Maximize Revenue by Implementing Machine Learning Chatbot

 Machine learning is an application or product of Artificial Intelligence which provides systems with the ability to comprehend and learn through just experiences and not any precise programming. 

It’s key area is to develop programs which can access data and use them on their own.

ChatBots use machine learning via understanding and processing previous conversations and grow smarter as more they are put to use for future interactions with customers. 

ChatBots with Artificial Intelligence use Machine Learning and Natural Language Processing (NLP). In layman’s terms they are machine-based virtual assistants which can help customers with their queries in no time. 

How Businesses Can Use Machine Learning Chatbots To Increase Profits?

• Up-Selling and Cross-Selling

Sales needn’t be made just by acquiring new customers, businesses can configure chatbots for identifying their own current customers whom they can sell different or new products to. For instance if a customer loves wireless bluetooth headphones and the one they want to buy is out of stock, they can immediately recommend a different pair. 

• Cost Effective 

Even though it may sound too good to be true, it has already been shown using Chatbots is actually cheaper than traditional customer support channels while providing a surreal customer support. 

• Lead Conversion 

When a customer stumbles upon your page despite not having the intention to purchase anything but with curiosity about the product they might seek information through chatbots and that's when they shine. Chatbots provide a quick response and they also store data which can go to the lead database and the information can be used to work on sales strategies.  

• Customer Satisfaction & Convenience 

It’s imperative that Chatbots provide a swift response and when the customers get their doubts cleared with such brisk experience and an efficiency that too, they tend to leave satisfied and happy. Customer satisfaction is the paramount factor of retaining them & potentially gaining more leads through word of mouth.  

Steps To Maximize Your Chatbot's Potential

• Setting Benchmarks 

“What gets measured gets managed”. It is crucial to put a benchmark against the industry standards to see how the progress measures against the intended expectations. There needs to be a sound strategic analysis.  

• Infusing Empathy 

As humans are emphatic beings, it only makes sense to have that instilled trait in your ChatBots to make them as human-like as possible that it comes to a point the customers wouldn’t even be able to distinguish if it’s an agent or ChatBot. 

• Keeping Up With Latest Information

It is a no brainer the ChatBots need to be updated with the latest trends, customers’ information and products to work on top of their game all the time. 

• Understanding Limitations 

Although ChatBots are a magnificent means of customer support and service, businesses need to keep in mind they can only do so much. A real agent can attend to tickets with much more precision. As they say you got to do best with what you have, you can make sure the features present are so undeniably good that you hit the ceiling. 

Applying Machine Learning Strategies That Can Maximize Revenue

• Customer Segmentation & Acquisition 

No two customers will have the exact same choices and preferences and machine learning makes it effortless to segment customers with similar purchasing behaviours and patterns. Moreover it helps companies to identify new customers and saves them  tons of time and puts you in a better place to create a better sales strategy. 

• Creating New Product Lines 

With the digital businesses becoming more and more prominent, customers have tons of options available just clicks away and customers can become bored really easily. Companies have used machine learning softwares to identify trends, customers’ tastes and competition to develop new products which go on to make more money. 

• Optimising Customer Support

Machine Learning and NLP based Chatbots as discussed earlier in the blog, provide a seamless customer support service with minimal waiting time. NLP helps in understanding the sentiment and tone of the customers and Chatbots adapt effortlessly. 

• Efficient Marketing 

Machine Learning helps in eliminating “marketing waste” because when you have a system that is so efficient and expeditious when it comes to identifying the trends, you can create a solid marketing plan without having to go in circles figuring out what works and what doesn’t. 

KaptureChat is a Machine Learning and AI Based chat support system which helps businesses and enterprises create a seamless customer service system & also increase sales and lead generation through a line of products which include Live Chat, AI ChatBot, Hybrid Agent AI.