Building a brand is not an easy task and till date it also remains one of the most important components in determining the success or failure of an entity. We have talked about introducing your brand to the world in the easiest possible manner in our earlier post titled “How to Introduce Your Brand New Company to the World in 5 Easy Steps“. In this post, we will try to understand the importance of Brand Management from Sinolife, a Brand management company.
Sinolife Media is a brand management and content creation full service entity, both for those in the entertainment industry and for entrepreneurs with small to medium sized businesses and they offer personalized and customized services to assist these entities in building their brands whether from scratch or to assist them in catapulting their brands to the next level.
The importance of Brand management can be gauged from the simple fact that, almost 90 percent of the businesses fail in the first year itself and the most important reason for this, other than poor implementation of the idea, is not nurturing the brand. A beautifully designed mobile application is of no use unless people know about it. Of course, once your product/service has been purchased, the success of it will depend on the quality it offers. But the very fact that people started using it is the result of effective brand management.
According to Sinolife, in modern times, it is just not enough to rely on conventional mediums for brand exposure. As a matter of fact, social media platforms have become defacto ‘main’ medium to rely upon. Keeping this into consideration, they offer a range of services from social media marketing, content creation, formula based strategizing, grassroots and digital marketing, graphic design other than conventional video production, distribution, event creation, and public relations.
Branding can especially become difficult for you if you have time constraints. In that case it is always advisable to take professional help i.e. the help of a brand management company. It does not matter whether you are a celebrity or a small or a mid sized company, the need for branding exists since day one and in the long term, make or break your business.
What’s your take on brand management? Do let us know.
Chatbot Development Cost
The growth in the use of chatbots over the years has been exponential. This is due to their ability to provide improved service and increased customer satisfaction through a more interactive experience with this technology. Chatbots are also able to offer services that humans cannot provide, such as 24-hour availability and access across different channels like social media or text messages. With the cost of developing a chatbot being less than $5,000 per month on average, companies are using it for lead generation campaigns and customer surveys to increase brand awareness and generate leads for businesses.
In 2020, the global chatbot market was estimated to be worth USD 430.9 million. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 24.9%. The increased adoption of customer service activities by businesses to minimize operating expenses is likely to promote growth.
According to Juniper research, 90% of customer interaction with banks will be automated using chatbots by 2022.
Chatbot eCommerce transactions are also projected to surpass a value of $112 billion by 2023.
In this article, you’ll find intriguing information about chatbot development, its several benefits in businesses, the different types of chatbots, what it takes to build a chatbot, chatbot pricing, etc.
Why are Chatbots Important for Businesses?
Helpful in marketing activities and research
Chatbots can be helpful in marketing companies’ activities and research by collecting data from consumers.
This can help companies improve their products and services based on consumer insights and avoid wasting resources on developing something the market doesn’t want.
Chatbots can also help companies improve their productivity and profitability by dealing with issues quickly and efficiently.
Better user experience
Using chatbots can help companies improve their user experience by offering 24/7 customer service.
The advantage of using a chatbot is that they are easy to access via different platforms such as Facebook Messenger, WhatsApp, and Slack. Customers will also not have to go through many steps to find answers about products or services, which can be frustrating and time-consuming.
Reduction in operational time & cost
Chatbots can help companies reduce their operational time and decrease costs.
For example, a chatbot can be programmed to automatically answer questions from consumers about products or services, which will reduce the time employees need to spend answering those questions. This leaves them more time to focus on other tasks that require their expertise.
A chatbot can also help companies reduce their operational time and expense by being programmed to provide customer service 24 hours a day, seven days a week.
This reduces costs for companies because they don’t need to have human employees working at specific times to answer customers’ questions or deal with simple issues.
Low labor cost
This will also lower their labor cost because the chatbot can perform repetitive tasks and don’t require much human thought.
People who work in these positions generally have to switch between multiple responsibilities, so they have less time for other higher-value activities.
Using chatbots can also increase revenue for companies by allowing them to make more sales.
A business will be able to reach a larger audience because chatbots are accessible via different channels.
Chatbots can provide information about products and services while customers browse online, making it possible for consumers to purchase items that they may not have considered before.
Monitoring customer data & analysis
Another benefit for companies is that they can use the data collected from chatbots to monitor their customers’ needs and suggestions.
This can help companies improve their products or services based on what customers want, better fit their needs. This will then increase customer satisfaction and loyalty which can lead to more sales down the road.
Different Types of Chatbots
A bot can be a simple FAQ bot or an AI Based one depending on how much data you have and what kind of users you want to cater to.
Each type of chatbot has its unique set of requirements, so it is best to do your research before making a final decision.
