Lead qualification is an important part of the sales and marketing pipeline. A significant proportion of generated leads may be spam, may not have the right budget, may not be the decision maker or may be unsuitable for other reasons. Using AI for prospecting and qualifying has a number of benefits besides cost savings, especially for industries like banking, insurance, real estate, education and other consumer services.
How AI helps in Lead Qualification
Automated lead qualification brings cost-effectiveness and efficiency to the sales and marketing funnel. The voice bot can be set up to ask a set of qualifying questions and responses can be recorded and automatically transferred to the next, appropriate stage in the process.
Qualify More Leads In Less Time
Automated lead qualification using conversational AI voicebots allows more leads to be processed in the same amount of time. Without intelligent automation, your sales team has to manually qualify each lead, wasting time that could be spent on refining the sales pipeline from lead nurturing to conversion.
Reach the Lead Before They Grow Cold
A 2007 survey covering 600 companies found that time is of the essence when responding to submitted leads. The likelihood of establishing contact with leads is very high within the first 5 minutes of submission and drops off drastically within 30’. The qualification rate likewise drops by 22 times. An AI voicebot can reach the lead within this short window, and warm them up for the sales reps.
Engage Sales Reps In Calls That Convert
A McKinsey study finds that 40% of work spent on sales activities can be automated. Lead qualification calls often lead to dead ends (Salesforce estimates that 70% of leads don’t convert) and require a lot of follow-ups, wasting talent that can be engaged in persuading warm leads to convert to paying customers. AI voicebots can take over those mundane, mind-numbing tasks, freeing up your sales staff for more challenging work.
Identify Cross-selling Opportunities From Analytics Data
While new customer acquisition is undoubtedly important, returning customers are much easier to engage. The success rate of selling to a returning customer is 60-70% while the same for a totally new customer is only 5-20%.
As you diversify your product offerings, you can identify cross-selling opportunities for existing customers and new leads. A lead qualification call may find a lead cold to one product but the AI analytics may identify other products for them.
Industries That Need AI Qualifying Prospects and How
Voicebots in Banking
Banking activities have high operational costs as customers demand faster ways to engage with service teams. It has become a very competitive space which means that any prospect has numerous options to choose from when buying credit cards or taking loans and other products.
Conversational AI solutions like chatbots have already shown that more leads can be collected as compared to emails and forms. Voicebots can be enabled to contact leads submitted before they run cold. Voicebots can also be integrated with applications for predictive analytics to estimate credit worthiness, or reduce frauds and simplify loan approval processes.
As voicebots are non-human, their morale cannot be affected by any negative interactions with a lead as happens when human agents contact a surly lead. They can, therefore, be used extensively in outbound campaigns to sell deposits, cards, loans, etc. The interaction time can also be shortened while gathering the same amount of qualifying information.
AI Use Cases in Insurance: Lead Prospecting
The insurance industry is showing great interest in artificial intelligence and McKinsey estimates that 25% of the industry will be automated by 2025. Conversational AI makes prospecting and qualifying much more efficient.
Online shopping for insurance has seen a sharp spike and insurance companies are increasingly buying leads from 3rd party aggregators. It can be difficult to estimate the purchased lead quality, causing the sales team to chase leads that will never convert. Voicebots can remove such frustration. They converse with customers using NLP to understand the queries and replies.
Most prospects are not well-aware of insurance products; hence, human agents may spend large amounts of time explaining basics only to have the lead lose interest. Voicebots can describe product features and benefits and then redirect the caller to the appropriate agent for escalation and closing the deal. Human agents, in the meanwhile, would be free to focus on more complex and strategic interactions.
Conversational AI in the Automotive Industry
The future of AI in the automotive industry is very bright as many automotive giants have begun to use it in interesting applications from customer service to assist drivers. Lead generation is an important area where it can make an impact.
There are many excellent strategies for generating leads, but responding to the submitted leads within a few minutes can create a 65% chance that they will visit the dealership. It’s also seen that 16% of car buyers don’t even test drive while 33% of buyers test drive only one car. Reaching out to qualify these leads through voicebots can shorten the pipeline significantly.
Role Of Conversational AI In Education Sector
Schools, colleges and ed-tech startups are hosting virtual open houses and webinars to attract students to enroll especially due to the restrictions of the pandemic. Hence, lead generation for these events will become critical to reaching larger applicant pools. Voicebots can be used in outbound lead qualification campaigns and to cross-sell to previously generated warm and cool leads.
Edtech companies can also leverage voicebots to qualify leads soon after submission. The education sector is highly competitive and the prospects are typically tech-savvy and spend most of their time on the internet. Using voicebots to solve their queries and gather insight on their interest level saves time and effort from human agents.
Conversational AI in Real Estate
The real estate sector is highly volatile, reacting strongly to general trends in the larger economy and AI tools enable professionals to be prepared accordingly. The pandemic has increased the preference for virtual interaction during property sales and purchases. Millennials and GenZ make up 44% of American property buyers in 2019 and they prefer doing research online before connecting with an agent.
AI chatbots are already being used for lead generation but there is a huge scope to use voicebots for immediate lead qualification. Real Estate Trainer advises reaching out to potential buyers within 5 minutes of getting their lead and also that 76% of buyers stick to the first realtor who follows up. Realtors can also qualify the leads to gauge the prospect’s budget and interest level.
Voicebots are especially advantageous for small but growing real estate agencies or individual realtors. They can help handle high volumes of queries on time while conserving the time and energy that realtors use to engage paying customers. Voicebots can also potentially help in virtual showings to walk buyers through various parts of the homeownership process.
The analytics suites can also help identify cross-selling opportunities for insurance and mortgage products.
The possibilities for voicebots are endless. Making them a part of the contact center strategy and using the insights to shape the sales and marketing pipeline can bring good results with long-term benefits like reduced costs.
Gnani’s customizable voice bot solutions for lead qualification have already demonstrated results comparable to human agents with an 80% answer rate and 15% qualification rate.
For customized AI solutions for lead generation, talk to us now!