Artificial intelligence (AI) is the business buzzword of the year so far, and rightly so. ChatGPT, arguably the most notable AI tool, gained one million users in just five days, making them the fastest-ever online service to hit one million users. In comparison, Instagram, their closest competitor, took almost three months to reach this milestone.
From scaremongering stories about AI taking our jobs to AI deniers who say it has no place in business, there has been so much discussion about where this technology will fit into B2B businesses now and in the future. Unsurprisingly, the truth lies somewhere in the middle. AI is an exciting tool and will definitely provide use cases within business today, and while it’s hard to say exactly where it will sit in the future, especially given the rate it has developed, we aren’t quite on the edge of AI-rmageddon just yet.
So, focusing on here and now, where can B2B businesses utilise this technology? One clear way businesses can, and have already, utilised AI is through AI-powered chatbots. In this blog, we will look at:
- What is an AI-powered chatbot?
- The benefits of using AI-powered chatbots for B2B businesses?
- The downsides of AI-powered chatbots for B2B businesses?
What is an AI-powered chatbot?
An AI-powered chatbot is a piece of software built to produce answers or updates to customer questions, replicating and replacing a human’s response. These chatbots are programmed using rules and reactions to certain keywords or phrases that relate to a business and the chatbot should continue to learn based on questions they are asked. The response will depend on the power of the specific tool, but usually, this will range from answering FAQs to more complex issues such as retrieving live information on an order status or an enquiry update.
What are the benefits of using chatbots for B2B businesses?
B2B businesses have the ability to take advantage of chatbots in many ways, and thousands of businesses have already adopted this technology, with some reports showing The main advantages of using AI-powered chatbots for B2B are: improving the customer experience and streamlining the sales process.
The customer experience
A 2016 report showed that 9 out of 10 consumers globally prefer to contact businesses using a messaging platform rather than speaking to an employee over the phone. Although these statistics won’t transfer directly to B2B businesses, the rise in messaging platforms makes text or direct message the go-to form of communication for many, and as this is the norm – users expect this on your website.
AI-powered chatbots solve this problem without the need for staff on a help desk. The chatbot is active 24/7, 365 days a year, meaning any queries customers have can be almost instantly answered. This can enhance the reputation of your business as people who work with you know exactly where to go for any information. Many chatbots will then direct the person to other pages within your website for further information –increasing the touchpoints and session time on the website for each interaction.
The sales process
B2B businesses can spend a painstaking amount of time, particularly at the beginning of the sales process, to qualify and progress leads to potential customers. Cold calling, marketing emails and Zoom call demos can all feel like a waste of time if the lead hasn’t been qualified correctly at the start of the process.
Chatbots can alleviate and streamline some of this process, most chatbots will be programmed to identify opportunities based on the questions users ask, and from there, provide the correct reply and or follow-up question to identify if they are a potential customer. If the chatbot does deem the user as a potential lead, they will be provided with some form of collateral and the exact content of this will reflect the conversation and what the chatbot thinks is the most relevant. Many chatbots will progress the sale to the next stage and suggest times to book in to speak to a salesperson – who will then receive access to the conversation notes if it does progress.
Of course, this is dependent on how many leads come through your website, but in this case, the AI technology allows sales teams to focus on prospects who have moved through the sales funnel by meeting specific criteria which resulted in the chatbox flagging them.
Downsides of chatbots for B2B businesses
From the above section, it’s clear that chatbots do have a place in B2B businesses, but there are some drawbacks to consider with the software.
Business knowledge
For AI-powered chatbots, their capability to understand and adapt to situations and questions from customers or users is dependent on the sophistication of the chatbot being used. Most businesses using these will experience some sort of issue with their chatbot not having the ability to answer questions, simply as it doesn’t have the knowledge to do so. This can make lower-quality chatbots unusable for some businesses as their product or service is far too complex for it to understand.
As mentioned, this will depend on how advanced the tool is, but for most, the decision to use an AI-powered chatbot will be driven by lowering costs, meaning a cheaper solution can be more appealing, regardless of their business knowledge constraints, as they are there to handle simple questions rather than more complex issues. This makes complete sense and for many businesses, it’s all they need the software to do. However, it does mean that chatbots can frustrate customers or prospects from time to time when they can’t provide information or even worse provide incorrect information.
As a result, human involvement in the process is necessary when a question arises that the AI tool doesn’t fully understand, or when the AI chatbot identifies a potential lead. Although many basic questions can be handled with AI tools, for more in-depth or customer-specific questions, an employee will often be more capable and have to take over at a certain point. It is worth noting some AI chatbots will have the functionality to deal with these more complicated issues and handle the full sales process, but these tools will be significantly more expensive due to how advanced they are.
Summary
AI is an exciting advancement in technology and has significant pros and cons for any business to consider before implementing this tool. Given how quickly it has gained momentum, both from the software development perspective and from businesses and consumers willing to implement the tools, it’s safe to say it is here to stay.
It’s hard to predict where exactly AI will sit in B2B businesses going forward, but there are definitely some advantages to using AI. For B2B businesses this is particularly true when it comes to AI-powered chatbots which allow them to optimise the customer experience and streamline the sales funnel.
However, most of the chatbot tools being used within B2B businesses aren’t quite at the stage to work autonomously. This means the businesses that will reap the rewards of AI and its technology will be the ones that identify where humans in the business need to have input, as AI should complement our work, rather than replace us, for now at least.