Bots Implemented on External Platform
Bots implemented on external platforms require no special code to function. As an example, this is the case of many IVR systems that automatically connect people with companies or businesses based on what they look for in their search engine requests. Chatbots used in these circumstances are usually powered by a set of rules applied either by the business itself (and likely a developer with coding skills) or by a third-party chatbot provider specializing in the field.
Bots that Function Within Messenger
The most widespread of all chatbots are those that function within social media platforms such as Facebook Messenger. These bots are used to automate many common tasks concerning customer relations. The goal of these chatbots is to provide automated responses for users, instead of having them scroll through a long page or key in what they need manually.
One of the most advanced types is a predictive chatbot, which specializes in completing tasks for users automatically. It is designed to provide a one-stop personalized experience for its users. This high level of sophistication requires extensive research and development time to ensure the chatbot performs well in a wide range of tasks.
A conversational chatbot is a type of chatbot that utilizes natural language processing (NLP) to simulate conversation with human users. This type of chatbot interacts with the user using normal interactions such as text or voice and can be designed for use on mobile apps, websites, and customer service desks.
A transactional chatbot, also known as a Factual Advisory Bot or Unbiased Binary Classifier, can make online transactions for products or services. This type of chatbot can provide answers to questions, or carry out commands like making purchases, booking flights and hotels, arranging deliveries, providing financial services (charges), or acting as a broker/dealer.
Factual Advisory Bots are programmed by fact-checking experts on subjects relevant to the information requested via the chatbot. The bots’ answers are unbiased and free of charge. They do not advertise products or services and are programmed to provide truthful, fact-checked information from reputable sources.
FAQ Chatbots are often used to answer the most frequently asked questions on a company’s website. They are known as “frequently asked questions” because they are usually asked by customers, prospects, or users of the client’s product. The chatbot features an answer or answers for these common requests and can be initiated by either the user typing in a question or the chatbot suggesting one that would best suit the user’s needs.
Bots Implemented in Own App
Bots implemented in their app can be downloaded and installed on a device together with an app.
Such chatbots can only function after the installation of their corresponding application.
Users first need to install and open the relevant chatbot and then provide it with specific data such as their first name, last name, phone number, company details, and so on.
AI-enabled chatbots are a combination of artificial intelligence and human conversation to complete tasks.
Users can ask these kinds of bots questions in plain English, and the bot will respond as if it were another person.
AI-enabled chatbots can do different tasks like responding to customer inquiries about the company’s services.
What does it take to build a chatbot?
Building a chatbot requires tons of data, which can be provided by your company or collected from the users themselves. This will allow the chatbot to provide accurate answers to questions and process requests. Without enough data or interactions with users, the chatbot will be under-prepared to handle queries efficiently.
An AI-backed chatbot should be well designed, but it is important to test the user experience and the user interfaces as well; otherwise, everything falls flat. In addition to good design, a chatbot must have excellent functionality to deliver value for its users.
Natural language processing is the area of study that focuses on enabling computers to recognize, process, and understand human speech. This technology allows chatbots to perform their functions correctly.
A chatbot is only as good as its ability to complete tasks and provide information. It can be compared to a personal assistant who takes care of your requests, emails, etc. The more channels you have for users to communicate with the chatbot, the higher the chance these interactions will be successful.
AI-powered conversational intelligence
An AI-powered conversational intelligence is when a chatbot leverages artificial intelligence to discover the best way to handle user queries, requests, and responses. These bots can also understand all possible meanings of words, even if they are misspelled or misused.
The best way customer service organizations can benefit from this technology is through the automation of their customer service functions. This can be done by integrating AI chatbots on your website to answer frequently asked questions, redirecting prospects to the appropriate department, etc.
Before you can use, create, or make a chatbot, the first thing to do is identify where it should be placed. It does not matter if your chatbot is AI-powered or not, it still needs to be integrated into an existing system to work.
How much time does it take to build a chatbot?
The duration for building a chatbot varies and depends on the type of chatbot you want to create. A simple FAQ chatbot can take as little as 1 month, while a more complex AI-enabled one may take up to 6 months.
Essential Chatbot Features (simple & advanced)
Are required when the chatbot has to engage in a lot of conversation with the users, a way a user can interact with your chatbot.
Are used to predict what your users want based on their location.
For example – a restaurant chatbot can automatically offer discounts for nearby cafes/restaurants, while a travel bot may suggest nearby sight-seeing spots if the user is visiting town for the first time.
The artificial intelligence implemented into chatbots makes it possible to predict the user’s desires based on their messages. This reduces the time users have to spend typing messages, which helps them get their tasks completed faster.
AI-enabled chatbots are more interactive and use predictive features for a better experience for your customers/users.
Also Read: How to Test Chatbots
Payment System Integration
Are used when you want the users to make payments within the chatbot.
