Rob Lawson | The 3 C’s: Chatbots, Cost-Savings & Customer Experience
Is There A Place For Chatbots

The 3 C’s: Chatbots, Cost-Savings & Customer Experience

The 3 C’s: Chatbots, Cost-Savings & Customer Experience

With the dawn of a new decade and the start of a new year, it’s the perfect time to look into the crystal ball of 2020. In this series, we predict the marketing trends and technologies that will impact brands and marketers in the year ahead.

Chatbots are now one of the top emerging technologies that CIOs and CMOs expect will have the biggest impact on customer experience initiatives in the next three years. In fact, CIOs identified chatbots as the main AI-based application used in their enterprises, according to Gartner.

The Growth of Chatbot Loyalists

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The use of AI-based assistants has skyrocketed since Siri was first introduced in 2012. For consumers, the primary uses for these tools tend to be simple tasks, such as: customer service inquiries, checking the weather, sending messages or scheduling appointments. For businesses, chatbots present a creative approach to servicing website visitors, customers with social media queries or surveying loyalists.

Ultimately, whether through typing or talking, a chatbot can connect more personally with a customer. More importantly, it can influence a customer relationship by responding to requests faster while meeting expectations. In fact, 64% of Internet users say 24-hour service is the best feature of chatbots, according to Drift.

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Lemonade Converts and Convinces with Chatbots

As chatbots grow in sophistication, their ability to process requests and deliver information also grows in value. One fantastic use case is Lemonade’s chatbot. The homeowner’s and renter’s insurance provider wanted to use bot technology to replace human customer service processes with the hopes of reducing both time and cost, and improving the total customer experience. And, they succeeded! Lemonade's policy chatbot, Maya, can onboard customers in as little as 90 seconds, compared to the approximately 10 minutes it would take with traditional insurers online!