Blog > 4 Steps to Convert Conversations to Conversions Using a Chatbot for Business
“I’d like to subscribe to your bank’s new investment plan. It sounds cool!”, gushed the millennial, who was trying to devise the best investment plan according to his earnings. The AI Chabot of this bank encashed on the foregoing behavior and activities of the customer and engaged him in a beneficial conversation. This intuitive conversational strategy of the AI Chatbot led to a fruitful conversion for the business.
That’s the beauty of having an AI chatbot for business!
Utilize Data from CRM systems and Analytics- Data from Customer Relationship Management (CRM) tools and other analytics reports can be scanned with the help of AI, Natural Language Processing, and Machine Learning. The CRM data gives a detailed analysis of the customer’s purchase cycle. The financial organization can now utilize Conversational AI based on the data and train the AI Chatbot to make engaging conversations with the customer that in return will make better conversions.
Execute effective Email Marketing & Social Media strategies- “Companies enjoy a median open rate of 32.4% and median click rate of 6.5%”. Similarly, a customer scrolling through your company’s Facebook profile is less likely to click on the link that will land them on the website. And even if the customer lands on the website, What’s the guarantee that there will be a ‘call to action’? Using an AI Chatbot, FIs can observe the hours spent by a customer on social media accounts, their email open rates, browsing patterns and click rates. This can help the financial institutions to strategize conversational tactics that will bring in more conversions.
Create a suggestive and intuitive Bot personality- Financial institutions should have AI Chatbots that can make important suggestions to a customer. The NLP and Machine Learning technology gives an AI Chatbot intuitive powers that engage a customer in a guided conversation. This interests the customer to engage in more conversions. The chatbot for business acts as an influencer programmed to make relevant recommendations based on past behavior increasing conversion.
Make payment process frictionless- AI Chatbots can make the transactional process seamless and frictionless. It can analyze the payment trends, payment behaviors, reduce the risk of compliance or fraudulent practices. AI Chatbot can control payment transactions from the point the payment message enters the bank till it leaves the payment gateway. Such a well-built payment process builds the trust of the user creating more conversions.
Payjo’s AI Solution has managed to raise conversion rates from 2 to 12% for our clients in just 6 months and only AI could make that happen. To know about Payjo’s AI assistant platform visit our website here.
January 9, 2019