To run a successful business, you need to understand the demand, preference, buying capacity, and expectations of your customer. Today, a customer expects to get the convenience, value, and personalized experience when they look up to any brand or its relevant business.
Considering the change in consumer behaviour in a diversified market, it is of utmost importance for businesses to analyze their needs and keep them beyond everything else. With the help of advance, conversational AI solutions companies can have a smarter solution to deal with customer expectations and offer them satisfying solutions.
Before you decide to adapt to this extraordinary technology, it is of best interest to you and your business to understand how conversational AI technologies work and how they can benefit your business.
What is Conversational AI?
All the credit of having human-like conversations, and getting automated messages goes to conversational AI. This amazing technology can recognize text and speech of different languages and can generate a conversation that is exactly how two humans would communicate.
When a conversational AI is designed it incorporates both art and designs. This means, that when a conversation is initiated, it will be relevant to the context and generate personalized text that will be aimed directly at the customer. Conversational AI’s are used for generating e-mail, webchats, text SMS, phone calls, and even smart speakers.
Why is Conversational AI a current global trend?
According to various surveys, it is estimated that the AI market will rapidly grow in the near future. In 2019, the revenue generated by the AI market was approximately $4.2 billion. Hopefully, by 2024, this will grow up to approximately $15 billion, and therefore, it is obvious to have become a global trend.
What are the benefits of conversational AI?
- 24*7 Access: It gives access to the customer to drop their queries at the chatbot at any given time of the day
- Reduces Cost: You do not have to assign an executive to solve general queries of the customers
- Handles the customers: By guiding the customer from start to end, AI can engage the customer and reduce the time they require to get effective solutions
- Builds customer relationship: By generating personalized interactions, it gives the customer a sense of getting priority by the company
- Increases efficiency: The customer support and operational staff gets time to focus on other important things instead of dealing with general queries
How conversational AI can give you a competitive edge in business?
Now that you have come so far, you have a better understanding of what conversational AI solutions can offer. So, let us further discuss how it can help you in growing your business and have a competitive advantage.
- Improves Services and Products: With the information that is gathered by conversational AI by collecting customer feedback, it gives an insight to companies about how their products and services have created an impact. Thus, if there is something that should be improved to give more customer satisfaction, you will know it within the right time frame
- Customer Retention: To constantly keep interacting with customers and checking on their likes and dislikes can help you in better customer retention.
- Lead Generation: Conversational AI helps in communicating with your potential lead. It bridges the gap between your potential customers and the sales team. This results in more lead conversions