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Can Your Voice Chatbot Really Save you Operational Costs?

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Can Your Voice Chatbot Really Save you Operational Costs?

Have you noticed the many use cases chatbots and voicebots are being deployed for? It’s because businesses are facilitating users with experiences that users want. 

According to research by ​​Accenture “Digital consumers prefer messaging platforms that have a voice and text-based interfaces”. Do we really need research for that? Just look around you and you’ll notice someone talking to Alexa and Siri at the moment. 

With the changing customer behaviour, business models are changing too. More companies are building tools and apps that can solve more than one pain point within the same app/tool. Why? Because today’s users want convenience. And by convenience, we mean minimum steps to reach the goal. 

In this process, businesses are progressively adopting newer and better ways of connecting and engaging customers. And voicebots can be a very proficient option. 

AI-powered voicebot is cost-effective as it employs technology, particularly automation, to bring down operations costs. And by providing delightful experiences, voice chatbots ensure you are getting new business and retaining older customers, adding to your revenues. 

How voice chatbots can help reduce customer service costs?

Based on the increasing demand for better services, the voice AI chatbot is an efficient tool that’s cost-effective. We’ve identified 5 ways a voicebot can help you save or make more money. 

1. Reduce OpEx

2. Lower marketing costs

3. Boost agent productivity

4. Reduce cart abandonment 

5. Increase customer retention

1. Reduce operational costs

Operational expenses are ones that are required to run a business, such as labour and machinery costs. In customer service, operational costs include expenses related to hiring and training agents. 

These costs become a pain point as a company scales. Repetitive and frequently asked questions end up taking unnecessary resource bandwidth. And these queries constitute roughly 80% of the total tickets coming in customer support. By automating the FAQs and repetitive questions, you can free up agents’ time and they can focus on more high-impact work. 

Conversational voicebots automate more than FAQs. With the right integrations and workflows, many business processes can be automated too, such as updating customer information in CRM, creating tickets in ticketing platforms, intelligently routing users to the right agents, and sending messages or emails to users upon certain triggers. 

Voice chatbots are self-service portals that operate on their own and offer a quick resolution to customer queries 24×7. It helps you scale customer interaction without hiring new staff. Just imagine the number of hours one can save with automation. As they say, time saved is money made. 

2. Lower marketing costs

A good marketing plan revolves around the customers and their needs. Showing them the right content at the right time and sharing updates or notifications on upcoming events. However, these are labour-intensive tasks and if not timed well, can create more damage than profit. 

Voicebots powered by AI collects a lot of customer data while interacting with them and update customer data platforms for a unified customer profile. With this data, businesses can understand their users better and run campaigns accordingly. Voice chatbots are as good at outbound calls as they are with inbound calls. They can be used for sharing updates and notifications with users. 

So now, not only is voicebot reducing expenses involved in performing these tasks, but it’s also helping you generate more revenue. 

3. Boost agent productivity (and morale) 

In the previous paragraphs, we saw how voice chatbots can take up repetitive tasks to free up agents’ bandwidth and make agent’s life easier. Now that they have more time to take up important, complex and high business impact work, they feel more valued. it’s a sure thing their morale boosts too. 

A conversational AI-powered voicebot can do more than just reduce repetitive tasks off an agent’s plate. It can boost their productivity as well. How? Conversational AI platforms provide a unified customer profile that gives agents a 360-degree view of customers. That means, they don’t have to toggle between systems to find information manually. 

Conversational AI platforms also come with Agent Assist features such as canned responses, live chat plugins, notes, dashboards etc. that allow them to complete their tasks quickly and accurately. That means, they can resolve more tickets in less time. And this has a direct impact on customer support expenses. 

4. More fulfilled orders, fewer abandoned carts

Cart abandonment is a big problem to solve. And voicebots solve it efficiently. How so? Most people abandon carts because they don’t find the right answers on time. In some businesses, an abandoned cart could mean not showing up for meetings. For example, in real estate, it’s site visits and in healthcare, it’s regular checkups. In these cases, people forget about these appointments and need reminders. 

Voicebots can help you here. It can answer common questions a user has while purchasing. If they get the answers on time, they can go through the payment and not leave the item in the cart. Voice chatbots can also call people to remind them about meetings. 

Voicebots once again lets you automate repetitive tasks and free up your resource’s time on something important. Less expense and more business is the new mantra. 

5. Increase customer retention

Ask any sales guru and they’ll give you the same mantra for customer retention: build relationships, take their feedback, personalise communication and keep them in the loop. A voice chatbot can do all this for you. When customers get a good experience, they’ll stay with you and also recommend you to their circle. This will boost revenue and reduce the costs (and time!) involved in completing these tasks. 

Voice chatbot: better way to serve customers is a better way to generate higher ROI

The main aim of implementing the voice chatbot is to improve service and customer satisfaction. Additionally, it helps decrease the overall costs as well. Offering a better ROI, voice chatbots are expected to increase sales by 67% on average. So what’s stopping you from deploying your first voicebot?  

Verloop.io offers conversational AI with voice AI that enables companies to provide delightful experiences to their customers. Our out-of-the-box solution comes with a plug-and-play feature where you can implement the voicebot with your existing solutions or make it from scratch with Verloop.io. Talk to our team today to learn what’s best for you and how you can delight your customers at the earliest. 

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