Monetizing Conversational Chatbots

Monetizing Conversational Chatbots

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Business leaders are rapidly embracing chatbots as the next big change to grow on the web and in 2019, they saved an average of US$300,000 from their chatbots, with the greatest impact occurring across sales, support and marketing teams. According to Forbes, chatbots increased sales by an average of 67%, with 26% of all sales starting through a chatbot interaction and 35% of business leaders said chatbots helped them close sales deals.

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The top 5 industries that are benefitting from chatbots include real estate, travel, education, healthcare and finance (collect.chat 2019). With so many industries evolving, it’s time to grasp a better understanding of chatbots and how we can use them to increase sales and revenue growth.

Automate your Sales Cycle the Right Way

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Sales representatives can be better at their jobs when certain tasks are automated such as routing website visitors, collecting information, and qualifying leads, allowing them to do more in less time.

Gather customer information through personalized conversations and organize the data according to high value customers to

segment leads automatically. Your CRM will feed and deliver data to sales representatives in real-time to facilitate customer chats and elevate their customer experience. With these great leads, potential customers can schedule meetings with your sales team and have their purchases made right away.

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Convert Likes to Leads to Sales

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Research indicates that businesses that use chatbots have generated a greater volume of high-quality leads. Many use chatbots to draw in customers from previous social media engagements with short, conversational style messages. The goal is to create a personalized dialogue that is appealing to the user rather than pushing for information as most traditional marketing channels do. 

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If customers are interested in your advertisements on Facebook or Instagram, direct the user to a messaging channel such as WhatsApp instead of a landing page to kickstart a conversation with a sales representative. Omnichannel communication with instant messengers will convert prospects at a higher rate than your website or landing page.

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Create Unwavering Customer Relationships

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Customers, especially Millennials, actually prefer communicating with chatbots as they are available 24/7 and speed up response times by an average of 4x, as bots don’t need to sleep at night or have set working hours.

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Chatbots can nurture leads by offering products around the clock in multiple languages and time zones, directing customers towards their next purchase, all the while making customers feel welcome to reach out to them for questions.

Ease the Purchasing Process

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Many websites include conversational interfaces called Live Chat that are great for routing curious buyers to specific products to fuel your sales. Chatbots act as live customer service agents in Live Chat to support smooth and effortless communication between customers and human agents. They will automatically direct chats to human customer service teams when an unknown keyword is detected in the chat. Customers are more likely to become repeat purchasers or loyal customers if they have had a shopping experience specifically catered towards them.

Power your Business with Chatbots

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The modern day business can only thrive by keeping themselves current with changes in technology and should consider investing in new automated chatbots that can drastically reduce manual labor, wasted time and costs. We’ve learnt that chatbots can optimize your customer service center, increase sales and generate high-quality leads. Upgrade your business with imBee’s chatbot integrations today!