And how your business can tap into this potential 10X revenue multiplier.
If you thought it was just about chatbots and cognitive virtual assistants, you’ve been holding off a potentially 10X revenue multiplier under the hood.
Read on to know more about how conversational marketing can massively accelerate your automated conversions.
So, what is conversational marketing?
Conversational marketing is the art of giving your users the information they need to buy your product, as relevant and crisp answers to all the questions they may already have about your product.
When executed well, conversational marketing has been known to deliver upwards of 100% revenue growth from digital channels, making it all the rage among consumer brands vying for market share in their respective categories.
Conversational marketing has a proven track record across financial products (such as digital personal loans and credit card applications, where the famous ‘eligibility calculator’ doubles up as a fantastic lead-generation funnel.
The leads that your business can receive via automated response systems are qualified, high-intent, and most likely to convert. Irrespective of what market segment you’re catering to, you’re more than likely to develop an intelligent QNA algorithm that successfully answers every consumer query about that category.
Conversational marketing allows you to turn your industry insights into an applied vantage point, and that’s hard to match with any other conventional marketing protocol.
How different is ‘conversational analytics’ from plain old ‘analytics’, and how does it impact your marketing/sales strategy?
Web 1.0 and Web 2.0 veterans are familiar with the notion of consumer web analytics (and the more savvy populace finds it easy to connect with terms like Google Analytics or GA).
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This paradigm is limited to the constructs of page views, unique users, IP clusters, demographic data, and other random data pulled together by cookie-tracking the user’s internet history.
And while all that data does seem impressive on a spreadsheet that marketing interns can roll around every week as “reports”, they hardly ever convey the real truth behind what your users intend to do with your product offering.
As a concept, conversational analytics is built upon the real-time collection of user insights as they engage in a direct & intelligent conversation with your brand.
Consequently, the derivative learnings from such an exercise are always up-to-date and represent your user’s real-time intent. This is a priceless category of information to possess in an age of push notifications and hyperlocal retargeting of digital ads.
While plain old analytics can give you a brief glimpse into what your user has been doing all along before stumbling upon your website or app, conversational analytics ups the game by giving you a bird’s eye view of what the user is most likely to do with your digital offer, based on exactly what they’re saying to you, or even about you.
Predictive Intel & Social Listening — How Vodafone scaled 300 million+ conversations with ORI.
Parsing data that gets captured in conversations with chatbots is fairly straightforward. And Fortune 500 companies will never need to sweat it out to hire a couple of good NLP engineers who can convert a stream of automated conversations into readable metadata.
Social listening tools such as SprinklR and Radian6 make it easy to monitor conversations about specific keywords in real-time.
But when it came to the real-time application of conversational customer interactions to achieve an unprecedented scale of up-selling services, Vodafone Inc ( now VI) relied on the comprehensive digital intelligence offered by ORI’s fully customisable conversational analytics platform.
After a simple study of their consumer profile, the ORI platform was able to plan and execute a multilingual assessment of customer interactions across platforms such as mobile, web, social, email, and even WhatsApp. The objective was to generate the targeted intelligence that Vodafone needed to make it worth their while.
Move over, Hotjar and heatmaps — Enter, conversational linchpins.
The first era of the mobile web saw an explosion in “heatmap” tools such as Hotjar, where administrators had access to a graphical waveform of all the digital touch-points left behind by a user — where they hovered their cursor (for desktop analytics), and where they touched their screens (on mobile platforms). The utility of these heat-maps, however, is limited to basic UI/UX redesign exercises.
At most, a graphical heat-map of user interaction can be used to identify and eliminate redundant links/images. But when you add this capability to how users look at their own interactions with your chatbot/live agent, it can tell you a lot more, psychologically, about the impact that your conversations have on their purchase decisions.
This process is deeply integrated into the best practices that make conversational analytics a real game-changer called “User Traversal Heat Mapping”.
It becomes easy to identify and up-sell to raving users about your product with your agents. It is easy to map moments of customer satisfaction and dissatisfaction, much before an actual “review” is recorded. That kind of intelligence is priceless in a time and age where faster and more efficient customer platforms and eCommerce portals are getting launched by the minute.
Strictly business-facing brands might perhaps find it prudent to ask this question while re-evaluating their marketing strategy.
However, for consumer-facing businesses, it is an absolute no-brainer. If your brand fulfils the following criteria, you will most definitely benefit from investing in the right conversational analytics platform.
- You operate an online consumer aggregator/marketplace.
- You run a digital-only storefront with physical fulfilment & logistics.
- You manage the digital presence (and cataloguing) of a physical consumer brand.
- You’re a banking/BFS/fin-tech product.
- Your profitability is tied to your customer-centricity.
- NPS & CE/CSAT is your main performance metrics.
If the answer to any of these arguments is yes, there lies incredible value for your brand to explore ORI’s industry-leading solutions in conversational marketing and analytics. ORI offers a complete suite of automated response management products, as well as a platform that actionably uses the corpus of your customer interactions to train further and strengthen your communications strategy. This directly translates into better NPS scores, enhancing customer satisfaction ratings, and increased customer loyalty.
All through the power of conversations!