Conversational Marketing: Increasing Revenue And Improving Customer Service For Startups
The Covid-19 pandemic has transformed the future of purchasing products and services significantly. With high streets falling stagnant and a new wave of e-commerce based alternatives, the ‘personal touch’ that once came with walking into a store has begun to fade.
As our lives continue to move online, Covid-19 has boosted the e-commerce market by 35% since the onset of the pandemic in 2020, making startups more popular than ever before.
With more competitors, startup businesses have had to adapt to the needs of a digitally native audience in a time where our lives continue to change dramatically.
From viral paid social campaigns to clever UX design, each company has tried to stand out amongst the rest. However, in their endeavour to win over a large online audience, most e-commerce giants have forgotten one vital strategy. The power of conversation and connection.
Conversation could be the key to startup success. While your conversions may not currently soar as high as industry-leading competitors, improving your customer retention skills will have you climbing the ladder in no time.
In fact, a recent study by McKinsey & Company revealed that over 80% of American shoppers value personalisation during the purchasing experience. Mimicking the traditional format of a one-to-one shopkeeper to customer balance has been proven to improve customer retention and make them feel valued when purchasing a product.
Better still, personalisation not only benefits the customer but the business as well. Creating a pattern of positive customer experience yields 20% in customer satisfaction ratings and a 15% boost in sales conversions, ultimately setting you apart from your competitors.
The question is, how can you carry a personalised customer strategy forwards as your startup moves into e-commerce? The answer is conversational marketing.
Known for balancing the struggles of maintaining a wide e-commerce audience while still prioritising personalisation, the conversational marketing strategy could be the key you’re looking for to help boost your sales online.
Read on to find out the benefits of conversational marketing and why smart CEO’s are prioritising it for startup success.
What Is Conversational Marketing?
Conversational marketing is all about taking the format of face-to-face interaction and applying it to the type of service you provide online. Instead of leveraging large consumer platforms such as Facebook and Instagram to project a message to the millions, conversational marketing focuses on speaking directly to the consumer and providing one-to-one customer service.
While this form of marketing strategy may seem time-consuming, its benefits weigh out the costs. Using time and resources to capture and build on leads is much more likely to evolve into a sale than a mass marketing campaign that targets only the surface of your demographic.
Implementing conversational marketing solutions such as chatbots, customer feedback based tech and an in-person sales team can improve B2C customer relationships and provide a closer look into your target demographic.
Getting to know your customers will not only secure their sales but many others as well. When you prioritise personalisation, you will get a better picture of your target leads, aiding the creation of successful social campaigns and retargeting tactics for future advertisements.
Read on to find out the many benefits of this new strategy and see how you can incorporate it into your marketing plan.
What Are The Benefits Of Conversational Marketing?
Conversational marketing may still be in its infancy, but the growing number of benefits are quickly catching the attention of smart startups.
Here are four of the most positive changes businesses have seen after implementing conversational marketing into their e-commerce strategy.
Increased Conversion Rates
Conversational marketing is known for boosting conversion rates and turning potential leads into definite sales. You know all the organic site traffic you’ve fought so hard to gather? Well, conversational marketing could be the key to making your customers stick. Using conversational tools such as chatbots have a much higher rate of engagement than a submission form alone, encouraging customers to express their potential concerns, knowing that they will receive instant feedback 24/7.
This improves customer experience and boosts that CRO as web visitors are much more likely to progress to the checkout, knowing that their questions and concerns are answered.
Customer satisfaction is also a key benefit associated with conversational marketing and often the driving force for successful e-commerce sales.
If you’re a startup that is looking to gain e-commerce success, it’s time to forget about fancy campaigns and instead focus your budget on customer satisfaction.
In most cases, consumers say that it is the purchasing experience that often leaves a lasting impression, rather than the product or service they are buying. Therefore, improving customer experience is vital, if you want to see those conversion rates rise.
Conversational marketing is a great way to improve customer retention, as using methods of one-to-one communication to help develop a lead, makes the customer feel heard and most importantly valued, encouraging them to return for future purchases.
In fact, a recent Salesforce survey revealed that 76% of consumers believe that customer service is the true test of how much a company values them, and are five times more likely to repurchase if they have received positive service throughout their buying experience.
Learn About Your Customers
One of the most vital components of a successful marketing plan is detailed user research and testing. Whether you’re putting your UX design to the test or using detailed traffic monitoring software such as Finteza to aid strategic planning. Gathering customer-based info will give you a better understanding of your target demographic going forward.
Use this planning time to sit back and rethink the fundamentals of your startup as you reenter the discovery phase. Sometimes going back to the drawing board can help you learn more about your audience and rethink your values accordingly.
For new startups on the block, why not consult SPDLoad for expert advice on creating a customer-based strategy that will enhance the success of conversational tactics.
Personalise Your Solutions
The best thing about personalising your marketing outreach is the fact that you can also personalise your solutions too.
Hearing feedback in real-time makes it easier to personalise the solution for your customer’s problem. Whether you need to improve the usability of your UX design or simply rethink your product prices, utilising chatbots, sales representatives and interactive forms in real-time gives you the ability to modify your services and create the best match for success.
For example, if a customer is unsure about the service you’re selling, you can use leverage conversational marketing to offer them a personalised solution such as a free trial or a percentage off of their first payment. Offering these personal touches not only contribute to customer satisfaction but are more likely to encourage a repurchase or long time subscription.
Customers want to see that you are flexible and adaptable to their needs. Taking the time to make them feel like a big fish in a little pond will see your sales targets soaring.
How To Implement Conversational Marketing Into Your Strategy
Implementing conversational marketing into your startup e-commerce strategy has never been easier. From digital conversational tools to widening your sales team outreach, here are some of the simplest ways to integrate personalisation into your B2C future.
- Chatbots: If you want to remain active for your consumers 24/7, chatbots are a great way to encourage conversation about your products and services. A bot can easily process a number of requests at once and provide a personalised service for each problem, boosting sales conversions and breaking potential barriers.
- Invest In A Sales Team: While it may seem like a costly investment at the time, investing your budget into a real-life customer service team will provide you with a significant ROI. Personally following up on sales leads both on the phone and within an email format mimics the face-to-face contact that buyers receive in-store.
- Head To Social Media: While prioritising website conversions may be your primary goal, with 4.4 billion users, most of your demographic is likely on social media too. Implementing social listening tactics into your strategy can make it easier to speak to potential sales leads and reply to brand mentions outside of your online store.
Ready To Start The Conversation?
For new startup e-commerce businesses on the block, conversational marketing could be the key to your success. Known to reduce sales and marketing costs by 10-20%, this unique form of strategy is taking business tactics back to traditional selling methods. Why not incorporate it into your marketing plan and watch your sales skyrocket?