Essential Metrics to Measure Chatbot Success
Chatbot  -  Aug 26, 2022

Your chatbot is working hard for your business, whether gathering leads, answering customer queries, or both. But do you really know how it’s doing? 

Setting goals and KPIs from setup can help you understand why your chatbot is successful, and how you can improve it. By understanding the data your bot generates, you can ensure data-driven decisions - both for your bot and your business.

Thanks to Instabot’s comprehensive built-in analytics, you can track your bot’s success directly from your dashboard. Just set which goals you want to track, from successful conversions to satisfied customers, and let our powerful platform do the rest.

Read on to discover six key analytics to help you visualize and optimize your bots’ conversations.

Essential Customer Service KPIs

Completion Rate

Your site may have bot scripts for different parts of the customer journey. A bot could help buyers through the checkout process, answer FAQs, or help potential customers find the right product.

By tracking how frequently these goals are successfully met, you can be sure that your bot is productive, or tweak the script to make it moreso. 

Be careful when analyzing this metric: satisfied customers may close the chat upon receiving a satisfactory outcome without technically completing the conversation. This still counts as a completed goal!

Fallback Rate

When chatbots fail to understand users’ questions, they can forward questions to an agent via our live chat function. The fallback rate lets you know how frequently your bot resorts to this option.

This lets you know how often your bot is unable to understand a request or provide a satisfactory solution. Understanding this can help you see which blockers are interrupting conversation flows, and adjust bot scripts to help them better understand common requests.

Frequently Asked Questions

When it comes to cultivating well-informed bots who can answer the majority of user questions, a solid knowledge base is a must. Tracking commonly asked questions can help you build this.

This information can also feed back into your sales funnel, ensuring that you’re addressing common pain points and avoiding common blockers.

It’s also worth paying attention to how many follow-up questions are asked after each FAQ. This may help you add more detail to your bot’s script, resulting in quicker goal completions and less user frustration.

Essential Sales KPIs

Number of interactions

When it comes to generating leads and making sales, it’s important to know that people are choosing to engage with your chatbot. Otherwise, how can it guide them toward a conversion? 

Your Instabot analytics will keep tabs on how many people use your chatbot per day and per month so you can set benchmarks and strive to exceed them. 

If you notice a low rate of usage, you can bring it up by altering your chatbot’s initial greeting. Consider offering an incentive for users to engage with the script, such as a product selector quiz or an opportunity to ask questions.

Bounce rate

Your chatbot bounce rate, or the number of users who leave your site without interacting with your bot, is a useful metric for analyzing issues with your bot’s design and content. Instabot analytics automatically analyzes popular bot flows, letting you know where users are most engaged and where they drop off during a conversation.

When your bot is first triggered, you should offer a pair of options such as “learn more” and “no thanks, just looking”. If a high proportion of users click the latter across their UX journey, it could be that your script isn’t providing enough added value to their browsing experience.

Conversion rate

A conversion isn’t always a sale - it can refer to several desired actions across a conversation flow, such as signing up for a free trial, making an appointment for a demo, or sharing their contact details to learn more.

Tracking conversion rates can let you know how all of these goals are being met. You can also keep an eye on the conversion duration, seeing how long users spend conversing with your chatbot before completing a desired action.

Understand your success with Instabot

Data-driven decisions are key to increasing conversions and providing stellar customer service. Instabot makes it easy for you to track the above KPIs and more, helping you optimize your bot flows and set specific goals to track your progress on.

You can even download your conversation data directly into Excel for further analysis and integration with other platforms, offering you a well-rounded look at what’s working and what needs fine-tuning.

If you’re a business or agency looking for data-driven chatbot success, learn more about Instabot and start your free trial today.

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