Chatbot Business Ideas to Boost Your Company’s Success in 2023
Chatbot technology has gone through a remarkable transformation. Today's latest AI bots act like virtual assistants that can interact with your employees and customers, improving the overall customer experience and boosting sales.
- Part 1 : What is a Chatbot?
- Part 2 : Top 6 Best Chatbot Ideas to Grow Your Business
- Part 3 : Why Chatbot Business Ideas are So Important?
- Part 4 : What are the Best Business Chatbots for Companies?
- Part 5 : Frequently Asked Questions
Part 1: What is a Chatbot?
At the very basic level, a chatbot refers to a computer program replicating and stimulating human conversation.
When you interact with an AI chatbot, it seems like you are interacting with a human being rather than a digital device.
The best feature about chatbots is that they can act as simple programs that answer a query or sophisticated ones that act as digital assistants.
You must have found yourself interacting with a chatbot often. For instance, when you are researching a specific product and a window pops up, asking if you require any help, it is one of the scenarios where you might come across an AI chatbot.
How exactly does a chatbot work? When asked a query, the chatbot uses a knowledge database to answer in the best possible way. It is trained on a vast amount of datasets and uses its ability of natural language processing (NLP) to retrieve data from there accordingly.
Part 2: Top 6 Best Chatbot Ideas to Grow Your Business
We have highlighted the top concepts related to chatbots that can help grow the business tenfolds.
1. Chatbots in Customer Service
According to a survey conducted by Sprout Social, 36% of customers will share a negative customer service experience with their family and friends.
Moreover, they reported that 31% of consumers will not complete a purchase, and 30% will buy from another competitor in case of a negative customer service experience. This means that in today's business world, it is extremely important to keep your customers happy.
In an era of such tough competition, chatbots and humans can work together to achieve the highest levels of customer satisfaction.
Customer service chatbots are designed to achieve this, assisting customers through text chatting, voice commands, etc.
Brands can implement these conversational chatbots on their official websites or social media platforms like Instagram, Facebook, or Twitter. These customer service chatbots save costs associated with hiring customer representatives and time.
2. Chatbots for Lead Generation and Sales
Another innovative way of using AI chatbots on the business front is for lead sales and generation. Lead-generation chatbots utilize a conversational approach to gather relevant customer information, qualify leads, and guide customers during buying.Moreover, they also allow customers visiting the website to navigate through a series of different options.
Chatbots can have several roles when it comes to lead generation. As soon as a visitor comes to your business website, an AI chatbot will trigger a proactive message, welcoming them to your website.
To turn this visitor into a potential customer, a lead generation chatbot can offer a discount on a promotional subscription for the company's newsletter.
Other lead generation options include offering visitors the chance to sign up for some webinar or anything else which can stop them from leaving your website. To sum it up, AI chatbots can help your potential customers in their decision-making process.
3. Chatbots for E-commerce and Online Shopping
Forrester reported that almost 53% of online consumers tend to abandon their carts if they cannot find immediate answers to their queries. This means that simple email support is no longer sufficient.
Moreover, your customers need answers as soon as a question comes to mind. Here, ecommerce chatbots can be of great help to you.
A great way of utilizing chatbots in your business is using them for shopping assistance. You can now make shopping convenient for your customers by providing recommendations or assisting them in looking for the best product through AI chatbots.
This is especially beneficial for online retail stores or eCommerce websites. This brings your business a lot of value as a live bot system is integrated. Your customers do not wait for their queries to be answered, saving your carts from the threat of abandonment.
4. Chatbots for Content and Social Media Marketing
Chatbot or bot marketing is a special technique used for leveraging automated messaging in order to communicate directly with customers throughout their purchasing journey. This may involve helping them with a purchase, enrolling them on a free trial or downloading an asset.
BlendJet reported that their order rates increased by 17%. In comparison, their sales increased by 15% after they deployed a chat plugin on their Facebook page.
This automated conversational flow by marketing chatbots ensures that the customers receive immediate responses to inquiries referring to pricing as well as shipping and delivery times. The best part about using chatbots for content and social media marketing is that they are available 24/7 and are always there for quick problem resolution.
Besides, assigning marketing-related tasks to AI chatbots saves a ton of resources, including time and money.
5. Chatbots for Internal Business Processes
While external chatbots are specifically meant to get customers' queries answered quickly, internal chatbots are meant for company employees. These chatbots are conveniently customizable, allowing employees to access data and functionality within the business communications platform such as Slack.
How can chatbots be used for internal business processes? There are a few cases in which these chatbots can be utilized specifically.
