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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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Why Unhappy Customers Cost More Than You Think


As customers, we’ve all experienced lousy products and services. Most of us shrug it off and vow never to buy from that company again. Yet there’s a special few who go the extra mile in getting their revenge.

If you’ve shared your bad experience with others, complained to the company, or gave a bad review on social media you’re part of that special few.

Sure, at one time or another, we’re all been part of that group.

Do you know how much money you’re costing companies every time you write a bad review, or call customer service to complain?

To put bluntly, you’re costing them ALOT!

As consumers, this may sound like justice being served, but if you’re a business owner, you should be concerned and here’s why.

 Unhappy customers create a domino effect of revenue loss.

Companies lose much more then life time revenue. In Fred Richfield’s book The Ultimate Question 2.0, Fred explains the domino effect unhappy customers (detractors) create which results in huge revenue loss.

How can a detractor create a domino effect of revenue loss?

The unhappy customer takes their anger out on your frontline staff creating low morale. Dealing with 1 or 2 disgruntled customers is common place. Yet, as the number of detractors grow, the greater the impact on company morale and job satisfaction. The once serene workplace turns into a negative work environment which results in talented staff quitting.

Employee turnover is an expensive problem.
A Huffington Post article titled, How Much Does Employee Turnover Really Cost, by Jack Altman, states the cost of losing an employee is 1.5-2.0x an employee’s annual salary.

Darn you unhappy customers!

In addition, detractors impact revenue by bad mouthing your company. If your company’s brand isn’t well establish this could spell disaster, especially if you lack enough social proof to overcome negative reviews. For a prospect to consider your services, it could take 5 to 10 positive comments for every negative comment made.

Ouch!

To truly know how much unhappy customers are costing your business, calculate the potential revenue of a lifetime customer, plus the cost of loss staff, plus the loss of prospects and referrals.  Multiply this number by each detractor and that’s how much revenue your company is losing.

Yes, it’s a big number and why customer relationships are so important.  Customers can be your best salesforce, or your worse critic.

In essence, unhappy customers can put you out of business.

So moral of the story, do right by your customers!

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