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The trembling economy due to the recession has put all businesses on thin ice. However, in 2023, AI and automation have come to the rescue.
According to Juniper Research, chatbots have expectedly to save up to $8 billion in global savings in 2022. Using AI-powered chatbots/ Conversational AI chatbots will benefit your business, we will explore later in this blog post, that it doesn’t only survive but also thrive during the rough sails of the economy.
Chatbots can help you reduce costs on your customer service. Fully automated bots will ensure resolving customer queries without engaging too many personnel. Let’s look at a few more ways in which adding a chatbot can help your customer support team.
1. It will help in providing quick and efficient customer assistance, allowing you to handle a high volume of inquiries in a short amount of time. Especially during a recession, when businesses do not want to invest so much on hiring talent.
2. Along with this, they’ll help in collecting customer feedback and fetch data to give the user a personalized experience.
3. A chatbot, unlike your human staff, is available 24*7. This availability and support assistance allows customers to seek answers whenever they want, wherever they want, thereby improving customer satisfaction. Such businesses are always at an advantage when they have information available to their customers 24/7.
During the recession, people are wary of spending money on any product or service. The only way to stand out from the market is with effective personalized and targeted marketing. Let’s dig deeper and understand how marketing automation can help businesses stay ahead of the competition.
1. Chatbot integration with social media platforms like WhatsApp Facebook etc. can be leveraged for sending automated marketing campaigns.
2. By monitoring customer interaction with your chatbot, you can anticipate customer sentiments and provide more accurate consumer analytics that will help you and your business take the right steps.
3. Sending discounts, and product launch updates can help your business increase brand visibility and chances of conversion. This can result in increased sales and revenue for companies, especially those in the e-commerce industry.
Chatbots can also provide valuable insights to the IT department into customer behavior and preferences, allowing companies to make informed business decisions.
1. During a downturn, this data can be utilized to identify areas where cost-cutting measures can be adopted and which items or services are in great demand.
2. Streamlining support and ticket management: Chatbots can assist IT professionals manage their workload by automating the process of accepting and categorizing customer support requests.
3. Self-service options: Chatbots can provide clients with self-service options, freeing up IT teams to focus on more difficult tasks. They can also lead clients to the appropriate resources and answer frequently asked queries.
4. Chatbots minimize the number of phone calls, and call durations, as well as response time and increase personnel productivity while improving the customer experience.
Financial Management is the most critical element of business operations during a recession.
1. An automated chatbot can assist clients in conducting a variety of financial transactions in a conversational and secure manner.
2. Reviewing an account, reporting lost cards, making payments to renew an account, reporting postcards, or paying for the renewal, this simple task can be automated.
3. This way chatbot integration in our operations will cut costs with staff by 50% and reduce the errors on repetitive monetary tasks.
4. A chatbot can act as a financial advisor and help young adults make informed decisions during the recession.
The work-from-home culture has helped significantly reduce costs, and the HR department shifted to an online model of employee management. A few examples are listed below.:
1. An HR chatbot assists in the recruitment process by sorting through a large number of applications, completing preliminary screening, and shortlisting candidates based on pre-determined parameters.
2. HR chatbots interact and engage with employees through numerous channels, and they handle frequent and recurring inquiries about the company’s policies and culture. They also help in employee onboarding.
3. An HR bot makes performance management more efficient and profitable. Human resource professionals can collect, consolidate, and analyze employee performance data to make annual performance reviews unbiased and simplified.
Chatbots can help in creating a cost-efficient business model by improving customer service, increasing sales, being accessible, and scalable, while providing valuable insights.
Despite the fear that chatbots might take over jobs, the reality is actually the opposite. A chatbot can free up resources so they can do meaningful work, and businesses can cut down unnecessary budgets on customer support and provide quick efficient, and human intelligence support with a technology that only has so much to offer.
The chatbot can be a tremendous asset due to its ability to give insights into customer behavior. You are on top of market trends, you know what is working and what is not working, and that helps you deliver only the best, top-tier personalized communication which guarantees conversion.
So, are you ready to make your business recession-proof?
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