By Margot Bonhomme, Marketing Manager @Botfuel
August 24, 2020
Only 2% of visitors convert. Out of 100 people, 98 who arrive in stores, leave immediately. Thus, brands must change their minds and invest in technological partners which respond to this problem. Conversational marketing is one of the options. We know that the choice of the technological partner, as well as the budget allocated to it, are decisions made by your hierarchy. Your role is therefore to convince them that personalization and conversation are assets needed to grow your e-commerce, and shopping assistants are worth investments!
Consumers have changed their purchasing habits in recent years. Their behaviors and value systems have evolved considerably. They are used to having choices. They have gained in agility. Above all, they have become more demanding. Facing with an increased e-commerce competition, brands must differentiate themselves and gain loyalty if they want to seduce. This requires a better customer experience, a priority objective for 68% of marketers.
A quality experience impresses consumers and ensures that they will come back to you. Also, it is a long-term strategic competitive advantage: on average, customer experience leaders have observed 17% growth in their revenues in 5 years, while departments that have a customer experience of lower quality saw a growth of only 3% over the same period. This is confirmed by the new study carried out by Forrester Consulting: 82% of executives surveyed declared that the growth (or not) of the revenues of their companies is directly linked to the experience offered to customers Besides increasing revenue, this will save you some expenses. Acquiring a new customer is 7 times more expensive than maintaining your relationship with existing ones. Investing in your customers will pay off in the end. It is only a matter of time before you can see positive results.
The main objective is therefore to create a coherent and consistent experience through all steps of the customer journey in order to exceed your standards and those of the latter. By keeping an eye on your entire shopping journey, you guarantee a positive experience and provide superior customer service.
The opinion of other consumers has an increasingly important weight compared to your brand’s for your potential customers. They are looking for a validation from a trusted third party when buying online. Therefore, they always will be more inclined to follow the advice of another buyer than that of your brand: word of mouth is one of the most powerful tools a business can have. In fact, 84% of consumers no longer trust ads.
Relying on the reviews of your customers to develop your shopping experience is now necessary: 88% of consumers read reviews to determine the quality of a company's customer experience. Combining this with the quantitative and qualitative data collected using the Net Promoter Score allows you to develop a new approach to your customer relationship. Thanks to conversational marketing, you will be able to refocus your strategic thinking on it. It’ll improve the relevance of the analysis and the use of your NPS, for a rapid and measurable increase. It is important to pamper your customers but also to understand why they like or dislike buying from you. They are your best asset. A totally satisfied customer contributes 2.6 times more to your income than a passive customer, and 14 times more than a detractor.
As evidenced by Stephen Brennan, Contact Center Support Services Manager at House of Fraser, conversational marketing is one of the best levers of satisfaction:
"Emails were our lowest performing channel in terms of customer satisfaction, below 70 % and so we looked to digital channels to solve this problem. Since implementing real time messaging, customer satisfaction rates have increased to 90 %."
81% of online marketers say that acquiring new customers is one of their main goals, despite costs being higher than loyalty. This year, 35% even plan to increase this budget. And yet, last year 23% said these investments led to a performance below their expectations. In addition, for 76% of executives, financing is a brake on the digital transformation of their brand. That's why, it's time to convince your hierarchy that your goal is not only to acquire traffic but also to convert it. Beyond bringing prospects to your e-commerce site, the major challenge will be to embrace them in order to retain them. Indeed, the COVID-19 crisis has changed the relationship brands have with their customers. It prioritizes back the link and the conversation. Conversational marketing allows you to take advantage of different acquisition channels and therefore reduce your costs. Your Shopping Assistants take care of more customers without increasing your overhead. Virtual assistants can help reduce inbound requests by up to 40%, and often deliver a first call resolution rate well beyond active agents.
Conversational communication has come a long way since chatbots. Bring the latest market trends and technological elements to your hierarchy. Conversational marketing is one of them. It is the technology that makes it possible to transpose the consulting sales experience online and put the brand-consumer dialogue back at the heart of the purchasing journey. This relationship is now reversed. It is the consumer who initiates the conversation for the brand and not the other way around. However, this is not the case with first generation chatbots. Present on all the pages of your website, they offer very little customization and only one scenario in which the user has to navigate each time. Conversely, the shopping assistant comes into contact with the prospect at the right time, depending on his user journey. He analyzes his needs and can offer him products that correspond to his research. You can therefore adjust the commercial pressure on your users with a few clicks. It frees internal teams from time-consuming tasks, has the advantage of being available 24/7, and allows you to support each of your customers in their purchasing journey. According to Gartner, 85% of customers will interact with brands via artificial intelligence by 2020.
In addition, to use this technology you do not need to migrate your e-commerce platform. Unlike personalization platforms, this doesn't fundamentally change your website, saving you time and money. Thus, you do not need to rely heavily on the IT department and teams of developers, which gives you real autonomy in setting up your campaigns.
Conversational marketing speaks to your customers, and thus gives you a better understanding of them. As a physical store advisor accompanies them in their purchasing journey, virtual salespeople collect their feedback, needs and expectations regarding your brand and your products. They can then relay this different information to your hierarchy. Conversational marketing helps you understand who your online customers are, what they expect, how they respond, and what drives them to click the buy button.
Conversational marketing is the new technology that will allow your management to innovate and/or optimize your projects. It allows you to lower your marketing budgets while increasing your e-commerce performance. It will nourish the reflection of your department and help your hierarchy to better invest in time and therefore, complete its conversion objectives.