Businesses are greatly relying on the chatbot technology in order to deliver better customer experience. 70% of businesses are rapidly leveraging artificial intelligence to change the way they interact with customers dramatically.
But building and deploying the chatbot across your business use cases is not enough. You also need to know how successful your chatbot is. After launching the chatbot it is important to identify metrics that can help you continuously measure the success of your bot and derive further improvement areas.
It is vital to understand how and where the chatbot fits into your business areas. The simplest way to evaluate the efficiency of your chatbot is through chatbot analytics and metrics. They help you to gauge your bot performance in regards to the outlined goals and objectives.
Key metrics for measure your chatbot success
Chatbots are adopted to increase customer satisfaction while keeping the costs under control. By tracking the KPIs you will be able to determine if your business goals are met successfully or not.
Let us discuss the key metrics to ensure your bot success:
1. Total engaged users – It is one of the primary metrics to track the total number of users who have interacted with chatbots. This metric helps to gain insights on the exact number of customers who are using your chatbot and understand the overall impact and chatbot success.
2. Number of new users – Businesses run campaigns to attract potential customers to their website. The news users are your potential targets and how efficiently your bot is engaging them and they are ready to come back again. This metric helps you to acquire real-time insights into the overall chatbot performance.
3. Volume of chats – The chat volume metric refers to measuring the number of successful chatbot conversations. By measuring this metric you can understand the number of customers started the conversation. If a long conversation is longer, it means higher chat volume. It indicates that visitors are comfortable conversing with the bot and also your bot is able to engage them by delivering great value.
4. Goal completion rate (GCR) – When you build a chatbot the first step is to outline the end goals. Once deployed if the bot is efficiently meeting the purpose, it means it is productive. The GCR metric helps you to evaluate the successful performance of any defined actions performed by your chatbot. The conversion goals vary from business to business.
If your GCR rate is low, it indicates you review your chatbot flow and design to understand how it mismatch with customer expectations and how to guide customers in the right direction.
5. Total bot sessions – With the help of this chatbot metric, you can measure the interactions between the users and your bot. You can gauge the conversations and provide information on the ability to engage in a conversation.
6. Bounce rate – Bounce rate refers to the number of visitors who enter the website and leave without interacting with your chatbot. In other words, a number of people who navigate away after viewing just one page on your website.
If the bounce rate is high, it is obviously a bad sign and an indicator that there’s something wrong with your website design or content. This chatbot KPI needs to be observed closely as it impacts the customer experience.
7. Human vs bot interaction – Human handover is a key chatbot evaluation metric that helps to know your bot’s success. The handover happens in scenarios like when bots do not understand the chats and are transferred as fallback scenarios.
Sometimes customers prefer to chat directly with the human agents and discuss their problems comprehensively. By applying bot analytics, you can understand how far your customers are happy conversing with the bot. If the ratio of human handover is high it is recommended to use live chat for customer support and use the bot for collecting customer information.
8. Fallback rate (FBR) – Every software comes with some flaws. There are times when bots are not able to meet the end goals. This happens when bot are not able to understand queries that are uncommon or unique. With the FBR metric, you gain insights into such scenarios to find out effective solutions.
If the fallback rate is higher it means low customer satisfaction. You can improve it by training your chatbot. The fallback rate helps businesses that use rule-based bots because they are predefined whereas NLP based bots can be pretty complex.
9. Retention rate – The chatbot metric allows you to record the percentage of users who return to interact with chatbot within a specific period of time. The more frequently people come back to use your bot, the greater your retention rate. In terms of significance, retention rates vary from largely irrelevant to absolutely essential. You can follow some tips to boost your bot retention rate- by offering discounts to the users, and delivering hyper-personalized conversations.
10. Satisfaction score – The CSAT metric measures user satisfaction with bot conversation. You can start a survey and ask your users a question about their experience with interaction with the bot and answer yes/no. You can also use star ratings or emoticons with different expressions. The user feedback is beneficial for your business to know the loopholes in the bot conversation flow and improve it.
Conclusion
When you outline your business goals it helps you to build a successful chatbot. But selecting the right metrics and analytics helps you to evaluate your bot performance and make it more capable to handle conversations effectively.