Chatbots can be very beneficial to companies that implement them into their marketing strategies. They can save you time, provide better customer service and make it easier to approach global markets.
However, one question which everyone wants to know the answer to is ‘Can chatbots influence your ROI?’. This blog will discuss whether chatbots are worth the investment and to what extent they can influence your business’ ROI.
- Can chatbots save you money?
- How much does it cost to implement a chatbot?
- Can chatbots drive revenue? And if so, how?
- So, just how much can chatbots really influence your ROI?
Implementing a fully functioning chatbot can save organisations like yours large sums of money. Instead of overspending on labour costs to cover your customer service operations, you can now build a chatbot which will take on these responsibilities for you.
Traditionally, companies would have to pay out wages to members of staff or agencies who would then deal with customer enquiries and complaints. There would also be additional costs for factors such as:
- Staff benefits and perks
- The technology to allow staff to do their job
None of the above has to be taken into consideration when it comes to chatbots. The only costs you’ll need to worry about are implementation costs (and, if necessary, maintenance costs).
But how much does it cost to implement a chatbot anyway?
Depending on the size of your company and your budget, there are a couple of different options you can take when it comes to having your own chatbot.
There are lots of self-service platforms on the marketplace which allow you to build your own chatbot. To use these platforms, you and your employees will need to possess a certain level of technical skills as you’ll be starting the build from scratch.
In regards to cost, this will vary depending on the size of the company you subscribe to. Some of the market leaders’ packages start at around £12 per month, rising to over £160 per month.
However, one thing which you must bear in mind is that these platforms only offer a chatbot service. They can’t provide you with a full range of marketing solutions which many readymade platforms can.
Instead of putting up with the hassle of having to build your own bot from square one, there are plenty of readymade solutions which are available on the marketplace too. Most of these should be able to automatically integrate with your website and any other systems within your company.
HubSpot is one of the market leaders when it comes to readymade chatbot platforms. As well as this, they can also provide you with an extended range of marketing solutions, such as:
- Landing pages
- Marketing automation
- Email marketing
- Social media
- Website builds
- And much more
The functionality of your chatbot will be limited dependant on the package which you pay for with HubSpot. Here’s their price list.
The main aim of a bot is to improve your customer service. And if you improve your customer service, you’re more likely to increase your amount of sales.
According to HubSpot, 71% of customers are now willing to turn to a chatbot for help. Therefore, if you’re able to nail the conversational design of your chatbot, people should return to use it again and again.
In addition to this, research from Media Kix predicts that by 2020, the average revenue from chatbots is anticipated to be more than £12 per user.
This is due to the overwhelming amount of people who are now using messaging apps, which is set to be around 2.48 billion by 2021.
Changes in consumer habits and increases in technology use are the main reasons which suggest that chatbots will be a key revenue driver in the future of marketing.
Chatbots have become increasingly important in the marketing industry over recent years. As well as offering great benefits such as a 24-hour service, they can also save you large sums of money.
In addition to this, chatbots that are built effectively can also be a key revenue driver for your business. This is due to shifts in customer behaviour and the ever-rising usage of technology in the modern-day.
It’s no question that chatbots can influence your ROI for the better. However, a lot of your chatbot’s success will boil down to how effectively it’s built and whether it can consistently offer a high level of customer service.
Download our conversational marketing playbook
The value of having an effective conversational marketing strategy in place can be huge for your business. It allows you to put the customer at the heart of all your business operations and create the added value which will ultimately make you stand out from the competition.
We’ve put together a playbook which covers everything you need to know about the concept, from how to get started to the best practices to keep in mind. Download your free copy now using the link below.