Why Chatbot Analytics Are Important And What Are The Key Metrics You Must Know?
Chatbots will change the way people interact with businesses and their services. But just like other technologies, it is imperative to catch-up with this technology and gets aware of the capabilities of the chatbots by constantly measuring its performance.
And this can only be done by knowing the metrics which is an important aspect or in fact, a decisive factor for the success of businesses. We will cover all this in the below story and see why analytics is important and how one can get the best out of it through chatbot platforms like Frontman.
Why one should care about analytics?
When it comes to chatbots, analytics are often ignored and underestimated. For a newly created chatbot, metrics matter a lot and it can fluctuate dramatically. After deploying the chatbot on the website, companies require it to monitor closely. This is because the expectations of the company are mainly faster response, efficiency enhancement and increased conversion and this can only be done by defining the right metrics.
What is a metric?
A metric is a quantifiable measure that is used to track and assess the status of a specific business process
This enables the company to monitor the performance of the chatbot better and improve its efficiency by getting valuable insights of the users and get into their minds. This eventually let the company tailor its strategies accordingly and boost growth.
What Key Metrics can Make or Break Businesses?
The Key Performance Indicators or metrics is a quantifiable measure that is used to track and evaluate the status of a specific process of a business. The metrics one need to track will depend on the use case of the chatbot as well as the demographics of the users.
However, there are several important metrics that can give valuable insight into user data. Here is the list of them:
This category displays the total number of message sent by users. This indicates whether the user is engaging with the chatbot or not. If this category remains significantly low over time, then companies need to redesign the conversational flow to be engaging enough. The incoming messages could be in the form of quick replies, free text counter and the button counter.
The traffic statistics can be viewed by week, month or in a custom date range. All this is critical to the organics of the platform.
This is considered as the most basic metric. In this section, the number of people captured by your chatbot can be viewed. This is important because the trend shows the change in the number of users and the amount of data the chatbot has been exposed to.
Especially, new users tell you about the overall success of the promotional campaign your chatbot is associated with. Because customer preferences change over time, so new users help maintain the customer base strong. Most importantly, both new and returning user would give you a glimpse of the market size and the impact your chatbot is making.
New & Returning Users
For most of the software applications, checking the active number of users is a must and this is nothing different in chatbots. This key performance indicator let the company get a real-time feel of the overall popularity of their chatbot which is a great parameter of its success. It can also give you a glimpse of recurrent active users and how often they converse with the chatbot.
If this key metric is plunging, this means the companies have to reconsider the use cases of their bot as well as its design and development.
The user engagement is also a key metric which shows the number of frequent users who communicate or exchange messages with your chatbot. This enables your chatbot to provide detailed conversational statistics and let you tailor your strategy regarding the efficiency and usefulness of your chatbot.
This important metric can include a number of frequent user inputs, most frequent clicked buttons as well as most frequently interacted menu or section (block) of your chatbot.
One of the strongest KPIs to gauge the effectiveness of the chatbot is the length of the conversation. It shows if the chatbot is able to carry forward meaningful conversation and keeping the user engaged or not. The ideal session length would depend on the use cases and the conversation context. For example, if it is for just asking customer support number or email or just want to navigate to a certain product or services, the session would be short. On the other hand, if the user is on the ecommerce shopping website, the length would be different since it would demand a lot of user input.
Short sessions often indicate that something is failing. Having said that, the number of steps per conversation is also a necessary metric to reach the target audience. If there are too many steps involved, the impatient user might leave the conversation in the middle. However, few conversational steps might also indicate obvious chatbot flaws that may be causing the user to leave the discussion too early.
So, the best way is to set an early impression on the user and this could be done by adding welcome message right in the beginning such as ‘Hi, I am the virtual assistant of XYZ, How can I help you? Or “Hi, Welcome to xyz.com’. What are you looking for? Here are some options to begin with”.
User chatbot ratings
A lot of businesses rely on customer satisfaction. Through exit surveys, a company can ask the user to rate the conversation with the chatbot. There are various ways to express satisfaction or dissatisfaction with the chatbot including star ratings or providing emoticons with different expressions.
It is extremely important to get this feedback as businesses will be able to detect the weak points in the chatbot conversation flow and improve it. The weak points may include incorrect answers, poor conversation design, repetitive responses and knowledge gaps.
Goal tracking and completion rate
Goal tracker shows the percentage of successful engagement with the chatbot. This is especially important for an e-commerce website as the company’s goal could involve informing the user about a particular product and details during purchase conversation. The goal tracking allows sophisticated segmentation through which companies can know the entire user journey for getting better conversion rates.
The UTM (Urchin Tracking Module) parameter is another method of tracking the user journey. Through this method, businesses can promote the chatbot and track their custom campaigns running on Facebook and Google analytics. This lets them get better insights on their ROI.
Further, A/B testing enables the company to determine which conversational flow worked best for them. Then the company could send the best messages to increase customer engagement and conversion and target the right audience.
Is this the right time to choose a chatbot analytics platform?
All the above metrics can only be derived through a well-equipped chatbot analytics platform. Makerobos’ Frontman not only provides chatbot building platform but also focus on the analytical side of a chatbot, hence, removing hassles of integrating third-party analytics into the chatbot which could be an expensive and time-consuming affair.
The key performance indicators (KPI) can make or break the business. So, the main goal of Frontman is to improve the conversational UI and human-bot interaction through data and present in the form of infographics. This empowers the brands and enterprises to improve the performance of their chatbot with real-time and historical data which eventually boosts business.
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