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What are the Advantages of Chatbot for your Business?

by Paresh Bramhane
What are the Advantages of Chatbot for your Business

Chatbots have been around for some time now. The last few years, especially, have seen a rapid surge in companies incorporating chatbots to provide a better customer experience.

Personalization, 24×7 open communication channel, and instant response are common reasons companies opt for chatbots. Customer service executives can only handle a handful of queries at a given time. But, chatbots can easily have conversations with hundreds and thousands of customers at the same time.

Chatbots have gone from being a nice-to-have feature to being a necessity for companies. Let’s have a look at some of the advantages of chatbots for businesses:

  • Customer Insights

One major advantage of a chatbot is that it helps gather insights into customer behaviour, preferences, and pain points. Through the conversations between your chatbot and customers, you can find the most common queries and take steps to solve the problems faced by your customers.

You can address frequently asked questions in your website copy and include new features in your product based on the feedback provided. Chatbot conversations can help you a great deal with the effective marketing of your products and services.

  • Increase Sales

With the right placement and conversation, a chatbot can increase sales for your business. Answering customer queries about the features and benefits of your products and services, assisting them in finding the right product, right discount offer, etc., are some ways how a chatbot can help the customer make a buying decision more quickly.

You can also enable the user to purchase products through the bot by integrating a payment gateway within the bot. By resolving the queries instantly and making transactions effortless, the chatbot contributes largely to increasing customer satisfaction.

  • Industry-agnostic

One of the major advantages of chatbot is that it is industry-agnostic. No matter which industry vertical your business belongs to, you can easily incorporate a chatbot and reap the benefits. Some of the industries can be:

  1. Real-estate: A chatbot in the real estate business can schedule property viewings, showcase floor plans, conduct 360-degree virtual tours, save time for real estate agents, automate follow-ups, enable real-time conversations, and more.
  2. Tourism: Chatbots in the tourism sector can help answer queries about weather conditions, assist in hotel and flight bookings, itinerary planning, collecting feedback, managing refunds and cancellations, and more.
  3. Finance: Finance bots have varied use cases. Bots can act as financial advisors based on the profile of the customers. Banking bots can help users check the status of their bank accounts, track recent transactions, provide customer support, inform about offers, address FAQs, etc.
  4. Insurance: Chatbots in insurance can help automate parts of claims processing, lead profiling, answering FAQs, and more. Insurance bots can help in reducing customer wait times and help streamline operations.
  5. Education: Chatbots can help streamline the operations and admissions process of universities. Student onboarding, course recommendation, easy access to student support points, etc., are ways universities can leverage chatbots.
  6. Omni-channel

For your customers to find your business, your business needs to be where your customers are. Through chatbot, you can have a brand presence on different platforms. This, in turn, can help your customers reach out to you via different channels, like website, Facebook Messenger, app, WhatsApp, SMS, etc. 

  1. Cost Savings

Chatbots can help companies save time and money by automating routine tasks. Answering FAQs, managing support tickets, tracking the status of orders, lead generation and qualification, employee onboarding, providing transactional support to HR teams, collecting feedback from customers, etc., are some of the tasks chatbots can automate. Chatbots with Natural Language Processing services can also be trained to go one step further and provide contextual responses to customer queries by identifying the intent of the queries.

Chatbots can be trained in a short amount of time and carry out the tasks faster than the employees. This saves time, salary, education, and training costs for the organization. By automating routine and transactional tasks, humans can focus more on strategic activities.

To Wrap Up

Chatbots have been a point of transformation in the way customers communicate with brands. Companies can leverage chatbots to scale and simplify operations in customer support, lead generation, lead qualification, employee onboarding, brand engagement and more.

At Maruti Techlabs, we have worked with organizations worldwide to build intelligent, interactive, and customizable chatbots. Our chatbot development services include building bots that can handle your mission-critical tasks, automate your business’ growth at low maintenance costs, yield higher ROIs, and integrate seamlessly with your existing tools & systems. If you, too, want to benefit from the wide range of chatbot benefits, feel free to reach out to us here.

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