea of What Chatbot Marketing means and how they are helpful for the strategic planning of the business?
Marketing in layman’s language is, “The way business sells its product or services is Marketing”. Chatbot Marketing comprises two words.
“Chatbots” and “Marketing” Till now, we are familiar with the word Chatbots. We are much familiar with the word Chatbot which drives chats with automation ultimately helping businesses and their customer support service whereas marketing in action in business promotes your product or services.
It is a unique approach initially, but now it is very common to cater the customer queries with the help of Chatbots. It is an integrated automated answering system that is combined with the messaging platforms of business. It is helpful as it works round the clock and hence can generate leads anytime the opportunity knocks on the door. Also, it doesn’t let your potential prospects stand in long waiting queues.
The purpose of Chatbot marketing is to Assist the support of website visitors instantly. They are not used only through the website but any messaging channel used by the business. Chatbots help to answer support questions and keep the visitors engaged in conversations. Chatbots help website visitors engage to answer their questions in no time which can be likely to convert visitors into customers.
It can help businesses promote their products or services with targeted messaging to boost customer engagement and increase brand visibility. The business implementing Chatbots for automated conservational methods should consider the following
- The Chatbot should be integrated considering the purpose of the conversation to make it effective.
- It should be a personalized one-on-one conversation, to make the customer that they are important to you.
- Enhance the Chatbot use so that the business is available to resolve the queries with relevant answers.
- Be available in Real-time.
- The quality of Chatbot also depends on the script that is preprogrammed in the Chatbot Software.
The Quality of the conversation on Chatbot depends on the following parameters. Turn your normal chatting system into an extravagant automated chatbot considering the following parameters. Let’s have a brief idea of each below:
7 Parameters that help to create an effective Chatbot for Business Strategic Planning.
Target Market that the business wants to cater to.
According to the behaviours of the Target market and Audience, Chatbots help to design strategies accordingly. Not everyone shares a similar interest. Thus to identify the target audience, one needs to understand the similarity between the customers or visitors and plan the strategies accordingly.
A motive to install the chatbot.
The second factor that defines the type of Chatbot is the Motive to integrate the Chatbot. Say, for example, if I sell my product on the E-commerce platform, it is very difficult to manage the product, distribution, and sales simultaneously. Thus in such a situation, Chatbots help to Cater to online orders and tickets and eventually relieves the query resolution part with their automation features.
Achievement at the end.
When we come to the planned motives with the actual performance we get the conversion ratio, which is also known as the Achievement of installing the Chatbot in the conversational system. The Metrics that we have set will help to identify the conversational rate.
Key plans to achieve the targets.
To stand out with a larger audience, you need to highlight your key plans. For example, if it is the software rather than marketing the product, engage the customer on the solution side. Make them understand how the software gives you the solution to the problem it faces now and then.
Design the script according to target customers.
The next important aspect is the flow of conversation. Whether you are using the informational tone or solution base tone. Everything depends on the target market. Even the backup should be ready if the chatbot doesn’t have a relevant answer to the customer’s query. The best way is to observe a well-qualified associate dealing with the customer and one can script the chatbot accordingly.
Use the sales Funnel to categorize the customers.
Since the business is dealing with varieties of customers at various channels, here is the time to have a clear idea by categorizing the customers according to their experiences and behaviour. It can be helpful if the Chatbot is created with personalized features like a particular name and tone of answer.
Reactions or feedback.
The main aim of Chatbot is to replace the traditional conversational system where prospects use to talk with sales associates and resolve their queries. This took a lot of time from both the Business and Customer end. Hence to overcome this boring traditional system, Chatbots are installed on all the messaging platforms used by customers to connect with a business. The whole process is designed in such a way that every word is impactful on customers, keeps them engrossed with the business, and lastly increases the conversion ratio. After completing the script, the next step is to test it. It can be tested at 3 levels mainly,
1. Between the teams.
2. Among various departments.
3. With the End users.
If the Chatbot is properly strategized, there will be a near to zero chance of not having a remarkable impact on the end-users. The Chatbots proved extremely Beneficial for the overall progress of the business. A few of its advantages are listed below:
Advantages of Chatbots for Planning the Marketing Strategies of Business:
Effective utilization of available resources.
The business achieves success when it utilizes the available resource to its best. Chatbots make sure that the duration from the ticket generation to its resolution is the bare minimum as possible which will ultimately help to resolve maximum queries. This can replace the ample of service associates which will help to reduce the overall working capital cost.
Since it is accepted worldwide that Chatbot replaces sales Associates online on any platform. The Chatbots are available 24*7 to resolve the customer’s queries, provide additional information about the business or just to make the customers acquainted with the products.
