The question shouldn’t be “Does a conversational AI chatbot provide better conversion?” It should be “How can I further drive my chatbot to convert website visitors into prospects?”
Since 2019, users are more inclined to engage with chatbots for a variety of reasons, including ‘getting a quick answer in an emergency,’ ‘resolving a complaint or a question,’ and ‘getting detailed answers.’ As a consequence, the conversational AI chatbot has seen a 92% use increase in the past 2 years, making it a brand communication channel with the largest growth we’ve seen.
Over 58% of B2B companies and 42% of B2C organizations now have chatbots on their websites. But where does your institution fit in? Will the increased conversation rates seen in other organizations also work for you? And how can you use chatbots to better nurture your leads and prospects? Let’s find out!
A chatbot is essentially a conversational element on your website that engages with your customers, answers their queries, and resolves their complaints in real-time.
This chatty computer program, whose task is to get back to your customers on your behalf, is available 24x7 to answer queries.
You will find several tools and chatbot services available online, offering to build a chatbot for your website. Each of these programs may be structured differently at the atomic level, but the overall idea remains the same-
At first, your conversations with a chatbot might seem basic. But it uses AI and ML to train itself from its previous conversations. With time, its performance improves drastically, making it seem like a normal human interaction.
Side note: 48% of people care more about a chatbot being able to solve their issues over it having a personality
Different chatbots are programmed differently for the task of answering user queries. But since they are programs, the efficiency with which they produce results varies based on the logic used to create them.
Rule-based chatbots are created using well-defined flow charts to map out possible conversations. These flow charts estimate what kinds of questions the user might ask, and work on a complicated set of conditions to find the answer.
As a result, they only know the answer to a certain set of predefined questions. But this does mean that when they do provide the user with an answer, it will be 100% accurate.
AI-based chatbots, on the other hand, use Machine Learning to understand a user’s intent, figure out the context, and get back with an appropriate answer.
They train themselves with each conversation and learn to interpret the context better, improving their response drastically with time. This also makes a chatbot’s response seem more natural.
However, as a result of how an AI chatbot trains itself, it might happen sometimes that the answers it gives are entirely irrelevant to the question asked by the user.
According to a recent survey, Education falls among the top 5 industries profiting from the incorporation of chatbots, ranking 3rd at 14%.
Another study by Mobile Marketer states that ‘40% of millennials claim to engage with chatbots on daily basis.’
A report by IBM says ‘Chatbots can help businesses save up to 30% on their customer support costs.’
This makes it stark clear that chatbots have immense potential to offer enrollment and engagement growth to educational institutions and organizations.
To start with, Matthew Barbey conducted reported in one of their studies that on the higher end of the spectrum, better bot experiences can result in 80-90% response rates. Whereas on the low end, low engagement bots see 35-40% response rates.
Additionally, a survey conducted in February 2021 looked at the chatbot rates of 400 client organizations and found that they noted a 10-100% increase in their conversion rates, depending on their industry and offerings (keep in mind that Education falls at #3).
A conversational AI chatbot helps you reduce your costs and provide answers to students’ queries. But there’s a lot more to them than that-
In these and many other ways, chatbots offer unique benefits to institutions and organizations in the education industry.
And since there’s no downside to installing one on your website (yes, that’s what our research says), it’s about you tried it out.