Chatbot Analytics: Key Metrics to Track and Boost Your Business

Adopting a chatbot into your business is important to reduce expenses, improve user experience, and enjoy tons of other benefits. It is an incredible way to reduce human intervention and cope with the needs of the customers and market.

However, implementing a chatbot is not enough. The more important thing is tracking the key chatbot analytics to ensure it is working as it should. Otherwise, you may end up making everything worse.

In this article, we'll explain what chatbot analytics are and the benefits of tracking them. Also, for reference, we provide some key chatbot analytics metrics to analyze a chatbot's performance. The best part is that we will show you the step-by-step process of making a perfect chatbot based on AI chatbot analytics without coding.

Part 1: What is Chatbot Analytics?

Chatbot Analytics refers to the key metrics tracked to measure the performance of a chatbot. They measure the output in various aspects. They help users understand the areas of improvement and know where the chatbot is lacking.

Suppose you have a customer service bot for an E-commerce website. The number of queries answered, number of customers served, interaction time, sales achieved, customer satisfaction, and other things would be the chatbot analytics. They also include KPIs to help businesses evaluate the performance of chatbots on specific goals.

Chatbot analytics give businesses an idea of the track they need to follow. It helps them understand how the chatbot is doing and whether its performance is better than human alternatives or not.

Part 2: What are the Benefits of Bot Analytics?

There are no reasons not to track bot analytics, and tracking does not have any disadvantages. All you get is benefits by continuously tracking the analytics, and here's what you can expect.

Performance Evaluation: Chatbot analytics give you a clear picture of how your chatbot is performing. You can look at the data, metrics, and KPIs to assess how effective it is.

Enhanced ROI: Chatbot analytics ensure enhanced ROI for the business. They capture more leads for the business, reduce business costs of handling customers, and direct customers to sales funnels and more products.

Understand Customer Journey: By tracking the analytics, businesses understand what their customers are looking for and how to improve their experience. They can improve the accuracy of the bot and train it more to offer more personalized and accurate answers.

Data-driven Decisions: Chatbot analytics offer invaluable data, which can be helpful in making important decisions. They tell us the areas that need special attention and how the chatbot can be made better to achieve specific goals.

Part 3: 10 Core Metrics to Track in Chatbot Analysis

The core metrics to track in chatbot analytics depend on business-to-business. However, some of the important metrics that almost every business should track are as follows.

1 Number of Interactions

The number of interactions is important to consider. You need to know how many people have used the chatbot in a specific period of time. You can also compare the number of interactions with the number of visitors on the web page to understand how many people are actually opting for it. Moreover, you need to ensure that the bot is handling all queries of customers.

2 Average Duration of Interactions

It is necessary to know the average duration of the interaction. It gives an idea of how long the bot takes to handle a customer. If people leave quickly, it means the bounce rate is high, and they don't like to interact with the bot. But if the bot is taking too much time, it means it is not solving the queries quickly, and there are some serious issues. So, the average duration of interaction should be in the middle.

3 Bot Accuracy

For the optimal performance of the chatbot bot, users need to know the bot's accuracy. The percentage of the queries answered correctly. It shows how accurate the bot is and in which area it needs more training to achieve more accuracy.

4 Missed Queries

Bots might not be able to understand everything. It is important to count the missed queries to keep track of the bot's performance. The goal should be to have as few missed queries as possible—ideally, none.

5 Human Intervention Needed

Bots try to solve the queries based on the pre-programmed instructions and knowledge base. They try to answer questions as much as possible. But when they can't, human intervention is needed. They direct the customer to a human representative. Ideally, the bot should handle most of the queries, and the human takeover rate should be low.

Moreover, in some cases, human intervention is needed. If the bot does not escalate the query to an agent, the user gets frustrated.

6 User Retention

User retention counts the number of users that have used the bot again. It shows whether people like to use the bot or not based on their previous experience. High user retention means the bot is working exceptionally well.

7 Goal Completion Rate

There is always a goal for having a chatbot. It could be answering customer queries, automating specific tasks, helping with refunds and returns, etc. Whatever the goal of the business is, the goal completion rate can be tracked to know the bot's performance.

8 Leads Generated

Bots are also trained to collect customer data and generate leads. Later, human agents can have a follow-up or more detailed session. It is a good idea to count the successful leads as it shows how efficient the bot is in bringing new customers.

9 Conversion Rate

At the end of the day, the most important thing is conversion. After implementing the bot, the conversion rate decides how the bot is performing. It gives you an idea of whether your investment was worth it or not.

10 Customer Satisfaction

Bots can also collect customer feedback after the interaction. One of the primary reasons for integrating chatbots is to improve user experience. If the customers are satisfied, it means the chatbot is really doing well. If the customers are unhappy, there is room for improvement.

Part 4: How to Design an AI Chatbot that Enhances ROI Based on Chatbot Analytics?

You can design AI chatbots to enhance your ROI without any coding. GPTBots enables you to create a full-fledged chatbot that fits your needs. You can train through your database and make it completely compatible with your business. The best part is that it takes a few minutes to make the chatbot without any expertise or experience.

GPTBots offers multiple templates for different industries. You can choose a template or design your chatbot from scratch. Even the prompts can be generated with the help of AI in one click. Most importantly, you can upload any kind of document, share webpages, or any data you have to train the chatbot.

While creating the chatbot, you can include the factors to enhance the ROI. Over time, you can improve the chatbot according to the AI chatbot analytics. The incredible feature of GPTBots is that it crawls the database URL often and updates the information to improve the chatbot on its own. It’s perfect for various industries, such as medical, consulting, e-commerce, etc.

Let's create an AI chatbot with the help of GPTBots to enhance ROI.

Step 1: Open your browser and go to GPTBots.ai. Sign up for a new account.

Step 2: On the left, click the Bots panel. Click New Bot and click Create from Blank. You can also select any template that matches the chatbot you need.

Step 3: Enter the name and short description of the AI chatbot and click Create.

Step 4: Choose the LLM model and set the parameters according to your needs. In the "Identity Prompt," you can enter the roles, skills, and other details. You can also generate an AI-generated prompt by clicking the small AI button.

Step 5: Go to the Knowledge Base panel. Click Create Knowledge Base. Enter the name of the knowledge base and a small description. Now, you need to upload the data you have to help the chatbot learn. You can also include the important factors that affect ROI and tell the chatbot what you need to achieve. Over time, you can upload more details to the database according to the chatbot analytics.

Step 6: Once the chatbot is trained, go to the Config panel. Use Debug to test your chatbot.

Step 7: Finally, go to the Integrations panel and integrate your chatbot into your website, WhatsApp, or any channel you want. Click on it and follow the process along.

Conclusion

GPTBots can be a blessing for your business but only if you track chatbot analytics. These metrics help you understand how your chatbot is performing. You can figure out the areas for improvement and make your chatbot according to your needs. Once you have an optimized chatbot, your customers will be happy, and you will make more money.

If you want to make any kind of chatbot, you can use GPTBots to create one without any coding or prior experience. It will help you create a chatbot for your business within a few minutes. The bots get trained with your existing business data and documents, and it improves the customer user experience. Sign up for the free GPTBots account and get 100 free credits every month.