Posts

Conversational AI Data and Powerful Customer Insights

By Mandy Reed, Global Head of Marketing

These days it can be easy to feel like we’re in a constant state of information overload. The 24-hour news cycle combined with social media and the ability to Google anything always at our fingertips makes it difficult to escape the relentless barrage of information. This can also make it difficult to discern what information is genuinely important and worthy of our time.

The same is true when it comes to your organisation’s customer experience (CX). There is information floating around everywhere on customer behaviours, preferences, and sentiments. However, it can be a struggle to gather and identify the customer insights that are meaningful and most important for your CX strategy.

In fact, Gartner analyst Augie Ray identified ‘looking in the wrong places for customer insight’ as one of the key mistakes that kill CX programmes in their infancy. He points out that you can’t expect customer-centric results from a strategy that is not based on real customer insight and understanding. Likewise, you won’t be able to measure the impact of your programme if you aren’t gathering and analysing customer feedback, sentiment, and experiences.

Conversational AI is growing in popularity among businesses and their customers because of the positive self-service experience high-quality virtual agents and chatbots are delivering. However, organisations should never overlook the added benefits they gain by analysing the conversational data these tools can collect.

In a chatbot vendor selection guide, conversational AI expert Ridhi Mathur explains:

“In this era of data, a sophisticated virtual agent can play a very significant role for many businesses. The conversational data collected is very rich. It can be analysed and mined to understand your customers’ views, identify developing trends and make informed predictions, which can in turn contribute to areas such as product or service innovations and marketing.”

As you are developing your CX programme and selecting tools, be sure to keep this in mind. You want to implement a conversational AI solution that is not only built based on a deep understanding of your customers but will enable you to gather valuable customer data as well. You also want to ensure that you are properly analysing that data to assist with ongoing improvements to your CX and inform other areas of your business, such as product development and marketing programmes.

The customer insights that can be provided by chatbots and virtual agents are too beneficial to overlook when you are selecting a technology to implement. Consider this as you are reviewing conversational AI pricing options. Purchasing a chatbot without the right tools for data collection and reporting functionality never pays off, no matter how much money you might think you are saving. It is also key to work with a provider that has the expertise to assist you with mining and analysing the conversational data to maximise your benefit.

If you need some help cutting through the information overload when it comes to selecting a conversational AI vendor, check out the ISG Provider Lens™ Intelligent Automation – Solutions & Services. This report provides an independent, market-driven evaluation of the industry and comparison of 19 conversational AI providers.

Debunking the Myth that Digital Customer Solutions Seem Labor Intensive and Costly to Maintain

By the Creative Virtual Team

Any company considering a new system that will bring about broad changes to their operation has to think about cost. A valuable business platform has a labor and capital cost involved to install and maintain the system: V-Person™ is no different. However, our solution has a few important characteristics that help you keep maintenance costs lower than you might think.

Data Tracking and Analytics

The key to getting better at a high-volume activity like customer communication is tracking and analyzing data. Our V-Portal™ platform features a powerful reporting functionality that can track metrics like:

  • Call deflection
  • First contact resolution
  • Conversion rates
  • Customer satisfaction levels

You can also use V-Portal’s reporting system to determine which questions or concerns are most common. This saves time and money for your support and sales departments because you can update your knowledge databases in accordance with issues that your customers and prospects are actually concerned about.

Additionally, since our virtual assistant is able to analyze your current customer requirements based on customer service chat or phone transcripts, much of the work required to set up a chatbot solution can be done without any labor. We can usually configure your virtual assistant to answer about 80% of your customers’ questions just by reviewing your old customer service transcripts.

Semantic FAQs

One of V-Person’s most powerful features is its ability to make intuitive presumptions and get to an answer on its own, without any direct oversight or input from a team member. These presumptions are based on loose connections made between relevant topics.

For example: if a power company was using V-Person and a customer went to their site and asked the virtual assistant about thunderstorms in their area, the VA would connect thunderstorms with service outages and suggest solutions for a service disruption.

Even though V-Person might not have any information about thunderstorms specifically, the semantic FAQs feature allows it to make an intuitive connection between storms and outages to help the customer. With semantic FAQs, you’ll cut down on customer service calls and minimize the amount of human input necessary to resolve customer issues.

Costs Compared to Support Agents

Though there is a cost to implementing and maintaining the V-Person solution, consider the cost of hiring agents to handle customer concerns. Research shows that the cost-per-contact of a virtual assistant is about 25% of the cost of a live agent chat, and about 10% of the cost of an agent phone call.

In some cases, a virtual assistant solution can even help a company deal with a large-scale staff shortage. Verizon has used virtual assistant technology to improve its customer service and eliminate millions of calls each month, despite a huge reduction in its workforce.

Consider the Lifetime Cost vs. Benefits

There will always be installation and ongoing maintenance costs when using any new business system, especially in an enterprise setting. To determine whether the labor and financial investment is worth it, you must consider not just the cost of the solution, but the cost and labor required to achieve the same results without the solution.

Your company doesn’t need to have access to highly advanced technology or already have artificial intelligence solutions in place. An AI virtual assistant is a solution that can grow with your business – as your organization grows and changes, your virtual assistant will continue to improve its ability to provide excellent customer service and contribute to your business goals.

As the leader in virtual customer service, Creative Virtual specializes in the science of conversation. Sign up for a free demonstration here.