Return on investment (ROI) is an important metric for any business, and it gains more significance for businesses using AI and Live Chat. After all, you want to see how your investment in AI Chat is paying off.
That’s where our enhanced Analytics Dashboard comes in. It provides you with a wealth of data that you can use to calculate your AI Chat ROI. For example, you can see how many customers interact with your AI Chat, how long they stay engaged, and how many are taking the desired action.
How to calculate ROI and why it’s important
ROI is a measure of how much profit a business earns from its investments. It’s calculated by dividing the profit by the investment. For example, if a business invests $100 and earns $20 in net profit, its ROI would be 20%.
ROI is important because it helps businesses track the success of their investments. By calculating ROI, companies can see which assets are profitable and which are not. This information can help businesses make better decisions about where to allocate their resources.
ROI is calculated using the following formula:
ROI = (Net Profit / Investment) * 100%
4 ways our dashboard can help you analyze your AI Chat ROI
Here are some specific examples of how you can use our Analytics Dashboard to show your AI Chat ROI:
Calculate the cost savings
Our dashboard includes a metric called “Work Hours Saved.” This metric tells you how much time the AI Chat saves your employees by calculating that each conversation resolved without live escalation equates to 5 minutes of staff time saved. You can use this information to calculate the cost savings associated with your AI Chat.
Track customer engagement
Our dashboard provides detailed data on how customers interact with your AI Chat. This includes information such as the number of messages sent, the volume trends, and the percentage of messages handled after business hours. You can use this data to see how your AI Chat is performing and identify areas where you can improve.
One of AI Chat’s advantages is the ability to boost return on investment through sponsorship opportunities. Our clients use header banners, welcome messages, and buttons to surface sponsored assets. With the enhanced analytics dashboard, it becomes much easier to track user engagement by checking the message source, diving into specific intents, and much more.
Identify revenue opportunities
Our dashboard also provides you with data on customer preferences. This information can help you identify new revenue streams. For example, you can dive into ticketing intents – like Buy Tickets – and analyze the preceding or following intents. Understanding the customer journey will allow you to optimize users buying patterns and identify potential upsell opportunities.
The Intent Explorer Dashboard represents another opportunity to identify additional revenue streams. Filter by Buy/Renew/Upgrade/Add actions to see which intents are trending. This tool will help you answer a wider range of customer preference questions, conduct experiments, test hypotheses, and make faster data-driven decisions.
Track Live Chat performance
Our updated Live Escalations Dashboard provides more tangible tools to see whether your online communication channel works as expected and whether investment brings great results. Here are some strategies to optimize your Bridge Live Chat:
- Encourage customer engagement with Bridge Live Chat by implementing Response Placement on key business opportunities like renewals and donations, driving revenue from upselling. Then, go to the Bridge Live Escalations Dashboard and filter by the exact page. You can track how many conversations were resolved, how many end user messages were received, and much more.
- Increase customer satisfaction by minimizing the time it takes to provide the first response. You can improve customer satisfaction with your Live Chat channel by reducing the median first response time. This can lead to repeat customers and increased sales.
- Increase the number of resolved conversations. This metric shows how many conversations were successfully resolved through Bridge Live Chat. A high number of resolved conversations indicates that the live chat channel effectively resolves customer issues.
Our Analytics Dashboard will help you show the ROI on your AI Chat. If you’re looking for a way to measure the effectiveness of your AI Chat and identify areas where you can improve and optimize your messaging, then our dashboard is the perfect solution for you.