Experts believe that it is proving to be an extremely significant tool for better consumer outreach, especially in a world where digital content and engagement matters more than ever before
Engage, Understand, Recommend.
There couldn't have been a simpler way to define modern-day conversational marketing. While it is no new to marketing or sales funnel, it is, however, a new way to move people through the funnel. It is now the new face of conversations and relationship building.
Conversation marketing has become one of the fastest ways to move prospective leads to actual buyers through the power of real-time conversations. It is also a great method to engage better and create authentic and personalised experiences for consumers. This targeted method has helped marketers gain better results, save time and eventually convert more of the right leads.
On Its Burgeoning Significance
Research says that more than 53% of buyers would probably buy from a business that they can communicate with, via message. Today, the entire world is moving towards customisation- from OTT subscriptions to mobile plans. We are entering into an era of AI where customers do not want to waste time on something that isn’t of interest.
Sriram Padmanabhan, VP-Marketing, NMIPL agrees that the old techniques of asking people to go through a ten-step buying process leading up to form fill and then wait for their response is outdated. “In the world that we are living in right now, relationships can only be built on the edifice of a conversation. Brands to focus on a good customer journey experience is one that will survive only when there is a dialogue,” he says.
Rohit Mistry, Head - Business Development & Marketing, LIC Mutual Fund Asset Management also admits that it is only through conversational marketing that we may be able to address the customers’ requirements in current times. “Today exclusive customer engagement is key to convert website leads into customers and enhance customer loyalty.
Conversational marketing is versatile, customizable, and best of all, makes the customer’s life a little easier. Not only can customers get a response right away, but they’re also able to do so from the safety of their own home and own device, making the tool accessible during these times,” he comments.
He further adds that brands need this more than ever because an average consumer is spending more time online, disposable incomes are rising due to limited spending, a proper strategy triggers impulsive buying and promotional marketing for repeat customer may improve brand loyalty.
On Marketers Reaping Its Benefits
Over a year of being physically distant and of course, socially too, conversational marketing has helped bridge the communication gap between brands and their customers. It has fostered the connection with the end shopper and a two-way communication at a brand’s end that can’t get more real than this.
Backed by deep reach, direct & quick communication channels, accurate and authentic customers related insights, it has helped businesses to move in the truest sense of the world. Improved brand loyalty, increased online users, reduces fixed cost on sales personal, etc. are just a few of its profitable outcomes.
Pulling out a few other advantages of adopting a conversational marketing strategy, Shivani Kamdar, Content Head, SoCheers shares, “With real-time and organic conversations, it helps you build a larger customer base. This means and upward growth for brand’s affinity that eventually results in achieving monetary goals for the business.”
Abhishek Joshi, Business Head (SVOD), Head of Marketing & Business Partnerships, MX Player and MX TakaTak also believes that people always have and always will expect conversations to be helpful, personal, and empathetic, now more than ever since we’re living through such uncertain times. “Conversational marketing allows marketers to deliver the right message, at a convenient time to a potential consumer whilst engaging in a two-way conversation,” he adds.
Ingredients That Make A Great Conversational Marketing Plan
Giving credence to Accenture Report 2020, Padmanabhan quotes that 91% of the consumers are more inclined to shop with a brand that recognizes, remembers, and provides relevant offers and recommendations. “This means a key element of success today is personalization – something that a great conversational marketing plan can’t be lacking. Personalization also means that we must always be listening to our customers and their feedback. And to identify customer pain points is important to deliver what they desire,” he suggests.
For Kamdar, a great conversational marketing plan rests on studying the audience well, being adaptive to their responses and giving real-time closure/assurance through your communication.
Given the new rules of the new normal, there are plenty of trends that the marketers are expecting in this space- interactive messaging platforms, chatbots, highly optimised consumer experience, AI, voice-driven interface, etc.
Presently, a brand's success lies at the intersection of three things - technology, marketing, and human behavior – leading to predictive customer journey management. Smart marketers who have taken note of this approach have also realized that the center of this trifecta is conversational marketing.
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