Data-driven business insights allow you to make strategic business decisions that could give you a distinct competitive advantage. You can glean a surprising amount of strategic business insights from conversational AI chatbots.
An example of a strategic business insight might be that customers often say a competitor’s product is of higher quality. You could obtain these insights from social media, reviews, and even direct contact with customers. But that’s a ton of work.
AI (or artificial intelligence), using machine learning (ML) and natural language processing (NLP), can help you collect data and show you trends like above, saving time and money. All you have to do is review the insights and develop an action plan to address the opportunity you’ve identified.
Don’t forget: insights don’t all have to be actionable to have value. Sometimes insights can confirm your theories. Data collected from a chatbot can also give you critical feedback on whether your strategies are working.
How Do Chatbots Lead to Strategic Business Insights?
Chatbots collect considerable data through their conversations with your customers. You can mine this data to find out:
- what questions your customers ask,
- what suggestions they have,
- what they want from your products,
- and what issues they have most frequently.
Let’s look at a simple example. If a restaurant chain has a chatbot, and customers are frequently asking about gluten-free, vegetarian, or vegan options, it could be lucrative for the brand to start adding items to their menu in these categories. Chatbot data can reveal potential future business avenues your team may not have determined on their own.
How Chatbots Help Your Customer Service Strategy
Chatbot data can show you trends in customer issues, from when they’re most likely to occur to the most common complaints, as well as the cause of problems. You can also collect data on customer intent when they are interacting with the bot. You’ll understand at what point during the conversation is the customer getting more or less annoyed or angry. You can then tweak your process to direct those customers to a human representative, and you can look at adjusting your chatbot’s responses to serve customers better.
Even simple interactions with your chatbot can reveal trends about your customers. If your chatbot regularly gets the question: “what location is closest to me?” it might be worth surveying customers for postal codes. Maybe there’s an opportunity for expanding your business to a location you hadn’t thought of previously.
As a bonus, chatbots can also improve your employee experience because they can quickly answer straightforward questions like “when are you open?” This gives your customer service reps more time to deal with more complex questions or problems. It also eliminates repetitive work that can frustrate employees.
How Chatbots Can Help Your Marketing Strategy
Chatbots are a perfect complement to an inbound marketing strategy. Your content gets people interested and builds trust, while the chatbot is the first friendly and immediately available point of contact. Your chatbot can also provide further information about the items your customers are looking at and can collect their contact details if they’d like to speak to someone. Chatbots could even book appointments with human staff members.
Chatbot data can show you what information your marketing content is missing by offering you the most frequently asked questions. You can also find out what frustrates your customers and causes them to leave a chatbot conversation without purchasing a product or resolving an issue. Trends identified can lead to a strategy to reach out to these customers with a special offer or discount to get them back as customers.
How Chatbots Can Help Improve Your Sales Procedures
Chatbots can also lend a hand to your sales department. Similar to your marketing strategies and customer service, chatbots can help save time for your sales team as well. Strategically designed chatbots, especially when integrated with a CRM, could collect contact information and pre-qualify leads for your team to contact.
A chatbot can also collect the data your CRM needs and fill in the details after a conversation. Think about the time your sales team could save if the first discovery call was effectively completed by a chatbot asking the right questions. Suddenly, your sales strategy can be more tailored to the prospect in question when the first in-person call is made.
Depending on the industry you are in, you might have a chatbot that assists customers in making purchases online. The data collected can help you to change up your sales pages, forms and overall layout to make the experience better for customers. You’ll know from a chatbot when people ask questions, get confused and need assistance. The data from sales bots will help teams and leaders develop the next generation of even more intuitive online shopping experiences.
Get Strategic Business Insights from Conversational AI
If you have an online business where customers can contact you via your website, on a messenger app or even through a call centre, you will benefit from integrating conversational AI into your business model. The insights gathered from the wealth of data collected are priceless. And as the chatbot continues to improve, the detailed and nuanced data being gathered will continue to direct your strategies in the years to come.
Curious about how you could tap into critical metrics and data analysis in an easy-to-use chatbot dashboard? Book a quick call with one of our consultants today!