3 Ways Chatbot Can Drive More Profit To Your Business

According to Business Wire, the chatbot market is expected to grow by 34.64% from USD 946.55 million in 2017 to USD 5638.4 million by 2023. That’s a huge growth rate? The adoption rate has increased year by year and this does not come as surprise due to wonderful things what it can do if you get it right.

That means adoption becomes wider and potentially, your customer also will adapt to the chatbot.

There is confusion between the chatbot and just… bot. Do you know?

According to techpedia, the chatbot is an artificial intelligence (AI) program that simulates interactive human conversation by using key pre-calculated user phrases and auditory or text-based signals. That means it uses machine learning, equipped with NLP and tries to understand the conversation take place and behave as expected.

While bot is rather simple – you program the bot to produce A when the input is B. Outside of the programmed conversation, the bot wouldn’t understand.

So how do we get chatbot to drive more sales?

Chatbot to Engage Lead and Drive More Sales

Based on the survey done, 21% think that chatbot is the easiest way to contact a business. It makes sense because chatbot doesn’t have time off, they are available 24/7 and most of the time, there is no fluff – you get a straight answer based on your question.

One of the case study that we at Monocal manage to execute this by engaging existing prospect and prompt them to engage with the chatbot. Based on prospect stages, the chatbot will be able to consult or give advice to the prospect and suggest the best possible solution. Therefore, the solution is made tailor to the prospect needs rather than a broad recommendation.

If the prospect has some sort of objection, we will send follow up or series of educational chat to the prospect addressing the objection. At the end of the day, we manage to educate the prospect and allow the prospect to buy from us with the educated decision and not sale-sy tactics.

With Chatbot, we also able to re-engage the existing customer and do systematic follow up that lead to more sales.

If you have an ecommerce website, with Facebook customer matching, we can send a personalized coupons to re-initiate the conversation and get more sales. Let’s say for example you bought a baby food processor in the past and surely, the food jar is also nice to have. For some reason, food jar wasn’t proceed to checkout.

With chatbot, we can re-engage the customer and motivate them to complete the transaction by giving them one time coupon for the food jar alone.

Helping Customer To Find Answers

Predicted use cases for chatbot

 

Based on the Chatbots Report done by SproutSocial, almost 1/3 of predicted use cases are related to getting answers or addressing issues. This should not be a surprise. With proper chatbot setup, the chatbot can resolve issues as we design it.

Do you want to allow a customer to complain about your restaurant and investigate it? If the complaint is valid, you want to give the customer some sort of voucher as appreciation? Checked.

Do you want to allow a customer to report the missing luggage and create a case ID? Checked.

Do you want to allow a customer to make a table reservation for dinner? Checked.

Align Sales Process With CRM

Well, depending on how your sales process right? It might involve with prospects fill in the form and it was assigned to one of your salespeople then he makes contact, go through qualification, demo and waiting to get a Yes-No answer.

Depending on how much you get the sales funnel right, you might receive a lot of lead from your website. If you receive a lot of lead, then the lead needs to be tracked properly. Such as who are they, what they need, why they are looking for a solution, who is making the decision etc.

With chatbot, all the lead from the website your Facebook page, it can be sync to CRM. With the help of Integromat, connecting few other apps, you can connect to Hubspot or Pipedrive and register all the lead coming through your bot, will be registered to the CRM and it will be assigned based on your rules assignment.

Correct funnel, lead registered in CRM, you will not miss a single lead – if you track properly. That means, no waste. Simple as that.

As a leader or business owner, you will have the visibility of such lead coming into your pipeline and you shall see what is your salesperson activity with that particularly.

There are a lot of strategies that can be used depending on the business needs – we see tremendous business opportunities if you adopt chatbot in your business. It’s a new thing right now and you might not convince, yet, but trust me, you will not lose anything while integrating it in your business.

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1 thought on “3 Ways Chatbot Can Drive More Profit To Your Business”

  1. Pingback: 6 Tips To Design Chatbot To Improve Your Sale | Monocal

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