A secure payment method is one of the most important features for chatbots. Most companies implement AI-enabled chatbots to provide seamless transactions for users, which can be completed within minutes.
Having a working payment system is essential for business owners who want to survive in the highly competitive market today. The chatbot should also be able to integrate with different payment systems for better functionality.
Natural Language Processing
Natural Language Processing (NLP) is a field of computer science and linguistics that deals with the interactions between computers and human languages. It provides a set of tools for analysis of natural language input or any other communications from humans in free text format.
Human language differs significantly from machine-understandable formats, which has required significant effort from developers to allow machines to perform useful tasks over human language data.
NLP is based on analyzing, understanding, and generating language using various techniques to achieve its computer application-oriented goal.
Factors affecting chatbot development cost
Do you want a chatbot that is just informational or also transactional? The kind of chatbot you choose will determine the level of sophistication required to develop it.
The more sophisticated it is, the more expensive the chatbot’s cost is.
The location of your chatbot will determine the cost. For example, developing a local chatbot will be cheaper than an international one. On the other hand, an international chatbot can help you acquire more customers/clients worldwide but costs much higher to develop.
Type of chatbot
The type of chatbot to be developed determines the amount of time, money, and effort required. Is it a text-based chatbot or a voice-based? Is there any need for artificial intelligence in the chatbot?
Level Of Intelligence & Interaction Required
The more intelligent and advanced your chatbot is, the higher will be the cost of development. A highly intelligent bot can perform tasks such as order food or book a cab after an initial inquiry from the user. A simple bot that just provides information may not require much intelligence. Such bots can easily be built within $2000 to $4000.
How much does it cost to build a chatbot?
The initial cost will depend upon the backend and the type of bot you want to build. Better tools and faster cloud AI will help reduce the cost.
Multiple factors affect chatbot development costs which in turn affect the chatbot pricing. For example, the business goals and location of the developer play a key role in determining the price tag of a chatbot. This is because different localities have their own unique cultures and languages, so a person building a chatbot for business in the Asian continent will find it easier to build it than someone doing the same for a business located in Africa.
Several other factors influence chatbot development costs, such as language support, level of intelligence, back-end preference, type of bot, etc.
How to reduce the cost of chatbot development?
If a business cannot afford a custom-built chatbot, it can opt for third-party platforms such as Chatfuel, Motion.ai, IBM Watson, Pandorabots, and many more. These platforms offer basic features at a lower cost and extremely affordable prices in comparison to full-fledged chatbots.
Frameworks like Dialog Flow (formerly API.AI), Microsoft Bot Framework, and Facebook Messenger Platform offer APIs that can be used to develop chatbots for different business needs.
Cost-effective chatbot development company
A company can always look for an affordable chatbot development company that specializes in deploying chatbots across various platforms and also has expertise in building custom-made bots.
The USA’s Biggest Luxury Resort Openings of 2020
Whilst this year has thrown more than a few curveballs to those in the business world, there is one industry that is determined to keep pushing forwards. The hotel industry has never been one to rest on its laurels and 2020 has been no different. There have been dozens of huge resort openings across the globe this year, but these American offerings are the biggest and the best of them.
Circa Resort & Casino, Las Vegas
Circa has definitely not come sheepishly on to the Las Vegas scene. In their own words, ‘We go big. We go all night. And here, everyone is on the guest list. So get loose and get loud. This is Circa. The time of your life.’ If you’re competing with the biggest and the best then it pays to make some noise and tell everyone what you’re about. Vegas is a hyper-competitive casino resort scene and it looks like Circa won’t be going quietly.
The rooms are all styled to a slick Old School Vegas standard, but their most exclusive offer is our of this world. The Founders Suite features two large bedrooms which both look out over the Las Vegas strip. In the 1830 square foot space, guests will find a luxurious tub, two giant mattresses, a full size lounge-diner and even a fireplace. The suite feels luxurious from the moment you step inside, but the real selling point of Circa, isit’s extra activities.
Their state of the art casino offers not only all of the traditional table games that you’d expect, blackjack, craps, 3-card poker etc, but also offers electronic versions of them. The strategy involved in playing roulette is much the same in an electronic format, as in a ‘real wheel’, but there are games where online versions differ greatly. This combination of different formats will allow players to game where they feel the most comfortable.
Camp Sarika, Utah
Aman Resorts have had a busy year with not one, but two new openings. However, Camp Sarika is certainly the most picturesque of the two. Set in acres and acres of open desert, this tented resort is the perfect retreat from city life. Whilst many of us associate ‘tented resorts’ with camping, Camp Sarika could not be more different. Each of the tents comes with its own private, heated plunge pool and a gorgeous terrace set around a fire pit. Its everything you’d expect from a luxury hotel, set right in the middle of Amangiri.
