The end goal of every marketing strategy is to convert the audience/visitor into a paying customer, though the time necessary to achieve that may vary according to the nature of the channel. Various AI technologies have been added to the marketing and sales conversion funnel at all stages to increase conversion rates.
The greatest benefit of AI and ML technologies is utilizing the data, processing it into meaningful information, and providing hyper-personalization to the user.
With different technologies applied to the appropriate steps of the conversion funnel, businesses can improve outcomes manifold, while controlling expenditure. An Infosys study showed 98% of respondent businesses generate more revenue by incorporating AI-based technologies.
Using conversational AI to increase conversion rate is the next frontier businesses have to explore to transform the way audiences are targeted. Voice bots can engage potential customers in multiple stages of a conversion funnel and even in a post-sales scenario. This blog explores some direct benefits from the technology and how to use it to increase the conversion rate.
Overview Of A Conversion Funnel
The conversion funnel is a simple workflow illustrating the various stages of a buyer’s journey, from becoming aware of the product to paying for it. Some people go on to include even retargeting as a step lengthening the funnel.
Top of the Funnel (TOFU) is the stage where users are looking for a solution to a problem/need and may not really be aware of the product. At this stage, the users are gathering information about different options; therefore, this stage is also called the awareness stage. This is the point when a brand should aim to reach users where they are likely to be found. This could be via organic search, social media, ads, etc.
Middle of the Funnel (MOFU) is the stage where users begin interacting with brands, seriously considering them and gaining more interest. Called the interest stage as well, users research the product more deeply and may even sign up for emails or create an account. This is the right time to showcase the value of a product to possible customers.
Bottom of the Funnel (BOFU) or the decision stage consists of users almost ready to buy the product. They have identified a product that fits their needs. The information provided now can nudge them to make an action (purchase) and exit the funnel. The kind of information they want may just be about favorable logistical arrangements to get the best deal.
How Conversational AI Virtual Assistants Can Increase The Conversion Rate Stage-by-Stage
Conversational AI is not necessarily helpful at the TOFU stage with totally unaware users, but it can be very effective in retargeting the existing customers. Brands are already using automated calls to alert customers about the new offerings.
But using a conversational AI bot provides related product information to the users and also guides interested customers to buy the product. This could compress the funnel significantly, increasing the sales conversion rate.
There are certain industries that use cold calls as such a tactic. The drawback is that human agents get demotivated and tired of the same script, especially if the people getting the calls are annoyed. Voicebots can be a useful way to pre-qualify leads.
Timing a follow-up call to submitted leads is crucial for converting them to paying customers. Currently, voicebots are making dramatic transformations in this area of lead qualification. The first 5 minutes after lead submission is the time they’re most likely to purchase. Voicebots can also qualify more customers in a short time.
Product marketing voicebots are a good option to free up human agents to focus on challenging tasks. They can be trained to tailor recommendations based on user preferences and chat history. This is very helpful in automating the cross-selling process.
Conversational AI has its uses in conversion rate optimization. Gnani’s voicebots can be integrated into the support and major communication channels using an API or readymade integration options, giving 24/7 accessibility to users. This helps both pre & post sales.
Advantages of Adding AI Voicebot in Conversion Funnel
Voicebots are immensely scalable at a low cost as compared to building large human teams. They are multilingual, especially useful for international businesses. Lead qualification bots have brought a 75% reduction in operating costs with 3X faster reach. Being time-zone sensitive, voicebots can be deployed to reach global customers at their convenience. They help consolidate leads from numerous channels.
Conversational AI helps find valuable insights to improve products and the marketing funnel. It can understand the information about user sentiment, preferences, and other nuances that can also be used to refine customer service. Voicebots are easy to integrate with CRM platforms as well, optimizing the pipeline.
As the technology develops further, its interoperability and integration capabilities will make it invaluable. Enhancing the efficiency of the marketing funnel is necessary for a highly competitive market. Early adoption can put you ahead of the 56% of companies yet to implement it.
assist365TM is an AI-powered conversational virtual assistant that can be deployed in each stage of the conversion funnel. Because of the deep learning nature, assist365TM is multifaceted and helps you optimize the conversion funnel.