By: Vipul Garg, Co-Founder and Head of Marketing, Morph.ai
Every day the dawn of this digital age comes with a new innovation, a new concept or a new idea. The world is now just a few clicks away from a person’s reach. Globalization and advanced technology have also made the world even smaller and the business reach larger than one can imagine. What is it that can keep a business ahead in the competitive age? What is it that can be a sure shot success formula for a business? What is it that can take businesses ahead by leaps and bounds with a completely satisfied clientele? The new found answer to all these questions is – ‘Chat Marketing’.
The newly emerged concept of chat marketing has intrigued people and nearly 50% of them will prefer live chat for product purchasing and further assistance. With the shortage of time, nearly 60% people prefer short ways for online purchase and the fast round-the-clock chat facility is preferred by them. Industry speculations predict that over 80% of customer interaction will be automatic using machines by 2020 and a major part using chat marketing as the base tool.
The major part of the global business has shifted onto the e-commerce platforms and the online medium is contributing to sales mainly. The creation of a separate communication channel is the need of the hour to interact better with the customers. The competition is growing by each coming day and what started as E-mails to connect customers, through various others formats and telephonic services have reached a stage where ‘Chat Marketing’ is the new leader. With optimum results, Chat marketing has the potential of delivering success to the business. A brief view on some of the main benefits can throw better light on the details as-
- Higher conversion rates and increase in average order values – Enabling live chat on the homepage and landing pages of a website gives a 24/7 access to customers to resolve their concerns and get the desired services. The easy and engaging interactions result in higher conversion rates of clients and maximize the company profit. The live interactive chat systems provide a personalized experience to customers and with a customer-centric service approach, these chat systems can convert a query into business. Chatbots on facebook messenger have high success rate of converting leads into clients and boosting the sales. The days are gone when E-mail conversations were considered as the main mode of communication with customers. In today’s fast-paced life the typical 48 hours response period for emails can drive the business in a negative direction. The prompt and proficient response of chatbots on live chat gives a phenomenal boost to average order values and benefits the organizations.
- Increase in Sales and Business growth – The foundation of every business is its customers. The final products and services must reach the target clientele with a better approach to boost the sales. The personalized interaction represents the business in best sight and customers opt for such dedicated services in comparison with the time-consuming and tedious purchasing process. In both the B2B and B2C models, chat marketing is the most efficient way to reach the target audience with customized solutions, products and services. The internet is flooded with adverts and redirecting the company Ad users to chatbots will increase the number of client conversions. A satisfied customer is the best business strategy and sales plan for every company and chat marketing make it happen.
- Improvement in customer satisfaction level – The best part of using live chat conversations for customer interaction is the higher satisfaction level ensured by this strategy. With the help of artificial intelligence and machine learning algorithms, the chat systems analyze and predict the customer’s requirements that results in a better response with client-focused service. Unlike the E-mail, SMS and phone call customer services, chat communications serve customers 24/7 in real-time with precise information addressing their concerns. The system of filling inquiry forms and feedback forms was extremely time-consuming for customers and that led to their disinterest in the same. Live chat makes it easier for customers to provide feedback or put a query in just a few steps. The better customer engagement assures higher satisfaction level, which in turn leads to business growth, higher sales and good brand reputation in the market.
- Reduction in customer service cost – There can be a significant reduction in the customer service cost with implementation of chatbots and chat marketing systems. Live chat system is much economical in comparison to phone call services and other alternatives. Chat concurrency saves companies from over investing in the human workforce and added machinery. The cost-efficient model of live chat help potential customers to find the right product or service, and getting a quality purchasing experience. Implementation of live chat on website that replaces the conventional landing page isn’t an expensive investment because the tech system costs much less than other marketing methods and moreover, it is likely to deliver 3 times result than them.
- Greater customer feedback and better business analysis – Chat transcripts, behavioral patterns and analytics serve as a better way to examine, analyze and improve customer interactions for maximizing sales and business growth. With the present time constraints, people prefer to chat as it is more interactive, faster and easier giving them a personal experience. The valuable insights from the data matrix can help make predictive algorithms smarter. As a result of the deep analysis and communication implementation, there has been a record growth in new clients and the return rate of existing clients has also increased owing to the quality experience.
- The advantage over competitors – There has to be something phenomenal in the service of an organization to stand out separately among the competitors. This purpose is rightfully served by live chat marketing and communication system. The extraordinary service provided by the advanced AI tech and smart algorithms ensures customer loyalty and a further increase in the clientele base expansion.