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Benefits of chatbots to entrepreneurs

Chatbots are breaking the norms in the world of business and entrepreneurship. It is that incredible product of Artificial Intelligence that businesses can lean on.

Ashish Sharma
29th Jun 2018
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Chatbots are breaking the norms in the world of business and entrepreneurship. It is that incredible product of Artificial Intelligence that businesses can lean on.

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A chatbot is an application designed to perform certain actions on its own either in text or spoken format. What makes them more attractive and interesting is that they have the potential to evolve themselves by learning from previous interactions, just like we humans grow by learning from our past experiences.

Chatbots can function in two ways:

• Static – where they are equipped with certain predefined responses from an existing database and provide the same to the customer based on the keywords searched.

Dynamic – where they gather knowledge from Artificial Intelligence and Cognitive Computing and response in accordance with the customer interaction with their capability of self learning and adaptive behavior.

Relevance of Chatbots in Business

In the present era of digitization, the application of chatbots seems quite relevant. The social media presence made the present generation of customers prefer chatting or texting more than any other mode of communication. They appreciate a quick and seamless customer support experience from their favorite brands over live chat, as compared to email or a phone call.

Many businesses and entrepreneurs are adopting the chatbot facilities to prioritize expectation of the customers, outgrowing their business competitors.

Growing trend for new Enterprises

The human interaction and connectivity has taken a drastic turn with the widespread use of Artificial Intelligence. Any small or big business can use the sophistication and versatility of AIs to formulate business strategies. Chatbots are good not only for customer care queries, but they have many other uses throughout the business venture. Let’s take a look at some of the ways, chatbots can be become part of a business strategy:

As types of customers are unique for every business, chatbots must be programmed to follow the customer’s journey with the enterprise. Having A-Z knowledge of the customer’s interaction with the business right from the start, may act as the foundation step towards success. Since AIs are achieving greater roles in reforming the business, it is necessary to have precise insight and experience about the customers for programming the bot.

Once the bot is programmed, the next step is to enhance customer interaction by letting the bot walk down the road to sales. If a bot is having a sound knowledge of sales data, it can provide better customer service. A bot is supposed to have a good grasp on-

• Frequently Asked Questions (FAQs)

• Designated responses and presentation of those to the customers

• How and what necessary information can be provided to convert a visitor into the customer

It is important for the entrepreneur to think from an average customer’s POV, if he/she is trying to achieve the highest degree of customer satisfaction with the help of bots.

The smartest way to build strong customer relationships is to “humanize” the chatbot. People tend to buy things which being sold by a human, not a robot. Therefore, a chatbot must be programmed with the responses which show human empathy, and at the same time can be the voice of the brand value.

With the continuous changes in the digital landscape, customers’ preferences and needs also tend to change from time to time. A business must keep a tab on this by constantly analyzing the customer data and evolving the bot accordingly.

Chatbots are Future

Chatbots are currently at the primitive stage, but we can definitely expect more progress in the coming future. Presently, they are utilized on websites, social platforms, and smartphones as a means of customer interaction with a brand. However, with the continuous expansion of Artificial Intelligence and machine learning, the empowered chatbots are soon to uplift the conversational interface of businesses. The advancements of AI will make the chatbots a lot smarter, intelligent and identical to humans but it’s still a long way for these chatbots to master the skills of polite conversation.

It is expected that the widespread adoption of chatbots across multiple platforms and domains will eventually lower the cost of Chatbots.

Conclusion

Within the last decade, the technology has come up a long way in the digital marketing. Even if everything becomes automatic in the future, there will always be something which will never change. The optimal user experience is what successfully grows a business. The chatbots can make a huge impact on the marketing process by making it exciting, fast, and compassionate. 

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