There are five national parks and the Navajo Nation Reservation within just a few miles of the camp, so its the perfect place for nature lovers. The landscape here is breathtaking, mesas, canyons and craters of jaw-dropping proportions are all around you. You can’t help but feel connected to nature as you settle in to a guided meditation session, or a yoga practice amidst the wilderness.
As well as adventuring and soul searching, Camp Sarika also offers plenty of delicious evening activities. Their restaurant sits right in the main pavilion and offers a daily changing menu of locally sourced dishes. Whether you’d like fire-pit roasted meats, or a fresh vegan salad, there’s something rustic and life-affirming for every palate.
Riggs, Washington DC
If Camp Sarika is the wilderness lover’s dream retreat, then Riggs is the cosmopolitan equivalent. Set in the former Riggs National Bank Building, this imposing resort sits right in the middle of the hustle and bustle of Washington DC. The property it sets in already has a rich history of its own and the resort owners have made subtle nods to this throughout the interior design. For example, each of the rooms features little touches as you would find in a safety deposit box, whilst the communal areas of the building feature images of the Golden Age of Banking.
The ground floor is taken up by the glamorous Cafe Riggs, which is open to guests and the public alike. It feels incredibly European inside the cafe, with large windows, white linens and a fresh, sophisticated menu. Vegetarian and vegan diners will be delighted at the heavily plant based selection of dishes, which merge seamlessly from breakfast through to dinner.
If you fancy food rather than drink then Riggs has got you covered. There are two bars with their own unique personalities. The first is on the lower ground floor in the heart of what was originally the main bank vault. If you’d prefer a little more natural light, then the top floor of the resort offers an incredible view of the surrounding city, as well as drinks and bar snacks. A Rosa Spritz, accompanied by a light plate of ricotta and peaches, whilst looking out over Penn, is a luxury experience that is hard to match.
Cosmetic formulation software: What are the benefits?
Long gone are the days of writing cosmetic formulations down on a notebook and using a calculator to verify that the proportions correspond to the official recommendations. Cosmetic formulation software has become an invaluable tool in the cosmetic industry. Reducing the margin of error and effectively streamlining processes, formulation software comes with a lot of benefits. Designed to assist research and development teams from the early stages of conception all the way to product launch, these solutions cover a wide array of uses.
The Benefits of Cosmetic Formulation Software for Workflow Optimization
One of the main benefits of cosmetic formulation software is the fact that it allows every person involved in the creation of a new product to have access to up-to-date information at all times. When it comes as part of a PLM solution, formulation software indeed addresses the needs of every actor on the development chain by becoming a collaborative platform where all the data pertaining to the product’s lifecycle is centralized. From suppliers to marketing teams: everyone can make sure their actions align with the decisions made upstream or bring up issues affecting the product at a particular stage.
This central role cosmetic formulation software can play is often not leveraged to its full potential. By automating various tasks and providing relevant information every step of the way, it can even contribute to reducing costs or ensuring the new product is compliant in every possible way.
Product Compliance Made Simple
Formulation software is an invaluable tool that can help manufacturers make sure their products are compliant with the numerous and highly specific guidelines that govern the industry. From the concentration of allergens in the formulation itself to product labeling, cosmetic formulation software also makes filling out legal documents a breeze. All the necessary elements are already present in the system, which is configured to group the data as the most recent instructions require. Putting the INCI together or generating the product’s PIF – among other things – can be done automatically.
If anything stands out – for instance if newly updated regulations invalidate one of the product’s characteristics – the software immediately picks up on it and alerts the user who can correct the issue early on.
Streamlining the Formulation Process
Above all else, as the name indicates, cosmetic formulation software is useful when creating original formulas. For instance, every raw material currently employed in cosmetics is listed in a database the system automatically updates whenever new information is available. Everything from proposed concentration to allergenic potential and country-specific restrictions is indexed to help the user make the right choices. They can utilize this function to search for particular properties, chemical profiles, recommended applications and more to develop the ideal formulation.
Manufacturers can also store a searchable history of all their INCIs to date, allowing technicians to start from an existing formula to either improve upon it or create a different product. Every time a modification is made, the formulation software records it and makes it accessible to the user who can go back and forth to test several potential outcomes. If the system detects any irregularities, corrective measures are suggested not only to alert the technician that their formulation is flawed, but to offer an alternative.
Given the wide array of possibilities cosmetic formulation software provides, a recommended approach is to assess current processes and evaluate every aspect that could be streamlined. From creating new products to ensuring they are labeled correctly in every country where they are to be distributed, computer-based solutions will continue to offer ever more functionalities. Once implemented, they evolve alongside best practices and regulations to keep you up to date with every change that could occur.
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