3 Entrepreneurship Challenges Solved with Chatbot Development
Entrepreneurship is not everyone’s cup of tea. Some challenges are encouraging and rewarding while others are harsh that push entrepreneurs on the backfoot. Nonetheless, where there is a will, there is a way. Learn how the latest technology of the 21st century — chatbot — can solve three critical challenges for entrepreneurs today.
Customer Acquisition Challenge
Problem Analysis: How long would you wait for a webpage to respond, a video to stream, a booked cab to arrive at your doorstep, or a restaurant or bar to serve you on your table? We are getting poor regarding patience. Yes, we all want our order to be followed or fulfilled instantly. This reducing patience erupts a new challenge for businesses.
With customers sitting in the driver’s seat, it’s a must. If you don’t, they are most likely to take refuge from your competitors. Customers not entertained does the same damage as an out-of-stock situation does. However, the former is more heart-wrenching.
The solution with Chatbot Development: Fortunately, with a well-designed conversational chatbot these customer acquisition challenges can be sorted out with ease. Taking orders is just one part of this multi-tiered process. The order must be approved, scheduled, fulfilled and tracked well. So, whether you are building a chatbot on your own, or hiring some chatbot development services provider, make sure that all tiers are well designed and work in sync.
Rising Customer Service Delivery Cost
Problem Analysis: Customer experience is a key business differentiator. A quality CX translates into a happy customer base which leads to a better ROI. According to Marketing Metrics, the probability of selling a service or product to a new prospect is 5 to 20 percent. However, the same in case of an existing customer is 60 to 70 percent.
However, the cost of rendering customer service is growing exponentially. According to a call center service provider Blue Ocean, a Level One Tech Support Agent working in Dallas, Texas costs his employer about $30USD per hour.
The solution with Chatbot Development: Automating customer service, chatbot can make a significant difference not just to CX but also to cost of running the customer service process. Though it will not entertain every query that a customer might have, it has the potential to resolve most of them. The significance of chat support is well understood. Forrester says, 44% of online shoppers need help from a live person while shopping online. Thus, with a conversational chatbot built with Amazon Lex or IBM Watson, you can expect to cut half of the burden on your customer service department. Moreover, it offers you a tool to counteract attrition rate.
Return and Refund Challenge
Problem Analysis: A return or refund is nothing but a depletion of the revenue. What makes customers to return a product and ask for a refund? It’s evident that the product or service they purchased or subscribed was not up to their expectation. Commitment failure it appears, but a more significant reason lies in the way the customer acquisition strategy is initiated and accomplished. What is the crux of the problem? Well, the fault lies with the marketing and customer acquisition strategy. When customers don’t get the right information, they are likely to get disappointed with their purchase.
The solution with Chatbot Development: According to Forrester, 44% of shoppers seek live chat support to complete their shopping. Adopting chatbot, you can help customers dig more about your product/service before adding it to their cart and making a payment. While creating chatbot, utmost attention should be given to keep the conversation as natural as possible and response time as fast as possible.