Conversational marketing enables brands to communicate and engage with customers in a more individualized and immediate way anytime and anywhere and it helps cut through the advertising clutter.
Currently, the majority of organizations use conversational Artificial Intelligence through chatbots, virtual assistants, and social media platforms. After all, it improves customer engagement, humanizes the customer experience, and serves as a powerful sales funnel enhancer. Markets & Markets predicts that the market for conversational Artificial Intelligence will increase from over $4.8 billion in 2020 to almost $13.9 billion in 2025, growing at a CAGR of 21.9 percent. But it’s important to realize that not all discussions are created equal, and if used improperly, this MarTech tool could end up irking your customers or, worse, drive them right into the arms of your rivals. For instance, discussion bots are already a common feature on most websites and apps. It’s a fast and simple approach to getting in touch with customers and explaining more about your service or product. It’s also a useful tool for businesses to give clients immediate assistance with their problems and round-the-clock access to your company, even outside of operating hours.
After all, customers will care more about having their problems fixed. Customers who have a simple live chat experience are more likely to stick with a company, spread good word of mouth, and spend more money there. Instead of simply embracing new technology as a fad, brands need to be goal-oriented and truly offer value to their customers. The EVA chatbot from HDFC Bank is among the most effective instances I can think of. EVA, which was introduced in 2017 and has since successfully handled over 2.7 million client inquiries, has been powered by AI technology and cutting-edge NLP methodologies. Along with these astounding figures, the bot also had an accuracy of over 85%, which is an accomplishment in and of itself. By 2023, chatbots will save the banking, healthcare, and retail industries up to $11 billion yearly, claims Business Insider.
The capacity of conversational marketing to support a customer’s brand discovery journey and maintain their engagement may be its greatest benefit. Both the brand discovery and the CTA must be very personalized and alluring. Conversational marketing excels in this situation. Brands that can effortlessly use conversational AI to create distinctive interactions with maximum audience centricity have unquestionably earned a seat at the table, regardless of the channel used, be it email, social media, chatbots, voice assistants, or messaging applications. Virtual assistants, chatbots, and other NLP-assisted AI systems may one day soon be familiar with our lives and preferences as we are. Maybe it’s time for us all to contribute to the conversation.
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