What You Should Know About Chatbots

If you’ve heard talk about chatbots and are wondering what they are, you’re not alone. As the online world is constantly changing, it’s hard to keep up at times.
Chatbots are computer programs that mimic conversation with people using artificial intelligence.

Huh?

Like Amazon's Alexa and iOS-Siri, chatbots act as an online concierge in text form. They can help customers search for a product, answer customer support questions, check the weather forecast, etc. By using artificial intelligence, chatbot programs learn your preferences to provide notifications, search information upon request, or hold conversations with you.

This sounds cool and creepy at the same time (two words, Minority Report).

Time is a premium for busy people and who isn’t busy? We search for ways to simplify and enrich our lives. Chatbot programs are playing a major role in helping us manage daily routines, or are they (Hear from Facebook's Vice President of Messaging Products David Marcus)?

Companies cash in on the benefits too since chatbots can improve customer experience, simplify customer support, save time and money.
Yet the boundaries of privacy continues to fade as convenience is given more importance.

Why are chatbots a big deal?

Besides all the benefits chatbot programs have to offer, data has shown that more people spend time on messaging apps than on social networking sites. In other words, people want to connect with friends in a private and personal way.

As a result, companies are forced to find new ways to reach their targeted audience. With chatbots companies can engage customers in a human way with little interruption of their daily routine.

No matter the concerns about artificial intelligence and it's uses, this gravy train ain’t stopping.

As a business owner and consumer, I definitely see the advantages of using chatbots. As explained in the article, The Complete Beginner’s Guide To Chatbots By Matt Schlicht. Chatbots could replace apps and even websites in the near future. All business owners should know about this technology and how it can impact their industry.

If you're interested in exploring Messenger's chatbot platform click here.

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How Personal Touch Will Grow Your Business

How many times have you read about the importance of personal touch in business?

Sure, it sounds sophisticated, but what does it mean and how do you apply it to business?

Committed entrepreneurs struggle with answering these questions and are hesitant to verbalize their challenges, but they shouldn’t.

Let me reassure you, they are not stupid questions.

In fact, many business leaders struggle with applying personal touch tactics because the benefits aren’t identified or measured.

We all have an idea what personal touch means and if Gary Vaynerchuk does it, so should we.

But how much time and effort should we give to personal touch communications and what’s the ROI?

I mean, come on, who has the time to video blog 25 times a day?

When personal touch is applied effectively, it results in repeat business and referrals. Instead of pursuing business, you become the pursued.

In other words, people reach out to YOU to purchase YOUR products/services.

Now how powerful is that?

Personal touch builds the back-end of your business.

Or what I like to call pillow money.

Imagine business flowing to you effortlessly. Clients consistently buying your products and referring others without you asking them.

Yes, it’s very possible and personal touch tactics can get you there.
With the right combination of personal touch and automation, you can become a premier vendor in your industry.

Now that you’re aware of the benefits, let’s define what “personal touch" means.

If you were to google the phrase, you’ll find it simply means to make something less impersonal.

Pretty vague right?
But let’s dig deeper.

Personal touch is all about how you want people to feel when engaging with them. It includes the first interaction and beyond. Every touch point is an opportunity to reinforce that emotion about you.

Whatever emotion you want to evoke determines the tactics and methods of communication to apply in your business. Personal touch can be anything from addressing customers by their first name on email blasts, to appreciation gifts.

What’s important is how you want your customers to feel about you.

For instance, if you want your clients to feel special, a few tactics would include always addressing them by their first name. When sending email blasts, they only see their email not the thousands of other recipients, calling them on their birthday, acknowledging a milestone in their life, etc.

The secret to adding personal touch is the right balance of small tactics that leaves a lasting impression. It's repeatable, consistent, and it doesn't take a lot of resources for it to have serious impact. In fact, it can be done on a shoestring budget.

Clients want your TIME and ATTENTION. It’s a basic human need to be acknowledged and accepted. Simple yet thoughtful communication will show clients the time and effort you put into nurturing a relationship with them.

It ultimately shows you care.

In short, personal touch is about how you want your clients to feel. That emotion determines your tactics and communication methods. Whatever you decide, it shouldn’t use a lot of resources. In fact, you should be able to do it on a shoestring budget. Last, consistent thoughtful communication will show clients you care which will open up the flood gates to pillow money!

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How Client Retention Contributes To The Greater Good

If you were to ask an entrepreneur what keeps her up at night, there’s a good chance she’s worried about attracting new clients.

Client retention and referrals takes a back seat to the bright and shiny new client.

We all know repeat business is the low hanging fruit of sales.

In fact, the National Law Review reports it can cost up to 5x more to acquire new customers than to keep current ones.

But customer retention isn’t sexy to many business leaders because it requires maintaining relationships.

And relationship management takes a level of commitment some aren’t accustomed to.

Besides the financial benefits of client retention, there’s also an intrinsic value you should consider.

As social isolation is a growing public health issue, client retention efforts can reduce the effects of loneliness.

I know it seems borderline ridiculous to consider loneliness a threat to public health, but according a Harvard Business Review article titled Work and the Loneliness Epidemic, Vivek Murthy states “Loneliness and weak social connections are associated with a reduction in lifespan similar to that caused by smoking 15 cigarettes a day and even greater than that associated with obesity. It’s also associated with cardiovascular disease, dementia, depression, and anxiety.”

What’s alarming are the millions of people who are suffering from social isolation.

In the Daily Science News, an article titled Social Isolation, Loneliness could be greater threat to public health than obesity,
“An estimated 42.6 million adults over age 45 in the United States are suffering from chronic loneliness, according to AARP's Loneliness Study. In addition, the most recent U.S. census data shows more than a quarter of the population lives alone, more than half of the population is unmarried and, since the previous census, marriage rates and the number of children per household have declined.”

With the number of people suffering from loneliness in the millions, chances are your clients are being affected.

Loneliness carries a hefty price tag in business as it reduces task performance, limits creativity, and impairs reasoning and decision making which translates to thousands of dollars being loss.

Smart business leaders can help reduce loneliness in a number of ways.

Create add value that foster social connection. You can provide opportunities for clients to connect, promote social gatherings in newsletters, and reach out to your rock star clients with a phone call.

Provide opportunities for employees to build stronger connections. Provide opportunities for staff to get to know each other such as allowing a few minutes during weekly meetings for staff to share something about themselves.

Reach out to your network. Check up on people you haven’t seen or heard from in a while with a phone call. They’ll appreciate your call and you maybe the only one who cared enough to check in.

Being connected to others is a fundamental human need and it’s essential for business. Strengthening client relationships adds to your bottom line and contributes to the greater good.

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