Business Hacks, Conversational AI

A Practical Guide On How Conversational AI Can Improve Customer Retention

Acquiring new customers is certainly alluring. However, to maximize revenue, you must make your existing customers keep coming back. Many businesses forget to focus on the fact that the real business value lies in customer retention, not just customer acquisition. In fact, nearly 44% of organizations give importance to customer acquisition, whereas only 18% of businesses focus on customer retention.

One of the biggest benefits of customer retention is earning customer loyalty. A loyal customer refers a brand to their friends and family, which in turn amplifies a brand’s marketing and reduces the business expenses on customer acquisition.

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Conversational AI

How To Effectively Engage With Customers Without Spending Tons Of Money

The modern consumer is highly empowered and expects businesses to provide a great customer experience. They are used to the instant gratification of the internet, with 52% of customers expecting personalized engagement. Considering all the digital channels available, a business has many ways to engage customers, and most brands are exploring omnichannel presence.

With the advent of AI, communication methods can go beyond traditional calls and emails. Conversational AI can provide more engagement without resource exhaustion as voice bots can be set to 24/7 availability. Estimates project that over 40% of interactions will be automated through AI and ML by 2023, and as technology evolves further, brands that are not early adopters may miss out.

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Conversational AI

Game Changing Way to Get More Responses- Voicebots in Surveys

Surveys and feedback forms are very useful in improving business outcomes, but conducting these research exercises is not easy. Soliciting surveys and designing effective feedback forms are very challenging tasks. Done right, they can not only lead to revenue growth but also generate ground-breaking and authoritative insights that enhance brand awareness.

Since the return of investment is not immediate, businesses hesitate to put in large proportions of human capital towards the repetitive and tedious questioning activities. With the advent of conversational AI like voice bots and chatbots, brands can perform high-quality surveys at a very low cost. Keep reading to find out how voicebots in survey can help brands.

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