3 Steps To Prepare Your Business For Chatbots
Markets and Markets noted that the market for Chatbots are expected to grow exponentially from US$703 million in 2016 to US$3.17 billion in 2021. The drivers behind this strong growth in chatbots lies in its large business value for various crucial business tasks such as sales, customer support, inventory control and even scheduling. Chatbots powered by predictive analytics and artificial intelligence can replace expensive calls centres costs and increase your company’s revenues.
Uber created one of the first business cases for monetizing chatbots through Facebook Messenger in August 2014. If you were chatting with a friend and were discussing your plans to reach another place, Facebook Messenger would prompt you to call for Uber. That is Uber’s Chatbot in action and an example of how a chatbot can increase the sales for your company. The only question is how should you embed chatbot into your business profitably?
1. Clarify the value proposition of Chatbots
Identifying the value proposition for any project is important because it allows you to define the scope of the project. The same applies to chatbots as they can be adapted widely for different functions with different artificial intelligence modules. A good chatbot would have to be created to serve a specific niche with measurable results.
The last thing that you want to do is to overwhelm your programmers or company you engage with too many requirements. The result could be that your project stalls or the chatbot created turns out to be out-of-touch. Therefore, it is important to set out the expected development cost, expected time frame, financing requirements and other resources needed against the expected benefits of the chatbots.
2. Specific usage of chatbot
Chatbots are designed for a specific purpose such as answering routine client’s questions about product. Once the questions go out of bound, the chatbot should either steer the conversation within their product limit or steer it to a human operator who has a comprehensive knowledge of their product.
The tone used by the Chatbot would also matter as they need to suit the customer base. A chatbot that is created for business customers would be more formal, while another chatbot that’s created for party booking can be more causal. Having a one-size fits all approach would be counter-productive even if they are cheaper.
Then again, that doesn’t stop you from creating multiple chatbots and then linking them up together for a holistic experience. For example, Mastercard teamed up with Subway and Facebook where people can order Subway on Messenger and pay through Masterpass.
3. Gather the necessary materials
AI powered chatbots can get smarter over time as they learn from previous interaction. For example, IBM Watson is the technology that triumphed against top chess players and they can be embedded into your chatbot. However, before we can get there, you will need to provide the chatbot with the relevant information such as product knowledge, process flows, customer journey maps for them to answer queries automatically.
You would have to use the data obtained from customers’ interactions to enhance the effectiveness of the chatbots. You would have to allocate the proper man power and process to ensure that your chatbot would run smoothly. In other words, while a chatbot saves labour, it is not entirely labour free.
Chatbots have made it easier for consumers to buy products and get answers to their questions. As it is with all things, consumers naturally gravitate towards innovations that make life easier and better. That explains the exponential of growth of chatbots over the next 5 years. The only question is whether your business is ready for it?