by Ryan Gould
on May 20, 2021
How Chatbots Can Make Your Business Stand Out in a Saturated Market
It may be a bit early to predict how businesses might be performing by the end of 2021, but based on our predictions, businesses will need to pivot their current marketing strategies to stay relevant in a saturated market. It may sound hard to conceptualise what this will look like because of the advancements in technology and artificial intelligence, but it would not be surprising if almost every single industry is using chatbots to either create new revenue streams or improve the quality of service delivered by December 2021. Here are some interesting statistics about why your business needs to have a chatbot in 2021.
Chatbot Statistics: Why You Need to Have a Chatbot in 2021
- 85% of customer interactions will be handled without human agents by 2021.
- 69% of consumers prefer to use chatbots because they deliver quick answers to simple questions.
- Businesses spend over $1.3 trillion per year to address customer requests. Chatbots could help to reduce that cost by 30%.
- In 2020, 41.3% of consumers said they used chatbots for purchases.
- Willingness to use chatbots for purchases rose from 17.1% to 41.3% from 2019 to 2020.
- 40% of consumers have no preference when it comes to engaging with a chatbot or a human for help, as long as they receive the support they need.
- By 2022, 75-90% of queries are expected to be handled by chatbots.
- 64% of businesses believe that chatbots will allow them to provide a more customised support experience for their customers.
- Chatbots are projected to save 2.5 billion hours for businesses and consumers from chatbots by 2023.
4 Benefits of Using Chatbots (And How They Will Make You Stand Out)
Chatbots are not a new concept in the technology market. They have long been around for some time and are now generating a lot of buzz in the digital marketing space. Chatbots are designed to chat with people to benefit them in more ways than one. The great thing about chatbots is that they simplify the customer service workflow by making it much more interactive experience for your end customer. Let’s take a look at some of the benefits associated with using chatbots.
1. Gives Your Customers a Personalized Experience
No one wants to be treated like a number. Customers expect excellent service from the companies they choose to support – every time. By leveraging a chatbot for customer service interactions, you can give your customers a personalised experience in real-time — even when your support team is overwhelmed or out for lunch. All in all, chatbots can give your customers a personalised experience, increasing their loyalty to your brand, and allowing you to grow.
2. Improves Customer Service
Chatbots will give your customers an instant response as soon as they have an issue or questions. There are no “off hours” with chatbots which allows your customers to ask your chatbot questions whenever they need to.
In addition to this, chatbots are consistent with the information they provide. Say goodbye to the days of getting tossed from one customer service rep to another and getting inconsistent answers. Now, customers can get a correct answer (the first time around).
3. Increases Customer Engagement
One of the biggest problems companies face is keeping their customers engaged. Customers are fickle and have more options available than ever before, so companies need to work harder to keep a customer’s attention. Chatbots can be used for text messaging, email marketing, automated chat responses, and more. This can help you stay on top of any issues that might arise with your products or services.
4. Cuts Down on Operational Costs
By using chatbots, you can cut down on your operational costs without cutting down on the quality of your customer service. This is because bots are essentially a form of Artificial Intelligence (AI). With chatbot technology, businesses can route their customer service requests through an AI-powered interface designed specifically for this task. The best part is that bots are considerably cheaper than both full-time employees and other forms of customer service technology like email or voice platforms. This means that all types of businesses (both small businesses and enterprises) can now afford to provide customers with incredible customer service.
Ready to Start Making Magic with Chatbots?
It's hard to get your ideal customers’ attention when there is so much noise in the market. But if you have taken anything away from this article let it be this: chatbots are the answer that will get you to stand out from the crowd. Chatbots are the solution that will give your business a competitive edge while improving the overall customer experience.
So what are you waiting for? It’s time for you to start making magic with chatbot technology.
(This is a guest post written by Ryan Gould, VP of Strategy and Marketing Services at Elevation Marketing. The views expressed are the author's own.)
Ryan is VP of Strategy and Marketing Services at Elevation Marketing. He has brought his extensive experience from legacy Fortune 100 institutions to inventive start-ups to a wide range of B2B clients. Ryan takes complex marketing and business challenges and develops solutions that simplify processes while driving customer outcomes and business value.
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