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August 5, 2020 |
Conversational marketing will skyrocket your business 3x more if you start today.
Do you know that as time passes by, with the market changes, technological growth, and more, your communication platforms change too?
Yes, emails are still being used today and even cold calls but in 2020, when your prospects are well informed and are looking to find an immediate solution for their queries, you as a brand can’t risk catering to them in a slower manner.
This is why your attention towards conversational marketing is required.
This marketing platform is what you can visualize your brand to be conducting in the years to come, this is such a platform where the communication tactic is going to win over your prospects because it is super efficient, fast and will be loved by your prospects.
Understanding this, we can help you confirm your thoughts on this platform. And we have handpicked the most relevant conversational marketing stats to help you out.
In this article, you will learn:
Let’s get started.
Do you know how these top companies are staying on top always?
Take an example of the top companies who are well established, any of them, and start to observe them.
They grew so big even before the digitization was even present.
How did that happen? Even social media wasn’t much of a craze then right?
The answer is through the medium of real communications.
The process was so easy, just talking to prospects and understanding their needs and solving them. But as time grew the world of online and digital started to boom quicker. Slowly these real conversations moved to a more digitized platform.
Interesting Read : Make Conversational Marketing work for your business: Here’s how?
From catering to one unique prospect, it went to capturing tons of them and throwing the same scripts to all the people.
This is what led to the fall of multiple brands and you need to understand that this can happen to you as well. Today your prospects are not worried about what your solution is, they want you to convey the benefits of your solution in a manner that doesn’t look like you’re being sales focused.
How many times have you contacted your prospects, only to hear the usual statements of not interested or disconnected calls and more?
You need to understand that you can achieve to remain on top always, all you need to do is get real and get human.
Conversational marketing matters, which is why you need to understand how it can shape your business for the best. Conversational marketing is a refined way of communicating with your prospects online. It uses the medium of live chats especially chatbots to engage with your prospects.
The process works as an automated one where when a prospect starts to engage with the communication will take place according to the prospect’s answers. And conversational marketing stats prove its effectiveness.
Let’s understand this with an example:
So say you are right now on Facebook and you see an ad of a brand selling great clothes and jewellery. What you do is you get in touch with that brand with the communication medium listed which is mostly messaging.
When you start to chat, you have the options listed above such as:
This communication will continue to go further depending on your actions. So basically if you have requested to see a dress you will find questions related to it.
Let’s learn deeper about how this marketing technique can benefit your brand.
The business world has grown to become more digitized in its engagement with its prospects but there is one thing that multiple of your prospects expects from you, human communication. Human communication has gone lost in the crowd which is why via the method of conversational marketing this communication channel needs to be brought back.\
With every automated process of communication, you can engage with your prospect just like how you would if you were to speak to them face to face which adds a bonus of success in your business growth.
When you know what your prospects are looking for and what they do when they engage with a chatbot, you tend to grasp a lot of information such as their behaviour patterns, what are they looking for, what are they expecting, and much more. This can help you capture such vital information and align your selling strategies accordingly.
For instance, when you realize that your prospects first would like immediate assistance to view your brand, you would walk in that direction.
Conversational marketing is a great process because it lets you capture the right leads always. For instance, say if your leads are hot leads, your immediate assistance at that moment can convert their decisions into a confirmed purchase hence improving your lead count and conversion rates.
Instead of you having to conduct the longer sales process which is capturing leads and then contacting them and then nurturing them, the conversational marketing process cuts short this process for you. With the help of communication, the process can help convert your potential prospects into sales leads.
You are aware that if you want to excel better than your competitors, you need to sell smarter and faster, and conversational marketing gives you just that. Imagine, when your prospects are looking at your website, and suddenly you start to cater to them, when your prospects find what they are looking for with your help, they would obviously want to continue investing in what you have to offer them, wouldn’t they?
Your sales pipeline helps you determine exactly where your prospects are in the sales funnel. This is important because it helps you to take the necessary actions. Now when you practice the same process with conversational marketing, the chances of your sales pipeline tend to grow.
For instance, say you have a warm lead that still requires nurturing and when you cater to them at the right time, you are opening the opportunity for them to move from a prospect to a lead quicker.
Getting started with conversational marketing is easy, you just need to apply the right strategies, luckily for you, we have the ones which are the best.
You don’t start conversing with your prospects the minute they land up on your website. You need to hit them at the right time. When you notice that your prospects are looking at your website and are scrolling through each page, that is when you need to strike so that for any of their doubts, they can engage with you and get it clarified.
For instance, say that a prospect is on your feature page and is clicking through each of them to understand it better, when you pop up to help them, they will engage with you to learn more about your features that is when your engagement with your potential prospects becomes more fruitful.
As stated earlier, when you understand what your prospects are looking for, engaging with them becomes easier. Remember your assistance should help your prospects to find what they are looking for. This is important because on the basis of that catering your prospects would become easier.
