The Rising Application of Conversational AI in Business Development

The sales and marketing strategies of all businesses focus on healthy lead generation. If effective plans are not put in place, then the flow of new potential customers will gradually decline. The consequences, like the domino effect, will eventually disturb the revenue structure which will eventually fracture the overall growth of the business. In simpler words, a highly effective customer engagement strategy is the key to boost lead generation.

Globally, entrepreneurs are now turning towards emerging technologies in order to bolster their sales strategies. Artificial Intelligence is one such technology. Its proficiency in enhancing the data analysis is well known. Big Data Analysis is a rapidly emerging field. Thanks to AI, businesses can now use vast data sets to craft far-reaching and highly effective marketing and sales strategies. However, AI, with the help of Chatbots, has made significant contributions in Business Development.

In the last five years, we have seen a rapid development in AI-Powered Chatbot software. This coincided with increasing Chatbot live chat integration in business development to refine Lead Generation strategies.

For one, customer support chat software answers nearly 80% of all the common questions pertaining to businesses. Owing to steady increase in credibility of Chatbot operations, 49% of global consumers are now comfortable purchasing a product from a Chatbot. It started off as a tool for customer engagement and ended up becoming an efficient system for holistic customer support.

According to a report by Microsoft, up to 95% of customer interactions will be through AI-powered channels by 2025.

The above figures establish a compelling case of the rising popularity of Conversational AI. Before diving deep into the how, let us first explore why businesses are increasingly relying on Chatbot operations.

Why are businesses using chatbots?

Time is the chief business concern of entrepreneurs. AI assisted bots offer a great deal of comfort by significantly cutting down on the wait-time with its quick responses.

In this fast-paced world, consumers seek quick assistance and easy services. Nearly 60% of the global consumers actively seek quick and effective services in businesses. Hence, employing a virtual assistant chatbot is a no-brainer if an entrepreneur wants to flourish in this post-modern market.

An interesting addition of Chatbot system to business website can help you establish a solid point of contact with your customers. Once set up, it can bolster your lead generation strategies.

Gartner projected that 2021 will see more than 50% of enterprises spend more per annum on Chatbot integration than on standard mobile app development. This tells us about the steadily booming importance of Chatbot in business development. For now, let us understand the role they play in customer engagement.

1. They help your business know its customers

We know, all too well, that selecting a gift for your neighbour is a mighty challenging prospect. In fact, it is much more demanding than shopping a gift for your close pal. The main reason behind this is simple- we know our friend really well.

Now, you can imagine how difficult it is to sell products, on everyday basis, to customers you barely know.

This is where AI assisted bots take up your burden. Think of them as a streamlined virtual extension of your back-office support services. It helps you identify the product interests,  likes and dislikes of consumers. This can be hugely beneficial for enhancing lead engagement.

Furthermore, Conversational AI Bots can conduct surveys and help you get acquainted with your customers intimately. You can gather crucial data of your customers that can help you get deep insights into what they really want.

2. Segmenting & identifying the audience

One of the key benefits that live chat robot bring to your website is that it methodically segments your online traffic. This categorization proves to be mighty helpful in refining your lead generation strategy.

Apart from building effective customer engagement and delivering constant customer support, these intelligent virtual assistants help you in segregating the audience on the basis of the user data. This segmentation is typically done on the grounds of demographics, interests, age, gender, etc.

If implemented effectively, this can be beneficial in lead nurturing too. It can help you solve customer problems in a much more effective manner. For example, if a customer belongs to a particular category, the bot can provide solutions that are apt just for that section.

3. Easy integration with your CRM

In order to further refine the overall business experience, you can integrate the Chatbot with your CRM. This can help the bot to identify your customer’s journey through the store.

When a new customer moves one step forward in the buying process, this information will be sent to your CRM. This helps you not only with well-organized lead data but also makes your lead management flawless.

Through strong integration of Chatbot with CRM, you can provide a thoroughly refined customer engagement experience. For instance, your sales team can get in touch with the customer and provide the services that he conveyed his interest in while interacting with the bot. You can also have your sales bot suggest the products that can help the customer make a better buying decision.

4. Conversational AI inspires holistic business growth

Now we have come to the last point. Along with automatizing customer support process, conversational AI is instrumental in enhancing holistic business growth. What do we mean by holistic growth?

It involves improvement of the key business factors such as Return of Investments, effective Cost management and streamlined customer support. CNBC claims that the integration of Chatbots will cut down the business costs by staggering $8 billion by 2022.

Clearly, the integration of AI assisted Chatbot with your website is a massive step forward to establish an intimate connection with each and every customer.  24*7 prompt responsivity to each and every query serves as a driving force for your brand. On a long term, you establish a solid trust factor and this will only reflect on your ROI.

Final words                                                                       

It is clear that a Chatbot (often called live chat robot) adds a new dimension to your business. According to a study conducted by CNBC, 75-90% of percentage of queries will be handled by Chatbots by 2022. This increasing reliance on the rapidly growing intelligent virtual assistants is justified by what it offers to businesses. That is, a solid customer support, surveys key customer data and ultimately improves the business processes seamlessly.

This is where Engagely comes into the picture. We are slowly, but persistently, establishing a firm foothold in the market with sophisticated Chatbot solutions. Our intuitive and efficient cross platform AI assisted Chatbot is helping businesses build a cohesive network of customer support. With streamlined AI Assisted Chatbots across key platforms such as Facebook, Instagram, Whatsapp and SMS channels, business are now able to deal with customer support with great ease and efficiency.