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July 25, 2022

Blog: Chatbots: How Machine Learning Will Improve Customer Experience

Today’s consumers demand more than simple customer service. They want a brand that builds customer experiences through carefully designed CX strategy. Business can no longer get by with just providing a contact number, limited business hour availability, and representatives that cannot sufficiently respond to inquiries. 

As the world has gone global and technology has permeated every aspect of our lives, customers expect high quality service at their fingertips that’s both easy to use and understand. Here’s the ultimate solution:

Enter Chatbots

Utilizing chatbots can be one of the best responses to the demanding marketplace a company can. Chatbots are a form of artificial intelligence (AI) that strives to create computer programs that can mimic human interactions using machine learning algorithms

It’s useful to leverage existing AI technology that recognizes and understands natural language. By doing this, companies can develop a chatbot marketing strategy that offers better customer experiences while boosting revenue. 

Firm-specific chatbots can be powerful business tools that are expert on brand goods and services, can automate customer transactions, accommodate high volume client bases, and resolve simple problems that do not require direct human interaction.

 

Key Benefits of Chatbots

Availability

As computer programs, chatbots are always working. Business hours do not limit their ability to respond to customers. 

Since today’s consumer is always connected to the internet, chatbots can respond to issues on the customer’s schedule. Through responsive designs, a bot can also be reached via laptop, tablet, and mobile phone, allowing customers to use their preferred devices.

 

Responsiveness

Nearly half of customers who contact businesses expect a response within 4 hours, while 12% expect a response within as little as 15 minutes. In short, customers expect responsiveness. In building a user experience, chatbots can meet that timeframe every time. 

Chatbots are not bound by physical limitations of responding to inquiries one at a time. As high-functioning machine learning applications, they can handle virtually unlimited numbers of customers simultaneously, with no visible lag.

 

Understanding

With advances in AI, chatbots use a form of programming called machine learning. After their base standards are entered, the bots literally learn more with every customer interaction, allowing for the creation of machine learning models and algorithms which apply the learned information. They can correct and confirm spelling errors, ask for verification prompts, and match routine questions with the relevant information.

 

Automation

As a highly capable machine learning application, chatbots are ideal for streamlining and automating administrative services. Customers asking for account balances, delivery times, or regular news alerts and updates can be served without any additional human involvement.

 

Personalization

Customers favor companies that are responsive to their needs and prioritize CX strategy. With chatbots, every interaction is stored for future reference. 

Unlike human service agents, a chatbot will know what happened a month or a year ago, what items a customer purchased in the past, and even store a list of customer preferences that can be used to anticipate needs.

 

Opportunities

When it comes to data collection and CX strategy, chatbots can have a key role in marketing strategies. Data analysis can be applied across a vast customer database to develop or improve products and services. 

It can also be harnessed to reach out to past customers with new offers. Effective chatbot examples include using chatbots to actively contact customers through personalized messaging, companies can increase consumer engagement and raise brand loyalty.

 

Chatbots Can Provide Positive Customer Experiences

Studies indicate that chatbots can be powerful business tools that  dramatically increase return on investment. Companies that provide better, more positive experiences increase consumer spending over 40%. 

The use of machine learning algorithms can be an incredibly effective way for companies to maintain a competitive edge. Those who do will serve customers better, compile insightful market data, and encourage repeat interactions from their highly satisfied client base.

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