For instance, when you understand that your prospects are on your pricing page and are checking the packages you offer, your engagement would be related to that and you will be guiding them on the same.
Interesting Read : How Leading B2B Companies are Shifting Digital Marketing Strategies?
Now that you understand what your prospects are looking for, you will be able to assist them better as stated in the second point. Always remember when you’re able to solve the issue of your prospects, that is when they start to trust you because they realize that you want to genuinely help them.
When this happens, they are bound to invest in your solution with minimal efforts of selling from your side. The key here is to understand what your prospects are looking for and focusing on helping them find it.
For instance, if your prospects are looking at an article of yours where you have written about how conversational marketing can help them, you can start to show them suggestions related to the same topic so that they can enhance their information on the same.
Now that you understand what needs to be done, you need to work the exact same way on repeat. Continue to let your prospects engage with your solution, understand what they are looking for, and assist them with your suggestions.
In 2020, the selling medium needs to be smart and efficient, if you are going to sell anything and everything to your prospects, they won’t stay even a minute longer.Conversational marketing is helping you sell better to your prospects without the extra struggle.
You have the data now which will help you understand everything you need to know and get started with conversational marketing, but there is one question?
How do you know that it is effective or that it will work?
We do have some proofs ready to clarify all your doubts
• 71% of customers expect companies to communicate with them in real time (Salesforce).
• 52% of consumers are more likely to make repeat purchases if the company offers support via live chat (Kayako).
• 79% of companies say that live chat has had positive results for customer loyalty, sales, and revenue (Kayako).
• A study showed that 9 out of 10 consumers would like the option to use messaging to contact a business (Twilio).
• Conversations inside Facebook Messenger between companies and customers have a 30% better ROI than retargeting ads (Business Insider).
• 52% of consumers are more likely to make repeat purchases if the company offers support via live chat (Kayako).
• 80% of routine questions can be answered via chatbots (IBM).
• Chatbots can reduce customer service costs by 30% (Chatbots Magazine).
• 40% of millennials say they interact with chatbots on a daily basis (Mobile Marketer).
• 47% of consumers would be open to making a purchase completely from a chatbot (HubSpot).
• Chatbots with low engagement may see 35-40% response rates, while better-designed chatbots can result in 80-90% response rates. (Matthew Barby).
• 69% of customers like using chatbots because of how quickly they can get in touch with a company (Salesforce).
• 83% of consumers said they would be more loyal to a brand who offers a chatbot for tasks like making an appointment or handling customer service inquiries (Mobile Marketer).
• 72% of people who have used chatbots find them to be helpful and informative (SUMO Heavy).
• Most customers (56%) expect to find what they’re looking for from a company in 3 clicks or less (Salesforce).
• 82% of B2B website visitors aren’t legitimate prospects (Demandbase).
• Personalizing a web experience can increase sales by 19% (Marketing Profs).
• 72% of B2B customers expect a deep understanding of their needs, reflected through personalized experiences (Salesforce).
• 62% of customers expect companies to adapt based on their actions and behaviors (Salesforce).
• 73% of B2B buyers say they want a personalized, B2C-like customer experience (Accenture).
• 79% of business that exceed their revenue goals have a documented personalization strategy (Monetate).
• Businesses that utilize new technologies to increase personalization report a 21 percent stronger lead acceptance rate and 36 percent higher conversion rate than businesses who do not (Aberdeen).
• When a lead comes to your website, you have 10 seconds to capture their interest (Nielsen Norman Group).
• It takes B2B companies an average of 42 hours to respond to a lead after they’ve filled out a form (Harvard Business Review).
• In 2019, B2B companies spent $6.1B to drive traffic to websites, yet only 1-2% of traffic converted into leads (US B2B Digital Ad Spending – eMarketer).
• Waiting 5 minutes to respond to a lead leads to a 10X drop in connection rate (LeadResponseManagement).
• 68% of B2B professionals believe that increasing the number of quality leads is a top priority (B2B Technology Marketing Community).
• Following up with a lead within 5 minutes after initial contact may make it 9x more likely to convert them (InsideSales.com).
• The current average B2B form completion rate is 7% (MarketingSherpa).
• 81% of tech buyers don’t fill out forms when they encounter gated content (LinkedIn).
• 71% of those who didn’t fill out forms did so because they weren’t comfortable sharing information with a vendor they hadn’t worked with before (LinkedIn).
• The best performing CTA button text includes: “Click Here,” “Go,” “Download,” and “Register” (QuickSprout).
• Asking for a phone number may reduce form conversion rates by as much as 5% (WPForms).
• If a sales development rep can schedule a meeting with a lead the same day that a lead came in, the close rate is 3X higher than if they connected 48 hours later (Salesforce).
• Conversion rates improve by 4.6% if you add 50 or more reviews per product that you offer (eConsultancy).
