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How to Improve Customer Satisfaction and Increase Revenue with a Virtual Agent

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One of the most important things a company can do is prioritize customer satisfaction. In industries with any number of competitors offering similar products and/or services, customer service will almost always be the differentiating factor. Needless to say, it is crucial that your customers receive the service they expect, on their terms. In fact, companies that prioritize the customer experience generate 60% higher profits than those that do not. Below, we discuss just how much customer satisfaction impacts your business, and how to ensure your customers have the best experience possible when using a virtual agent.  

Not only does good customer service help your business maintain a good reputation, but it also has tremendous financial benefits. Customer retention and loyalty remain massive factors in the financial success of your business. Reducing customer defection rates by just 5% could increase profitability by 25% to 130%, depending on the industry. Similarly, a 2% increase in customer retention can have the same financial impact as reducing operational costs by 10%. Therefore, ensuring your existing customers remain loyal should be just as important as getting new ones.  

Customer satisfaction also has an impact on attracting new customers. Customers will sometimes share positive customer service experiences but are much more likely to share negative ones. As a result, when it comes to customer loyalty, providing those positive customer service experiences is what helps set companies apart.

In a recent poll by Gartner, it was found that 81% of business executives believe customer service is the sole factor that differentiates similar businesses.

However, only 22% of them believe that their customer service can exceed expectations. 

So how can this be improved?   

As the customer service landscape evolves, customer expectations grow. With so many businesses offering immediate support, any length of wait time frustrates customers. A Forrester report on customer service trends shows we have already stepped into the era of automated, smarter and more strategic customer service. This is why it is more important than ever to keep up with your competitors and customer expectations. 

According to a survey by Userlike, 65% of customers would prefer to be helped by a chatbot immediately versus waiting for a human agent. This shows that customers are welcoming virtual agents into the customer service environment. Userlike also found that the majority of customers perceive the deployment of a bot as innovative. Customers are becoming more welcoming of virtual agents and as they do, they begin to expect the immediate help it brings. As chatbots and virtual assistants become more common, customers will expect their favourite global brands to have it as a customer support channel and may view the lack of one as a flaw in customer service.

A virtual agent will surely improve your customer’s experience if it is done correctly. There are many things that can be done to ensure your customers get the best experience possible. To start, it is always a good idea to make your bot easily accessible. It is good practice to place your bot noticeably at the bottom of every page of your website, or in the contact us section. This will ensure support is just one click away. Convenience is the main reason customers will choose a bot over a human agent. Therefore, it is essential to make your bot as available and helpful as possible. 

When a conversation with your bot is initiated, it is important to introduce and identify your bot as a virtual assistant and give it a natural, human-like tone that is representative of your brand. A bot with personality engages the customer and sets your brand apart. Keeping a customer engaged ensures they use your virtual agent and will help build trust and rapport between your organization and customers. 

In the past, achieving high levels of customer satisfaction may have seemed like an unrealistic dream. However, as technology evolves, customer satisfaction is more attainable than ever. Loyal and satisfied customers will not only have a major positive impact on your bottom line revenue but will help attract new customers and accelerate growth. One surefire way to ensure your customers are happy is to deploy a virtual agent that will help them quickly and on their schedule. After all, happy customers are crucial for business success.

Let’s supercharge your virtual agent together.

With outstanding customer experience being the most important differentiator, make sure your virtual is the one leaving the competition in the dust. Wysdom can rapidly implement a virtual agent on any platform, perform a tune-up on an existing virtual agent, or fully operate it on your behalf so it delights customers every time. Now that’s real Wysdom. Get in touch today.

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Let’s supercharge your virtual agent together

With outstanding customer experience being the most important differentiator, make sure your virtual agent is the one leaving the competition in the dust.

Wysdom is a conversational AI optimization platform that enables higher performing, lower cost conversational virtual agents, continually learning and delivering high-quality customer experiences.

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Artiom Kreimer

VP, Product & Analytics

Artiom has spent 10 years in software and mobile engineering, specializing in quality assurance and customer service. He has worked in testing and QA at both startups and in enterprises such as Clickfree, TELUS, and Freescale Semiconductor.

Michel Benitah

VP, Optimization & Delivery

Michel has 20 years of experience in leading the successful delivery of Conversational AI and Natural Language Customer Care solutions to some of the largest financial, telco, healthcare, utilities, and retail enterprises throughout North America. 

 

Prior to joining Wysdom, Michel spent 20 years at Nuance Communications, holding senior management and leadership positions within the enterprise division, most recently as director of the Toronto office and professional services team.

Frederic Lam

SVP, Sales

Fred brings in 25 years of international experience in sales and business development across North America, the Caribbean, Asia-Pacific, Europe, and the Middle-East.

 

Prior to Wysdom.AI, he held sales leadership positions at Oracle, Redknee, and Movius/Glenayre, successfully growing revenues in both large and small organizations. Fred has also been involved in the start-up community in the earlier stages of his career as an Investment Manager with SP Capital and was an alternate director on a few investee companies.

Karen Chan

Chief Engineering Officer, Co-Founder

With 20 years of experience in software and mobile, Karen has held senior technical roles at 5 startups, including Wysdom.AI, Clickfree, Mobile Diagnostix (HP), Teamatic, and Virtualthere.

Karthik Balakrishnan

Chief Technology Officer

Karthik has over a decade of hands-on, proven global expertise in emerging technologies and implementing intricate platforms and solutions for telecommunications and enterprise during his time at Amdocs, with senior positions in their India, Cyprus, America, and Canada offices.

Nitin Singhal

Chief Operating Officer

Nitin has over 20 years of success in global executions of business technology, driving operational efficiency and digital scalability for some of the world’s largest enterprise clients. 

 

Nitin spent 16 years at Redknee holding executive positions in Research and Development, Customer Operations, Partner Alliances, and most recently as COO.

Jeff Brunet​

President, Co-Founder

Jeff has more than 20 years of experience in the startup world, founding and growing 4 software companies: AracNet, Mobile Diagnostix (HP), ClickFree, and Wysdom.AI. 

 

His in-depth understanding of software development and the challenges in making new technologies successful in the startup world prove invaluable as he serves on the boards of XMG, SurfEasy (Opera), Locationary (Apple), Groupie, and as an advisor to Pushlife (Google), LogMeIn (IPO) and HP. 

 

Jeff holds 23 issued patents in the wireless and consumer electronics spaces and is the lead inventor on 30+ pending patents.

Ian Collins​

CEO, Co-Founder

Ian has founded and grown 6 technology companies over the past 20 years, primarily in the enterprise software space including Wyrex, Mobile Diagnostix (HP), Clickfree, and most recently Wysdom.AI. 

 

Ian invests, mentors, and sits on the boards of several startups in the Toronto area.