To get the most out of your chatbot, you need to dive into chatbot analytics. Implementing conversational AI can be a huge benefit for your business. But to maximize the potential of your chatbot, you need to measure its performance.
Of course, you already understand the importance of tracking key success indicators. But we know it’s easy to get lost in the amount of data available. So what are the important metrics to measure?
In this post, we’ll cover the most important chatbot analytics for your business and how you can use them.
What is chatbot analytics?
Chatbot analytics is conversational data generated from your chatbot interactions. Every time your chatbot contacts a client, it collects information. These data points can include call duration, user satisfaction, number of users, conversation progress, and more.
Why Use Chatbot Analytics?
As with social media metrics, analytics show you how your chatbot is performing. This chatbot data can help you improve your business strategy in several ways:
Better understand the needs of your customers
Your chatbot is the first point of contact for customer questions. This means that every conversation is a mine of data about their wants and needs. The chatbot uses real-time natural language processing to communicate with your customers.
Analyzing this data will help you understand what they are looking for and how you can help them find it.
Improve customer experience
Chatbot analytics can provide customer satisfaction data. This is a direct measure of their experience with your chatbot. You can use it to hone your chatbot strategy by improving the quality of service. And in the long run, you will make your customers happy so that they return to you in the future.
Help your team members work more efficiently
Every question your chatbot answers is one less task for your team of people. Customers and businesses exchange over a billion messages on Facebook Messenger every month! Save time on customer service by letting your chatbot step in.
Do your clients often ask agents questions about chatbots? This shows that there is room for improvement. Analytics will show you which frequently asked questions your chatbot can learn to answer.
Expand your product information
Chatbots are the first point of contact for customer questions. This gives you tons of data about what customers find confusing. Do you see a lot of size questions? Time to improve the sizing information. Are your active users asking about product features? You may want to embed a demo video on a product page.
Increase sales
Chatbot analytics can tell you how many conversations end in a purchase. If it takes too long to get the answer they want, or if they get frustrated with the chatbot, they can opt out. Identifying areas for improvement will help you increase sales as well as customer satisfaction.
The 9 Most Important Chatbot Metrics to Track
1. Average call duration
This metric shows how many messages your chatbot and client are sending back and forth.
The ideal length of a conversation can vary: simple questions may be easier to resolve. Complex questions may take longer. But the average call duration will tell you how well your chatbot is answering their questions.
You’ll also want to take a look at the interaction rate, which is how many messages are being exchanged. A high engagement rate shows that your chatbot can keep the conversation going.
2. Total number of conversations
This tells you how many times the client opens the chatbot widget. This indicator shows how popular your chatbot is. It can also help you determine when and where your clients initiate requests.
If you notice a pattern when demand is higher, this information can also help you plan. Do customers start more conversations immediately after a new product is released? Or the first day of the sale? Anticipating these requirements will help you ensure a seamless customer experience.
3. Total number of conversations involved
“Engaged conversations”refers to interactions that continue after the welcome message. Comparing this metric to total conversations will tell you if your customers find the chatbot useful.
Image from “Rise”
4. Total number of unique users
This metric shows how many people are interacting with your chatbot. One client can have multiple conversations with your chatbot during their journey. Comparing this metric to total conversations will show you how many customers talk to your chatbot more than once.
5. Missed messages
This metric will show you how often your chatbot has been stumped by a customer’s question. Every time your chatbot says “Sorry, I don’t understand”it’s a missed message. This often results in human absorption (more on this below). They can also lead to customer frustration!
Missed messages provide important information about where you can improve your chatbot’s conversational skills. Ultimately, you can use this information to improve your customer experience.
6. human absorption rate
When your chatbot can’t resolve a client’s request, it passes the request on to a human. This metric gives you an idea of how much time your chatbot saves. Some users of conversational artificial intelligence (AI) report that up to 80% of customer questions are resolved using chatbots! It will also show you which customer needs require a human touch.
7. The speed of achieving the goal
This metric shows how often your chatbot helps you achieve your business goals. The results will depend on your specific goals.
For example, does your chatbot support customers through the checkout process? Does it encourage them to add the suggested items to their shopping cart? Goal completion rate gives you an idea of how often your chatbot reaches that goal.
Image from “Rise”
This metric also shows how well your chatbot is guiding customers along the way. It’s kind of like measuring the performance of your most dedicated virtual employee.
8. Customer Satisfaction Ratings
You can ask your customers to rate their experience with your chatbot after the conversation is over. These satisfaction ratings can be simple star ratings or more detailed ones. Regardless of your approach, satisfaction scores are important for improving your chatbot strategy. Looking at topics or issues that customers rate lower on will show you what can be improved.
9. Average response time
Your chatbot will help your support team respond faster in real time by providing customers with a first point of contact. This will help you reduce your average response time and improve customer satisfaction. One company used Heyday to cut their average response time from 10 hours to 3.5! In addition, the information collected by your chatbot can help your live support team provide the best possible response to your customers.
What should I look for in a chatbot’s analytics dashboard?
To get the most out of chatbot analytics, you need a dashboard that helps you see the most important metrics to track at a glance. Here are the most important features to look out for:
Easy to use
What good is data if you can’t find it? The dashboard should be simple and intuitive to navigate so you can find the information you need. Here is an example of a chatbot analytics dashboard from Heyday.
Heyday organizes chatbot metrics into an easy-to-use dashboard.
Setting
Your business needs are unique, and so are your chatbot analytics. Look for a tool that lets you customize the display so you can see the data that matters most to your business.
Multiple locations
Sharing a single login? What is it, Netflix? Look for a tool that gives every member of your customer support team a place to coordinate seamlessly. Got a big team? Don’t worry – some chatbot platforms like Heyday offer unlimited places for agents with enterprise plans.
Team Performance Tracking
Your chatbot is just one part of your customer service team. The valuable tool will also allow you to track your team’s performance so you can evaluate your overall efforts.
Goal tracking
Performance data is only meaningful if it helps you achieve your business goals. Otherwise, it’s like kicking a soccer ball without a net – fun, but ultimately pointless. You need a chatbot analytics dashboard that clearly shows you how you are achieving your business goals.
mobile display
More than half of all online sales are already happening on mobile devices. As social commerce grows rapidly, so does this figure. Customer support is also available on mobile devices, so make sure your tool works on all screen sizes.
Frequently Asked Questions from Customers
Viewing the most frequently asked questions is an incredible source of information about your customers. A dashboard that displays frequently asked questions and analyzes them by content and topic will give you a deeper understanding of your audience.