The Chatbot can resolve multiple and complex queries in real time. It doesn’t have any working hour limits like human beings, it can resolve queries even after office working hours. The difference in time zone cannot affect the business when they implement Chatbots, so they can go globally to resolve the queries of international customers.
Flexible to Install and User-Friendly.
One of the best advantages of Chatbots is they can be integrated into any messaging platform and they can be beneficial to any kind of business or industry. Whether it is a Financial, social, or Educational industry, Chatbot is very easy to install and doesn’t require any specific maintenance. Chatbots are Ubiquitous. Moreover, it can be integrated with any messaging platform to help to grab potential prospects.
Data Analysis and Reports.
Until and unless one cannot identify the conversation ratio, one cannot understand the impact of Chatbot on Business. The chats with the visitors are saved and stored so that they can be reused when the customer generates a ticket next time. This can be considered as customers’ history. The conversion ratio can be identified by the number of visitors on the first page, the number of times they are engaged, and lastly the actual buyers.
The reports are generated as per the duration set by the business. It provides a graph displaying the engagement and conversion ratio of the prospects.
Avoids Repetition of Information from Customers.
Chatbot preserves the previous conversation of customers and it does not need to keep on repeating even if it is handled by the human support agent. The history helps the Chatbot identify the customer. This saves time and energy from both sides.
Customer satisfaction is the essence and core area when it comes to strategic planning of Marketing. When multiple queries are resolved by the business in real time and the customers are provided relevant answers, they get an amazing customer service experience.
This is not once in a lifetime task but rather an ongoing process. When a customer experiences the same kind of warm gestures by the business every time the satisfaction ratio will be always high. This satisfaction will later reward the business in form of Brand reputation and customer loyalty.
What are the 5 best marketing strategies for using Chatbot Software?
The Chatbot aims at automatizing the general conversational system. While they still want to keep it as simple as face-to-face conventional between two people. Chatbots are helpful to new ventures, already established businesses, or just to create recognition in the market. Chatbots help to exhibit products and services to customers. This will ultimately make the customers aquatint with the product and services the brand is in.
The Most Prominent Marketing Strategies for Chatbot so far are listed below:
Right from taking orders, to sending the tracking details, a Chatbot can make the marketing process mechanical and aids in channelizing the system. Generally, a business takes lots of time in thing crucial aspects which are time-consuming simultaneously. The Chatbot at the welcome desk till the checkout page makes sure that the process is smooth and efficient. This relieves the businesses.
Exhibit the Product and Services.
Marketing is all about telling what is your product and services and how these products and services be a part of the customer’s life. Human associates have the limitations of human behaviour.
Thus Chatbot grabs all the opportunities to show off what our product is and how positive impact it can have on customers’ life. It can be effectively used for any type of industry, be it E-commerce or finance, or hospitality. One can easily keep the customers updated and acquainted with the latest news in the business.
Give your business a Global Platform.
Chatbots help businesses to grow globally. The unique multilinguistic feature of Chatbot helps to widen the business horizons. A noncode chatbot is easy to integrate so it doesn’t need any specific infrastructure or demography. The Chatbot is flexible to integrate into any business or industry. It can help to generate the lead and cater to a new market.
Chatbots can be integrated with varieties of channels which helps to grab maximum potential buyers. It also helps to conquer the unknown market and helps to engage the customer in a more personalized manner.
Fosters the lead.
The best strategy in Chatbot marketing is nurturing or fostering the generated lead. To generate leads is easy but smoothening the whole process and bringing the customers to the end is quite a challenging task. Understanding the behaviour of the customer, the Chatbot engages them in the conversation in such a way that the business gets the opportunity to have new sales.
The customers are categorized according to their behaviour and finally, they are shifted to sales time for further guidance. This whole process will help in enhancing sales which is the core motive of the Business. This is to improve the brand reputation and customer service experience too.
Leverage the Data
When the Brand tends to give a customized experience, the only thing they can do is leverage the data collected through the behaviour of the customers. For instance, Customers can be separated into different groups, one group of customers are regular buyers, but they only make purchases during sales and offers. There is another group that only purchases fresh stock.
Thus considering this the chatbots shows them advertisements and set the marketing strategies accordingly. This will help to reduce unwanted cost and efforts and caters to the right customers at right time on the right platform.
Though the machine is dealing with human behaviour which is not always predictable. However, Chatbots can prove themselves as the best market analysts who keep on learning from their conversations with the customers. The Chatbot not only proved remarkable efficiency in lead generation and nurturing but also had a huge impact on marketing and sales. All we need to be clear about is what we want to achieve with the use of Chatbot.