11 Ways Chatbots can add to your business’ bottom line

If there is one thing that all businesses are interested in today, it is boosting their bottom line. There are many different profit generating ventures, and so it is all about finding one that is right for you. No matter your business – the size of it or the industry you operate in – a chatbot is something worth considering. 

A chatbot is a program that is built to engage with received messages in an automatic manner. These chatbots can be programmed to provide the same response all of the time or they can be programmed to offer a different response depending on certain keywords within the messages. This is a great way of enhancing the customer service you provide and ultimately improving your bottom line. So, let’s take a look at 11 different ways that chatbots can add to a company’s bottom line…

You will save time

There is only one place to begin, and this is with the amount of time you will save. And, you know what they say; time equals money! Through the automation of conversations that would typically require a member of staff to answer, you are going to be saving both time and money, which can be used on other business efforts. You will be able to focus on more profitable business ventures for example. Instead of your reps spending their time answering inbound queries, they can focus their efforts on tasks that will actually add to your bottom line and generate your business more money.

Contextual and multilingual support

Chatbots exhibit intelligence so that natural languages are comprehended and processed. This is thanks to Natural Language Processing (NLP) and AI. The multi-language support proves to be very useful when people are using them in various languages. Chatbots are intelligent enough to understand the conversation in its correct context, which means employees can provide responses that are the most appropriate.

Engage with users in a unique way 

In order to be effective and drive profit in the current day and age, it is all about standing out from the competition and looking for unique ways to engage with the consumer. This is what chatbots do. You can engage with people in interactive ways, which are fun and exciting. Domino’s Twitter is a good example of this. Simply sharing an emoji can enable you to order a pizza.

Effective employee training

Another key benefit worth considering in terms of chatbots and your bottom line is that businesses can all employee training sessions online. New employees must be trained so that they are brought up to speed. Chatbots can help with this. They can provide advanced training regarding everything from company policies to your products and services, just like a human trainer would. 

Conversational capability

It is also worth considering the fact that chatbots are able to carry on engaging conversations, just like humans do. The flow of their conversations are mature, seamless, and simple. You can utilize them in diverse situations and systems due to the compatibility feature. Chatbots make sure that regular business transactions are aided through leveraging the power of machine learning. 

Personalized attention

In big organizations especially, it may not be feasible to give each and every person the personal attention they need. This would demand logistics on a monumental scale, as well as high costs. This is where a chatbot can act as a reliable and dependable personal assistant, handling a number of different tasks that human assistants tend to perform. Unlike humans, this sort of software does not need to sleep, nor does it need to take a break, nor does it ever feel tired. 

Provide support ‘after hours’

Most businesses do not have someone in the office all of the time. However, this does not mean that you cannot provide 24-hour support to your consumers. This is where a chatbot comes in. Whenever your business is closed, people can still get the information they need from the chatbot. This ensures you do not miss out on opportunities to turn a profit even when your business has clocked off for the evening. 

Generate new leads

Another way in which chatbots create money for businesses is because they result in new leads being generated. Information is gathered through direct messages. You can set up your chatbot to qualify prospects based on different criteria, gathering their email addresses so that someone from your sales team can follow up. Not only does this result in more leads but they will be of a better quality too. 

Data feedback and collection

A chatbot that is driven by data can generate a mountain of data, which can be more readily available for evaluation when compared with additional methods. This means problem areas within your business can be identified quickly and effectively so that you can take the correct measures to rectify them. Chatbots can also supply you with good feedback based on their interactions with any trainees at your business. 

Continual learning in the workplace

Chatbots also deliver continual development and learning in the workplace, which are critical when it comes to the process of effective employee management. Through the use of chatbots, company leaders can include learning systems within the workflow, making interactions with employees more enjoyable and a lot more engaging too. 

Process automation

Last but not least, this is one of the most effective ways chatbots help to enhance a company’s bottom line, and it was something discussed briefly in the saving time point. Mundane tasks will be automated, including frequently asked questions, which means your employees’ time is freed up. This means that their efforts are going to be utilized more productively. 

As you can see, there are a number of different ways that chatbots can add to your bottom line. This is a great way to boost your profits. Contact Pivotal New Media to take advantage of this.