What is a business model?
A business model can be defined as the plan of a company to make profits. This model includes the identification of services or products which are required to be sold by the company. Apart from that it also identifies the target market and the anticipated expenses which the company has to bear.
A business model is very essential especially for start-ups so that they can manage and motivate their employees. Apart from this, it helps in attracting investment in the company and also in the recruitment of the right talent. Most businesses that have already been established have a proper business model. However, these established companies also need to update their plans of business so that they do not fail to cope with the emerging trends and challenges.
What is a Chat-bot?
A chat-bot can be considered as a software which powered by artificial intelligence which has the ability to simulate a conversation with a user via platforms like websites, mobile apps and other mediums using language which the end-user can understand. It is also considered as one of the most promising ways of interaction between machines and humans.
So why is it important to incorporate Chat-bots into the model of your business?
Generating revenue holds the highest priority for every business, it is imperative to keep the business rolling and continue producing income. AI Chat-bot is one of the most convenient and useful customer satisfaction tools for enhancing customer experience and guaranteeing income to the business. Chat-bots are programs intended to interact with customers through text or voice-based mediums for resolving queries and building a relationship.
With the advancement in Artificial Intelligence and Machine Learning, customers can get in touch with the business at just a click. Many brands are currently utilizing AI Chat-bot for better customer experience. Bots make the user feel that they are in conversation with a human instead of a machine. One of the highlights of bots is that this innovation can comprehend underlying emotions as opposed to simply responding to orders. AI Chat-bot is the best method for building up customer relation with the user guaranteeing the fact that the user is being valued. With bots, users don't need to wait in line to get a response as one bot can speak with numerous clients at any given time. This allows the business to allocate their valuable human resource to other aspects of importance.
Recent studies say that the Chat-bot market has seen an upward development from $703.3 Million in 2016 to an astounding $3,172 Millions by 2021. Additionally, bots are seen to coordinate with several payment platforms for users to have easy and secured transactions. It is proposed that by 2020 Chat-bots will be voice-driven that is the hands-free assistant to make conversation with no need of typing texts. Users can speak about their requirements and get the best resolution from the bot within seconds.
Let’s take a look at some of the reasons why businesses have made the shift to AI-powered Chat-bots
With 24 x 7 accessibility, a Chat-bot makes your business available to the customers at all times. When websites have a bot incorporated, customers can contact you at any time and can get work done even at the late-night hours without having to stress over business working hours. Such adaptability with timing ensures a good level of customer satisfaction and pull in a bigger customer base to generate more revenue for the business. With instant response and straightforward answers, Chat-bots make sure users are hooked on for a longer time. Chat-bots make well-informed guesses that are based on previous conversations and research, hence, they are able to provide the best possible resolution with minimum mistakes. With a bot, users get qualitative solutions to their queries that help in the process of improving brand awareness among people.
AI Chat-bots are structured in a manner to keep track of past conversations, this makes the bot know about customer preferences to subsequently make engaging conversation in the future that is sure to keep the user satisfied. By giving the desired information bots make sure that users can get the required information with minimum effort. With its remarkable customer-driven highlights, AI Chat-bots can hold the customer's attention for a longer time and make sure they stay on the page and learn about the various products and services that the business has to offer.
As the world is keeping up with social media updates, businesses need to target the users on social media platforms too. Bots can strike a conversation on these platforms by adding a fun element to it. In this way, users are ready to give valuable information about their preferences and businesses can put forth products that are sure to be of their interest and needs. Chat-bots make the customer interaction journey all the more interesting and engaging. With human-like features, bots can comprehend underlying emotion and understand the needs of users to give a solution that takes care of their requirement. As businesses need to know about customer preferences and insights, Chat-bots store information based on past conversations to gain knowledge about the customers' choices to serve them better. Chat-bots keep users in the center and strike a conversation with a prime focus of understanding their queries and give them an instant solution. Being the best customer interaction tool, Chat-bots make sure that customers are satisfied with their service which allows human employees to focus on areas that require strategic understanding and in-depth knowledge.
With Natural Language Processing, Chat-bots can get away with a generic sales pitch and replace it with an easy flowing casual conversation. Such a conversational tone keeps the users hooked on to the site and find out about the various products that a brand brings to the table. With features like deliberate delay, use of emoji and contextual understanding a bot does not make the customer feel like they are talking to a machine instead they give a personalized and human-like feel. Chat-bots use emojis to make the user feel they are conversing with a human rather than a machine. By understanding the underlying emotion and context of the user's question Chat-bots can give the most favorable response that is sure to keep the user happy. Incorporating an AI Chat-bot gives you an edge against competitors by giving the best customer experience. As businesses are surrounded by competitors and brands need to have a differentiating factor that helps drive traffic to their website. With 24 x 7 accessibility customers can arrive at your business whenever. The customized tone and human-like discussion keep the users even more engaged. Despite these intriguing highlights, different businesses are as yet hesitant to consolidate a Chat-bot into their business model. The use of this tool can be productive for your business as it separates you from your competitors.
In conclusion, it can be said that, with its instant responsiveness and up-to-date resolutions, Chat-bots prove to be an important tool to increase revenue with minimum cost requirement. Because of its customer focused features more and more people are using this tool to make inquiries and place orders. Also, it can gauge the attention of inactive users to have a look at the product range and successfully convert them into active users and customers. As a large number of millennial's spend a lot of time over the internet it is important to target them by way of Chat-bots. By providing important information in a way bots can help build a relationship to know your products better and convert the same into leads. Also, it provides a medium to chat and put forth their opinions about the products and services with friends and family. Businesses get around 265 billion service requests each year and it costs around $1.3 trillion to process the equivalent. AI Chat-bots can cut down on a significant part of the operation cost.
In a competitive environment like now, it is very important to think ahead of time and provide the most customer-friendly solution to resolve queries. As we know Chat-bots keep track of previous conversations and record customer behavior in the form of business data they can also be used to store valuable information and reuse the same in the best possible way. With Chat-bots, customers can reach you at any point and get an instant solution to their queries and have a satisfying customer experience. Also, AI Chat-bots guarantee quality help and make the customer journey an eventful experience.