Want a Thriving Business? Focus on Chatbot Analytics
Chatbots are fantastic tools for optimizing many processes inside a business, such as a customer experience, qualified leads, converting sales, and many others. But do you track these benefits? How do you know if it is impacting your business?
A chatbot strategy goes beyond simply implementing and launching a chatbot. To know if your plan is effective and successful, you need to pay attention to your chatbot analytics.
Chatbot analytics provides a quantifiable view of your chatbot’s performance. By monitoring your analytics, you can access valuable insights about your chatbot performance.
This article explains how to make the most out of your chatbot analytics and enhance your chatbot’s performance.
Chatbot Analytics: Measuring Success
Chatbots are here to stay. Chatbot trends in 2021 indicate that the global chatbot market size will reach $1.25 billion by 2025. A more recent report by Grand View Research expects chatbots to reach $2,485.7 million by 2028. Thus, the growth is exponential, and the potential is limitless.
However, just implementing and launching chatbot automation is not enough. To know if your chatbot is practical to your business and your clients, you must track data. More than optimizing a wide variety of business processes, chatbots hold power to generate and retain customer data, which is the most valuable asset for businesses.
Companies must access and analyse chatbot data to generate actionable insights that will positively impact their business strategy. Chatbot analytics allows you to measure your bot’s success, address areas of improvement, and identify growth opportunities.
Chatbot analytics can help address critical areas of your strategy, such as:
- Customer Satisfaction: By accessing analytics, you can understand how your customers are satisfied after interacting with your bot. Is the chatbot providing the right solutions? Do customers feel supported by your bot?
Return on Investment (ROI): Research shows that chatbots deliver return on investment (ROI) for businesses. Chatbot analytics measures the total of leads generated, issues solved by your bot and the estimated time and cost to handle queries.
Chatbot Performance: With the right metrics and KPIs, the bot analytics will identify if your chatbot strategy meets your business goals and identify areas of improvement.
Understanding Chatbot Metrics and KPIs
By definition, a metric is a quantifiable measure that is used to track and assess the status of a specific business process. For example, the chatbot metrics will monitor your bot’s performance, such as response time, conversation rate, efficiency enhancement, and more.
Depending on your strategies and objectives, the critical metrics for your business may vary. In Flow XO, there is a list of key metrics available for chatbots:
- Total users: Total users metric measures how many users have ever interacted with your bot
- Active users: Active users determine how many of your total users are active and are still using your bot.
- New users: As the name suggests, the New users metric allows you to see how many new users interact with your bot each day.
- Triggers: The Triggers metric allows you to track the number of triggers in a period of time.
- Messages Sent: How many messages your bot sends over a period of time, which can include images, videos, custom requests and questions.
- Messages Received: This metric tracks anything that is sent to your bot, from message to payment and locations.
- Top Messages: The Top Messages identify the most popular messages received by your bot.
- Top Flows: Top Flows display the most popular flows triggered by messages received.
Key Elements for Chatbot Analytics
Sentiment analysis
Sentiment analysis allows you to analyze the emotion behind a message to know if your users are responding negatively or positively to your bot’s messages. Moreover, it will enable you to evaluate if your bot’s personality is engaging and well-received by your customers.
Customer segmentation
Thanks to customer segmentation, businesses can personalize their communication with users. They can prioritize users that might need more support, reward loyal customers, and conduct A/B testing on landing pages.
Identification of errors
Analytics can track and trace any situation where a bot might fail to perform a task. It helps businesses to evaluate how their bots respond to errors and analyze feedback.
Retention rate
Retention rate refers to the percentage of users that return to your chatbot in a determined time frame. Businesses must understand how to keep customers engaged and ensure they are giving proper support.
Accessing Analytics with FlowXO
The Flow XO Analytics feature delivers you valuable insights to evaluate your bot’s performance. For example, it allows you to see how many unique users interact with your bot and which flows and triggers are more likely to be used.
If you wish to access your bot’s analytics, click the Analytics option on the main menu bar. Alternatively, you can go to the Bots section, click the down arrow on the Edit button for a bot, then click Analytics.
Connecting Flow XO to Google Analytics
Flow XO provides an integration with Google Analytics to expand the chatbot’s analytics capabilities. Google Analytics is a powerful tool to track and report website performance and measure sales and conversion rates. In addition, it delivers fresh and relevant insights into customer behavior, which helps us evaluate your bot’s effectiveness.
With Flow XO, users can send chatbots’ messaging activity to Google Analytics in real-time. You can connect your bot to Google Analytics with only a few clicks:
- Create Google Analytics account
- Create a new property in your Google Analytics account: A property is the container that Google Analytics uses to collect and display your data.
- Copy Google Analytics tracking code into your clipboard.
- Paste your tracking code into the Google Analytics Tracking Code field of your user profile in Flow XO.
- You’re done! Once you hit update, Flow XO will immediately begin sending messaging interactions from your bots to your Google Analytics property. To confirm the integration, go to Google Analytics, navigate to Real Time -> Events and then start a conversation with your bot. You will be able to see events showing up almost immediately.
Conclusion
Defining your bot’s goals and strategy is the most important step of building and launching your chatbot. However, it is your chatbot’s analytics that will determine if the strategy is actually being successful and compliant with the targets.
Thanks to chatbot analytics, companies can always be vigilant to the needs of each customer. Also, analytics permits tracking chatbot’s metrics, so businesses evaluate each step of the strategy and focus on continually improving their delivery.
Before building your bot, ensure to use a chatbot that provides a 360 analytical vision of your bot, such as Flow XO. Flow XO analytical tools deliver key metrics that you need to improve your chatbot’s performance.