Updated: Jun 29, 2022
Due to the rise of AI and ML technology, using conversational AI as a platform for customer interactions is getting more popular with each passing day. According to the latest report by Allied Market Research, the global conversational AI market size is about to reach USD 32.62 billion by 2030 from USD 5.78 billion in 2020, with a CAGR of 20.0% during the forecast period.
Conversational marketing powered by conversational AI platforms is reforming the traditional marketing concepts. The main roadblocks in the traditional marketing technique that conversational marketing helps to overcome are having the omnichannel presence for interaction at scale and instantaneous response through effective conversation for efficient customer engagement in real-time. It operates on three primary pillars- engaging, analysing, and recommending. It helps in effective lead generation and justifies your marketing efforts.
You must have seen several ads surfacing the social media, and when you click them, it takes you to a form that you need to fill in with your contact details. During such interactions, you expect to get a call /email from the company where you might get the information on the product or services of your choice. Such processes are time-consuming, and in several instances, you might not get the correct details.
According to the latest trends, B2B consumers are more inclined to have a live chat instead of the legacy method of filling forms. Now, imagine a situation where you can engage in a conversation with a virtual agent immediately after clicking the ad. You can specify your choice and get to know about the product or services immediately as these intelligent agents are prepared to solve your queries in no time. Further, the virtual agents provide several other options and offers which can interest you to decide. In such an instance, the business engages the potential who might eventually turn to become loyal customers in the future.
Therefore, it is crucial to incorporate the right strategy like conversational marketing to improve customer engagement and retention plans. Let us see how it can help you attain your business objectives:
1. Engaging potential customers through effective communication
Conversational marketing uses automated virtual agents as a real-time communicators. Businesses can significantly strengthen customer engagement because whenever a potential customer lands up to your business advertisement, they can immediately access the bot for further communication. The bots provide options to solve your queries instantaneously. Such real-time solutions attract the customer to communicate through the AI bots instead of sending an email to customer service or waiting for a call from them, which might take several hours or days to establish a proper communication channel. You can also enhance your brand value by giving your AI conversational platform a human touch.
2. Understand the Requirements by analysing languages
In the orthodox marketing process, evaluating customers’ requisites can take days. However, in the era of rapid results today, you need to be apt and responsive within minutes of initial contact. A study says that a quick response has the best chance of generating a lead. Long waiting times might influence your potential leads to look out for other options. Conversational Marketing using AI-enabled virtual agents helps you be available 24/7/365 for immediately engaging with new leads. Further, you can build such platforms with associated questions that you might ask over the call or request your customers to fill in the form. Such platforms can incept valuable insights from the conversation to understand the exact requirement of your customer in real-time and identify potential leads by analysing the languages using NLP technology.
3. Recommend the close match
After rightly engaging the customers and understanding their needs, the intelligent virtual agents can easily and quickly respond as they are programmed to provide recommendations instantly and automatically. They are enabled to have intelligence as humans to help through various use cases such as providing information or solving a complaint. Further, they can also navigate the right leads to the right human agent of your sales team when the communication reaches the closing line.
4. Store the information for future reference
Extracting valuable insights from the conversation is one of the primary significances of conversational marketing. Your intelligent AI-enabled conversational platform should involve gathering and evaluating relevant information to understand the need to innovate your product and service. Staying up to date is the primary driving factor for excellent service. It also helps to strategize customer retention because if your product or service is at par with the latest market trends, your customers are most likely to stay loyal.
Conversational marketing is one of the robust and quick techniques that provide real-time solutions to improve an organization's sales, marketing, and customer service strategies. It helps create a trustworthy platform for the customers those boosts sales. Moreover, communication allows capturing data from multiple channels in the form of inquiries, reviews, feedback, etc., which are utilized to derive information. To elevate your organizational growth, you can modernize your business strategies, including product development and customer services by using conversational marketing.
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