Businesses using the voice AI bot want to know how to analyse its success. We look at the key KPIs one should track to measure voice AI’s success.
Voice AI bot, one of the finest technological tools that are adopted by the business to reach potential customers and earn better, has captured the market immensely.
Acquire in a report suggested that around 1.4 billion people use messaging apps and are willing to talk to chatbots. To add to this, Oberlo suggested that 71% of consumers prefer voice search over typing.
And that’s not surprising. The voice assistant can handle multiple queries and can help to resolve FAQs quickly.
Before companies and businesses can start using the voicebot AI, they want to know how to analyse its success rate. Like any other tool, it is crucial to develop the key metrics and aspects that can help to check the loopholes and progress.
In this article, we cover:
- 3 Key figures for voice chatbot analytics
- KPIs to measure success of voice AI bot
- Voice AI: measure the road to success
So, let us have a quick look at how you can measure the success of the voice AI bot.
3 Key figures for voice chatbot analytics
To understand the basic measures that can help evaluate the voice assistants’ success, it is essential to know the prime factors that define the success.
The 3 key figures that are the basis for developing the key performance indicators to find the success of the voice AI bot are:
1. Customer satisfaction
When it comes to determining the effectiveness of voice assistants in customer service, client happiness is essential. Customer satisfaction (CSAT) measured in bots discussion is similar to interaction with a human employee. Companies should check with the users on their experience with the voice AI bot was.
2. Completion rate
Voice chat assists in the reduction of customer service tickets. As a result, the completion rate is another important metric for determining voicebot performance. It’s basically answering how effective is your voicebot. A bot should ideally handle client inquiries on its own. And after transferring the chat to an agent, it should assist the agent in answering the question efficiently.
3. Return on investment
A Report suggests that chatbots and voicebot can save companies $20 million globally, and we can expect this number to reach $8 billion by 2022. How does it do that? You can check that by seeing how many tickets the voicebot resolving on its own, how it’s improving agent productivity, and how it’s improving customer satisfaction, ensuring that the customers come back for more purchases.
Once the significant aspects are known, the business can define the key performance metrics to measure the success rate of the voice AI bot.
KPIs to measure success of voice AI bot
PwC, in a report, said that 71% of wearable device owners predict they’ll perform more voice searches in the future. Based on the same, the demand for the voicebot AI is expected to increase exponentially in the coming years.
Suggested Reading: Customer Support Metrics to Track and How to Improve Them
To identify the success rate, the KPIs to track are:
1. Net promoter score
It is defined as the number of loyal customers built for the business based on the response rate and satisfaction. With the help of voice chat, the business can leverage the technology to improve the NPS as one of the most prominent measures of success.
2. First call resolution rate
Voice AI bot assists businesses in achieving their aims of providing a good consumer experience by resolving the queries in the first attempt itself. Given 80% of queries are frequently asked, the voicebot can accurately and securely answer these questions. It aids in increasing sales, greater margins, the number of loyal customers, and their satisfaction levels.
3. First response rate
Voice chatbots give rapid customer service. Its use aims to revolutionise relationships by utilising technology to enhance company performance and respond to customers as soon as they hit you up. The speedier delivery offered by the voicebot helps to support the customers in quick query resolution.
4. Number of chats handled
The voice chat option is open 24*7. A customer can connect with the business anytime and from anywhere. Voice bots can manage several calls without missing a beat throughout the day. With the least turnaround time and the ability to handle multiple queries, the voicebot can assist a great deal. It helps in scaling customer support for a small business, and enterprises see a reduction in the volume of calls going to agents, hence reducing their load and improving their productivity.
5. Average time to handle
The smoothness of the performance is also based on the average time required to handle the query. From the time the customer initiates the chat to the end of the chat, including all the hold times and transfers. Voice AI can not only resolve any queries on its own (thereby reducing the handling time), it can also intelligently transfer the call to an available agent. Hence, reducing customer’s waiting time. Reducing the average time required to handle the queries with reducing the error rate, the use of voice assistants help to deliver the most accurate information.
6. Bot deflection rate
Organisations use AI voice assistants to integrate automated calls and other tools to provide a seamless self-service experience. More and more customers are asking for self-service as it’s convenient to them. By analysing this metric, companies can track how successfully the voice AI proves to be a self-service tool.
Developing the key metrics based on the above factors can help to measure the success rate of the voice AI bot to a great extent.
Voice AI bot: measure the road to success
Voice chat is one of the finest options to adopt for smooth communication and quick query resolution. Allowing the business to perform better and exceed customer expectations, using a voice AI bot can help the business manage the customers efficiently, leading to a higher customer satisfaction rate and loyalty.
As suggested by Social Media Today, 61% of consumers use voice search when their hands or vision is occupied. This is why many companies are adopting this technology.
Is your business ready to support customers using Voice AI? Schedule a demo with us to know how you can seamlessly integrate this technology to interact with your customers.