You may be wondering what exactly CX is, Blake Morgan (who is a keynote speaker on the topic) defines it as "...the perception the customer has of your brand". It has nothing to do with the products or services you provide as such, but about the interactions customers have with your brand.
Remember that your brand is where you showcase your company's personality - through customer service, marketing, advertising, etc. Whereas the business side remains focused on what services/products you offer.
From a brand and business perspective, having a high customer satisfaction rate is vital. Your products/services need to live up to expectations and so do your interactions with customers.
It's a known fact that if you increase customer satisfaction, then you retain clients that don't run off to your competitors. Neil Patel explains it bluntly, "no customer satisfaction = no retention. No retention = shrinking customer base".
Basically, if customer satisfaction keeps decreasing you will end up not having a business due to deteriorating loyalty. According to a Mckinsey report, B2B businesses that have actively modified their CX processes had the following results:
- 10%-15% revenue increase
- Increased client satisfaction scores
- 10%-20% cutback in operational costs
If your business is in the position where; the same queries are overloading your call center agents, customer satisfaction is low, or that the resources you do have are spread too thin, then you should consider investing in an AI chatbot.
ExpertSystem describes a chatbot as "...(AI) software that can simulate a conversation (or a chat) with a user in natural language through messaging applications, websites, mobile apps or through the telephone." Most often you see a chatbot in the corner of a website that automatically pops up with a message waiting to have interaction.
This casual style of interacting with a human through chat is known as Conversational Artificial Intelligence. Conversational AI is technology which allows computers and humans to talk in a casual type of way, to imitate a real conversation.
It's no secret that many customers dread calling customer services for fear of long waiting times, being transferred from one person to another and having issues that remain unsolved.
In a case like this, an AI chatbot could intervene straightaway and deal with complaint or question in seconds. In fact, 53% of customers would happily message than call a customer service agent.
If you are still on the fence about whether you should invest in a chatbot, then read through these examples where businesses have used them to improve their customer experience with proven results:
1. Globe Telecom - building customer relationships with a Hybrid bot
Globe Telecom is one of the largest telecommunications providers in the Philippines, with over 60 million customers using their service. They needed help with a busy call center and wanted to interact with their large customer base in a personal way.
These are the results Globe achieved when they implemented a hybrid bot - with Facebook Messenger and ServiceFriend named ‘Gie of Globe’ in 3 months:
- 50% less calls to the hotline
- Employee productivity increased 3.5X
- 22% higher rate of customer satisfaction than the call center
The statistics above came from Facebook's success story page. They are interesting results given the short time frame, especially the 50% call reduction. The chatbot helped to take the pressure off live agents, since customers were able to message the bot instantly and create a feeling of personalized support. Which, in turn, contributed to the higher rate of satisfaction.
2. Bradesco - solving customer queries with IBM's Watson Assistant AI called 'BIA'
Bradesco bank is one of the biggest financial institutions in Brazil, with over 4,700 branches & 98,000 employees. Bradesco called upon IBM's AI solution Watson-Assistant, to help them achieve higher customer satisfaction targets and support call center agents cope with queries.
Here are the key findings according to the case study:
- Reducing time to answer customer queries resulted in customer satisfaction levels of over 85%
- Queries answered in seconds unlike the typical 15-20 minutes with an agent on a peak day
- Accurately answered complex and general questions asked about 62 products and services in their portfolio
A call agent knowing about 62 products in-depth is highly unlikely to happen in a timeframe that's quick enough to start helping with complex customer queries.
That is one significant advantage of a chatbot - it's the ability to understand your product/service offering and start answering customer questions instantly after it has learned (and keeps learning).
3. Charter Communications - Alme bot improves service speed
Charter communications (under the Spectrum brand) is an American media and telecoms giant for businesses and consumers. They have over 26 million customers and 94000 employees.
To keep customer experience at the center of what they do by reducing the live chat volume, Charter sought the help of Next IT's chatbot with the following key results from the study:
- Chatbot decreased live chat volume by 83%
- 50% reduction of customer rest password requests
- 44% reduction in costs for the first year
To give some context, Charter was receiving 200,000 live chats a month so that decline is impressive. The call center staff no longer have to deal with low-level requests, and have freed up time for more complex problems that require a live agent to handle.
It's evident that implementing a chatbot goes hand in hand with cost savings given that Charter had a 44% cost reduction. In fact, more costs can be saved, contact support services in the US can potentially save $23 billion because of the automation a chatbot provides.
Source: BI Intelligence, The Chatbots Explainer, 2016
4. AnyMail Finder - sales and support machine using Intercom's live chat app
AnyMail finder is an email marketing business in the UK that helps companies verify emails. They have helped over 34,000+ businesses so far. As a two-person operation, they found that managing support & sales was becoming unsustainable, and invested in the Intercom chat app to help. The key benefits below are taken from their Upscope blog:
Increased sales and revenue by possibly over 60%
Able to receive instant feedback from customers
Easier support process
Automatic conversions helped by auto messages
While Intercom is not a fully developed AI chatbot (AnyMail finder sat behind every auto message that was sent out), it was still able to give the business support needed to deal with routine customer queries and get instant feedback. The chat app did this through sending automated messages that help trigger conversations with potential customers. Pardeep from AnyMail finder said that "1 in 3 customers chatted before buying" and "Enterprise level customers made it clear they expect great support."
In conclusion, a chatbot can quickly enhance your brand’s customer experience which is vital to retain customers and keep them loyal. In order to do this effectively, understand the specific areas where an AI solution can help with your pain points. It's evident that chatbots working alongside humans means a superior level of customer experience, which relates to an increased level of customer satisfaction.
About the Author: Adanna Achonu is a freelance B2B writer who helps web agencies and software businesses inspire their audiences with engaging content. She’s also a test analyst who loves to break software applications.