Artificial Intelligence (AI) and Machine Learning (ML) is now an essential need for running a business smoothly in today’s intensely competitive world. Some of the major business verticals like marketing, recruitment, and customer services heavily rely on data analytics and business intelligence fueled by AI & ML.

Chatbots are one of the most recognizable forms of AI. According to research by Oracle titled, “Can Virtual Experiences Replace Reality?”

  • 78% of brands say they have already implemented or are planning to implement artificial intelligence and virtual reality by 2020 to better serve customers
  • 80% of sales and marketing leaders say they already use chatbot services in their CX or plan to do so by 2020

Chatbot services are extensively being used by large organizations to enhance the productivity of their customer services, sales & marketing, and recruitment divisions. However, a large number of small businesses are yet to experience the wonders possible by the implementation of chatbots. The question is, “How small businesses can use chatbots?”

In this post, we will answer this query and talk about 5 different ways chatbots services can help your small business.

Why should you consider a chatbot for your small business?

There are several benefits of using chatbots for small businesses. We will talk about those benefits in the latter part of this post. Let’s get some facts:

A Gartner survey says, “46% of SMBs (surveyed in the study) were currently using or planning to use a chatbot within the next two years.” The study also found out that another 21% of the surveyed SMBs were evaluating chatbots for use.

Therefore, it’s the right time for small businesses to start using chatbots services. Here are the 5 ways chatbots can help small and medium-sized businesses:

One – Customer Support

We are living in a world that is more focused on self-service. Be it getting a burger at a nearby McDonalds, getting an UBER, or ordering food, modern customers prefer the self-service model. They prefer tapping their fingers rather than dialing a number.

In Q3 of 2015, the top four messaging apps surpassed the top four social networks in the total number of active users.

This explains why your business needs to be on chats. Here AI-powered chatbots come to your rescue. A chatbot service for your small business can do the following for you:

  • Chatbots can be an interactive version of your FAQ page.
  • A chatbot can be a replacement of your customer support executive for answering the most common queries asked by your customers. For out of context (or a very specific) query they can redirect it to your support team.
  • Chatbots never sleep or take a holiday. Therefore, the implementation of chatbot service for your small business allows you to offer customer service 24/7.
  • Chatbots answer the queries instantly so your customer doesn’t need to wait in a queue. They will get an instant response to queries.
  • Customer service Chatbots can reduce human error and customer issues can be resolved quickly compared to traditional customer service systems.

Two – Sales & Marketing

“As research from InsideSales.com and the Harvard Business Review shows, even if you wait just five minutes to respond after a lead first reaches out, there’s a 10x decrease in your odds of actually getting in touch with that lead. After 10 minutes, there’s a 400% decrease in your odds of qualifying that lead.”

With help of automated chatbot services, you can reduce the response time helping you convert more leads into sales.

Three – Increase Business Productivity

Running a small business and growing it with a limited number of employees is a challenge. Chatbots helps in increasing efficiency and overall productivity for a small business. Adding an AI-powered chatbot service can do the following for you:

  • Chatbots can automate low-value tasks focusing on those that add value to the company.
  • Chatbots can drastically reduce the volume of calls and emails within your organization saving a lot of productive man-hours.

 Four – Reduce Operating Cost

We already discussed above how chatbots increase the productivity of a small business. A custom chatbot can help reduce overhead costs by automating various business processes. Chatbots never sleep, take a holiday or go on coffee breaks therefore your business never loses productive hours.

Five – Collect Business Intelligence

AI chatbots are intelligent and predictive. They can remember the last conversation with a customer that helps in better responding to customer queries. They provide valuable insights related to customers. Besides, they constantly learn from interactions helping them become more effective with every conversation. Chatbots are designed to interact with the customers and ask predefined questions that will be then analyzed to understand their preferences, likes, and dislikes. On that basis, organizations can plan their personalized services and product specifications for the targeted audience.

Conclusion

Chatbot Services are a great value addition for any small business. The aforementioned benefits are enough to explain why as a small business owner you need to act fast and implement a custom chatbot for your business. In case, if you are not sure what to do and how to decide on what kind of chatbot service is ideal for your needs, get in touch with one of our chatbot consultants and leave the rest on us.