Communication drives the world of business, whether communication between individuals or between business entities or between an individual and a business, healthy and effective communication always decides the final outcome. But before talking more on this aspect, let’s explore how communication varies for both customers and businesses.
Customers are kings who never buy stories. They rather prefer investing in experiences that can simplify their lives; streamline their needs, requirements, and finally deliver them with the needful. And in this course, they can never be persuaded or influenced to buy from somewhere they don’t want to. There are several factors that can influence customer’s decision while purchasing. To be precise here, customers crave for value for their time, brand experience, flaunt value, and many others while buying from a certain brand. Talking about value for their time, it can be defined as the overall time taken to buy the product compared with the benefits they will obtain from the product. For example, while buying a pair of socks, a customer will never appreciate spending an entire day. However, the same customer would not mind spending an entire month while purchasing a new apartment for his/her family.
Brand loyalty and brand experience also influence a customer’s decision while buying. For instance, if we consider buying a mobile phone, customers always look for the brand’s market reputation, analyses the brand’s existing value in the market, and also know more about how efficient the brand is in resolving customer’s need. Only when a customer finds reliable answers to these questions, he/she will proceed to buy from that certain brand.
Options for businesses are very narrow. Unlike customers, businesses cannot differentiate among their customers; each customer holds equal importance for them. They are here to serve their customers, and whoever buys their product is a customer for them. However, by improving their customer service or buying experience, they can create an impact among the customers, by doing so, they will be able to retain the customers and can rely on them for their future prospects. Businesses need to keep into account that the overall time taken to make a sale is not long enough as taking longer time can make the sales-process extremely redundant.
Now the question is why do you think businesses fail to cater to their customer’s needs within the given time despite knowing this? There are multiple factors that prove to be challenging in offering quick solutions to the customers; customer service & support is one of the major cause in the list. Business organisations are aware that their customers expect quick solutions but their inability to respond to each customer individually within a given time-frame causes the redundancy in the process. Also, we must not forget the fact that communication starts getting diluted as responding time increases. More is the time to respond back to customers, the brand value and experience starts to fade and customers finally start losing their interest.
SmartBots can compare the customer’s buying nature, find out the most probable products, and finally recommend them to the buyers. This in return shrinks the total time consumed while offering great value against consumer’s time.
The Confluence Point:
Be it for the customers or the business establishments, if communication can be customised and made faster, reliable, and worthy enough, the gap between customers and businesses will decrease remarkably. In other words, communication between both the entities needs to get healthier and effective. Although most of the businesses try to offer efficient customer service, communication gap always persists. After a certain period of time, this gap becomes stagnant and eventually starts affecting the customers.
Reducing this gap will enable customers to explore more, get assisted seamlessly, and enjoy a great Brand Experience throughout. On the other hand, if businesses can offer customised services or assist customers individually at a faster rate, they can trigger the customers to close the sales, and can eventually become a reliable brand among the customers. However, at times, offering personalised assistance at faster rate gets tougher for the business entities due to lack of capacity and good resources and also the fact that customers always prefer to interact with someone empathetic, sympathetic, or can understand their plights makes it difficult for the service providers to communicate with the customers. This is exactly the situation where business or service providers fall short of.
Though ChatBots are now being implemented to overcome these issues, they mostly sound monotonous and finally kill the essence of communication. ChatBots are more or less fetched with pre-decided answers that eventually distract the customers or buyers. However, if the usual ChatBots can be replaced by SmartBots that can mimic interaction skills, analysing capability, and the sentiments of human beings, communication can be streamlined remarkably. In addition to better and faster customer service, SmartBots can also compare the customer’s buying nature, find out the most probable products, and finally recommend them to the buyers. This in return shrinks the total time consumed while offering great value against consumer’s time. For example, after MARVIN; India’s first AI powered SmartBot from Racetrack.ai was introduced in the Real Estate, Healthcare, Education, Finance, Hospitality & Tourism and other domains, clients witnessed a remarkable growth in their sale spectrum. In Real Estate itself, clients have witnessed a conversion rate of 7.3% against the previous rate of 2%, and the numbers are still growing. AI powered SmartBots are the future of sales! You will soon see businesses shifting their focus from conventional ChatBots to SmartBots like MARVIN, and unlock immense possibilities in the coming days.
Also published in Silicon India Magazine.