Imagine that there is a new hire in your company who is looking to perform a specific task for the very first time. Instead of depending on his/her colleagues for help, a customized internal chatbot can answer their queries.
Employees can also use these chatbots for other purposes, including scheduling workdays and requesting guidance during remote work.
6. Emerging Chatbot Business Ideas
The usage of chatbots in the modern business world is ever-evolving. Apart from the above-mentioned ways of using chatbots to grow your business, there are many other emerging chatbot business ideas. Some of these include:
Real estate chatbot – For those who have a real-estate business, these chatbots can be a Godsend. From handling inquiries regarding buying, selling, and renting properties, these virtual assistant bots can provide updates to customers, schedule meetings, and gather prospects.
Restaurant chatbots – Hospitality businesses can now take full benefit of restaurant chatbots. These are capable of showing a complete menu to your customers, taking orders and making necessary bookings.
Booking chatbots – Whether in a flight, medical, or any other business, booking chatbots can make your client interaction life easier. A scheduling chatbot schedules bookings for your customers. Whether you are a hairdresser, an accountant, or an electrician, these chatbots will automatically schedule client bookings for you.
Part 3: Why Chatbot Business Ideas are So Important?
There are several benefits to using chatbots in business.
1. Improved Customer Engagement
It is a fact that chatbots receive a much higher response as compared to emails. While the response rate for email marketing is just 3%, for chatbots, it is nearly 10%. This means that email support is not of much significance when compared to chatbot assistance.
2. Real-Time Support With 24/7 Availability
With human customer representatives, providing real-time customer support every minute of the day is nearly impossible. However, delayed response time is also a factor that could make your business lose customers. Chatbots provide the perfect way of assisting customers with automated replies 24/7, without ever getting tired.
3. Decreasing Burden For The Customer Support Team
If your business is one of those that receive multiple queries from customers every few minutes, your customer support team is bound to get exhausted. Chatbots can reduce this burden on customer support by providing automated responses to common queries.
4. Cost-Effective
From the business aspect, chatbots tend to be very cost-effective. With a virtual assistant, you wouldn't need as many customer representatives as you would need without it.
Part 4: What are the Best Business Chatbots for Companies?
According to reliable sources, here are the best business chatbots available for companies in the market right now.
1ChatInsight AI
ChatInsight is an advanced AI-powered chatbot platform designed to enhance customer engagement and streamline business operations. It offers a range of features and capabilities that make it a valuable tool for businesses of all sizes and industries.
Key Features
- Ensure human-like and engaging conversation experience for customers.
- Offers a user-friendly interface that allows businesses to easily design, train, and deploy chatbots.
- 24/7 availability, offering assistance to customers at any time.
- Handle routine and repetitive tasks, reducing the need for human customer support agents.
- Communicate in multiple languages, expanding your reach to a global audience.
2HubSpot Chatbot Builder
HubSpot Builder is the most user-friendly chatbot on the block.
Most importantly, for starters, it is free and a great option for businesses that wish to automate tasks, such as scheduling meetings and qualifying leads. So, if you aim to automate your business-related tasks to attract potential customers and increase sales, this is an excellent choice.
However, it is limited only to HubSpot sales hub users.
3Intercom
Intercom It is the best business chatbot for the customization of business logos, email templates, audience integration and targeting. It has different solutions for both large and small businesses.
Also, Intercom offers a chatbot template library, customized logos, and suggestions on engaging with the target audience. Still, it is a bit expensive and complicated for beginners.
4Drift
Drift is a sales-driven chatbot designed to assist businesses in lead qualification and scheduling meetings. Each plan arrives with a strategy review, customer success manager and chat support.
Even though it is a tab expensive, the tool offers easy integration with hundreds of third-party tools and high-quality features like strategy reviewer, customer success manager, and more.
5Salesforce Einstein
This is mainly for businesses that use Salesforce. It is designed to assist you in getting the most out of Salesforce. Best utilized for customer support, it can also be used for marketing and sales tasks.
Still, the access is limited as it doesn't work outside the salesforce service cloud. Plus, the pricing plans are unclear, which could confuse a beginner.
Part 5: Frequently Asked Questions
Conclusion
To sum it up, if you are a business owner, you always want to remain ahead of your competitors and be original. Chatbots can be a breath of fresh air for your business avenues and can be used in different business niches, including marketing, retail, real estate, hospitality, customer service and many more.
All you need to do is pick the relevant designs which match your business and customize it according to your target customers'needs. This will enable you to get the most out of the business chatbots.
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