• 70% of B2B buyers watch a video at some point during their buying process (HubSpot).
• 88% of B2B customers reported that they received high quality information during a recent successful purchase (Gartner).
• 60% of B2B buyers only want to talk to sales once their own research has been completed (HubSpot).
• During the first sales call, 58% of B2B buyers want to discuss pricing, while 54% want to understand how the product works (HubSpot).
• Companies that invest in ABM have 38% higher win rates (MarketingProfs).
• Companies that invest in ABM have 91% larger deal sizes and 24% faster revenue growth (SiriusDecisions).
• Companies that invest in ABM see 81% higher ROI (ITMSA).
• More than 60% of companies plan to launch an ABM-based campaign in the next year (Triblio).
• Almost 85% of marketers measuring ROI say that ABM outperforms other marketing investments (ITSMA).
• 84% of marketers said ABM significantly benefited them in retaining and expanding existing client relationships (Alterra Group via Marketo).
• By using Conversational Marketing, ThoughtSpot saw 10x more sales conversations, 70% more marketing qualified leads, and 64% more meetings booked. (See the story here).
• Gamma has generated over 50 opportunities and nearly $1M in closed revenue from Conversational Marketing; they’ve also increased website conversions by 33% and increased Marketing Qualified Leads by 22% using Conversational Marketing (See the story here).
• Zero Motorcycles gained 30% more leads in 30 days, thanks to Conversational Marketing (See the story here).
• Thanks to Conversational Marketing, Brandfolder generated 6x more sales opportunities and saw a 4x increase in leads (See the story here).
• askSpoke boosted sales demos by 3X with Conversational Marketing (See the story here).
Hopefully, these conversational marketing stats have given you a broad picture of how they can be beneficial to your business.
Now that we have cleared the air about why you need conversational marketing since you will start on this, we have created a sheet cheat to help you understand what works in conversational marketing and what doesn’t.
This will help you stay on track always and give you the results from conversational marketing better.
When you meet another person, you would greet them in a warm manner, this is exactly what you need to do when any of your prospects engage with you or vice versa. You need to be friendly and greet them well such as saying, hello, how can I help you? or Hey, what are you looking for?
The more comfortable you make your prospect feels the better they will be able to open up to you.
As you are aware that not all the prospects are going to add value to your business, there is no point in spending all your time to engage with them. Hence it would be better to cater to all those prospects, you could use a chatbot as it will save all the time and energy and lets you focus better on the valuable prospects only.
Conversational marketing gives you the opportunity to close deals quickly through instant engagement and this is vital when you use it for leads which matter for your business. With leads who are hot, it becomes easier to engage with them and convert them into sales leads. Focus on such leads with this method.
Instead of having to type out the entire statement, try using shortcuts where for instance, say that your agents are going to ask your prospects how they can help them, so the minute the agent’s type ‘ho’, the statement of the word should appear. This will help to communicate easier and speed up the interactions.
Ensure that your buyers need not wait for you to engage with them. It should take place at the right time. This is important because if prospects don’t find assistance when they need it, they will simply walk away. With immediate assistance, you can cater to the hot buyers and convert them quickly into a sales lead.
You can’t just start conversational marketing without having a plan, yes the process will help you close more deals and grow your business, but that can only happen when you do it right.
Ensure that before you start this marketing tactic, you have a plan in hand which means why your conducting process, what is your aim to achieve with this process, how can you get started, what are the requirements you need, and more. This will help you engage better with this process.
Each of your buyers is different and it is important that you understand that by not offering them the same sales script. You need to cater to your audience according to their needs which is exactly how your sales scripts will be as well.
With good research about your target audience and frequent engagements, you will be able to cater to your audience better. Also with behaviour patterns, it becomes easier to understand what your prospects are looking for.
This will help give you the data to understand how your scripts should be formatted. Always remember that your sales scripts should sound like a human conversation where helping the prospects is highlighted the most.
To understand your prospects better, conduct research, and use the data from this marketing process so that you can enhance the engagements better.
Conversational marketing helps but that doesn’t mean you start that the minute your prospects enter your website. You need to understand that this process will work only when you hit it at the right time. For instance, when you know your prospects are on the verge of purchasing from you, engaging with them at that time can help you push them further on the sales funnel resulting in higher conversion rates and quicker deals being closed.
Conversational Marketing is your brand’s ultimate solution to faster communication.
Wouldn’t you like to ace your competitor in an efficient manner? Well, conversational marketing can be your first step.
So what do you think? Do you believe that conversational marketing is the perfect match for your business growth? Have these conversational marketing stats helped you gain confidence in this tactic?
Do tweet and tell us, we would love to hear your opinion.
Never underestimate the power of passion. With over 17 years of experience in building internet businesses, 5 successful bootstrapped b2b brands. Sathish spends most of his time executing ideas into niche internet brands through a lean team and enjoys being a wanderlust.
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