No matter what business you're in, the bottom line is always top of mind — and keeping it healthy means making more sales. But with budgets tight and competition fierce, hiring additional sales agents may not be an option. Luckily, conversational AI software offers many benefits for companies looking to increase conversions and boost revenue without driving up costs.
Let’s dig in.
Let’s start with the basics. Conversational AI software is a group of technologies that allow computers to understand and respond to text and voice inputs in “natural” or everyday language. Two key components are natural language processing (NLP), which analyzes text and speech patterns to discern the intent behind natural language inputs, and machine learning (ML), which powers continuous improvement by parsing data and learning from each interaction. With recent advances in AI technology, we can now add generative AI to the equation — enabling an AI Agent to generate answers on its own.
Conversational AI software can be used on any channel, from customer service chatbots for web, messaging, and social media to voice bots for call centers. It’s even on our phones and in our homes. Chances are you’re already using conversational AI every day.
The conversational AI market is expected to grow by 3x by 2028.
- GlobeNewswire
With broad-reaching applications, here are a few industry specific examples of how AI-powered software paired with thoughtful conversational design can be used to automate customer interactions that boost sales.
Ecommerce: Help shoppers find and compare products, get help with orders, or answer questions about things like fit and function with conversational AI chatbots for web, in-app, or messaging channels.
FinTech: Deploy call center voice bots to authenticate callers and access account information to handle basic inquiries or collect context to pass along to the right human agent for sensitive matters.
Gaming: Offer instant support, 24/7, to keep players engaged and happy. Accelerate onboarding, facilitate bets and payouts, and enable easy self-service on any channel — web, social, voice, SMS, and more.
SaaS: Empower customers to troubleshoot, resolve issues on demand, and manage their account on digital channels or over the phone. Boost satisfaction with conversational self-service.
Travel & hospitality: Give travelers the power to find exactly what they’re looking for, get great deals, and manage their trips and reservations without waiting, even when they’re on the go.
We’re hearing a lot of talk these days about doing more with less. Conversational AI software lets brands do just that — lower your customer service costs while increasing efficiency.
Implementing conversational AI software in customer service can reduce costs by up to 30%.
- VentureBeat
Unlike human agents, conversational AI is available around the clock, which means businesses can be there for customers anytime of day or night. This frees customers from having to contact you during business hours and also lets you serve people in any timezone. Add to that conversational AI’s multilingual capabilities and you’re ready to expand your reach in a global market.
The technology is easily scalable, so you can keep up with growing demand or manage seasonal fluctuations without hiring an army of new agents. And with generative AI you can onboard a new AI Agent in a matter of days or even hours, saving more time and money. Conversational AI software also reduces manual errors, especially when it comes to the mundane, repetitive tasks that often take up most of your agents’ time.
Positive customer experiences can raise customer satisfaction by as much as 20%.
- McKinsey & CO
With today’s customers also expecting more (reward) for less (effort), conversational AI software can help you meet those expectations and create a better customer experience (CX) overall, driving long term loyalty and revenue. Plus, you can use the data generated from automated interactions to gain insights that will help you continually improve your CX.
Here's a quick overview of the benefits you can expect to see by using conversational AI software:
Now let’s look at some of the ways conversational AI software can help to boost your bottom line through sales.
Whatever they’re in the market for, today’s customers expect personalized experiences. They want the brands they do business with to know them, including who they are and what they want. With conversational AI tools, you can gather data about a customer or prospect’s history, preferences, and intent and use it to customize interactions.
80% of consumers are more likely to make a purchase when brands offer personalized experiences.
- Epsilon
For example, a conversational AI chatbot for a travel company could show deals for destinations the customer has been searching. If a customer contacts a retail business, the chatbot or voice assistant can ask if they have a question about a specific order or an item they’ve been looking at. By offering relevant information without being asked, conversational AI makes it easier (and more likely) for the customer to complete their purchase.
Personalizing interactions helps to boost conversions in the short term and also builds loyalty, driving long-term revenue as well.
The first step to increasing conversions is targeting the right people. Conversational AI software can help brands identify the target audience more precisely by analyzing user behavior and data and then tailoring the message to their preferences and interests — or even their location.
91% of consumers are more likely to shop with brands that recognize, remember, and provide them with relevant offers and recommendations.
- Accenture
A realtor, for example, could use conversational AI software to target first-time homebuyers by showing them where property prices are dropping in their area, while a lender might target consumers looking to refinance their mortgage by presenting low-interest loan offers. For CPG companies, it could be presenting offers that are specific to the customer’s region or local store. The more relevant the content, the more likely they are to convert.
Don’t wait for customers to reach out to you. With conversational AI software, you can acquire and retain more customers by being proactive — no matter where they are on the customer journey.
Conversational AI can anticipate customer needs and offer tailored content, relevant offers, or personalized support. And with a generative-AI powered solution such as The Ada AI Agent on your frontline, it can generate this content on its own. Increase efficiency while creating an even better CX to keep customers coming back.
90% of consumers are more likely to do business with a company that sends reminders.
- Nuance
One of the biggest challenges in lead generation is engaging customers when they first start to show interest in your company. Most brands wait for prospects to fill out a form then reach out using their contact information. But according to one study , 71% of prospective buyers actually want to engage with brands when they’re still early in the buying journey.
With conversational AI, brands can turn their websites into a powerful demand generation channel. Pairing personalized, proactive content with conversational messaging helps you reduce bounce rates and generate high quality leads by asking the right questions. For example, a conversational AI chatbot can ask a web visitor about their company or team size to make sure your offering fits their needs.
Conversational AI can also ensure you capture a business email address, so you know who you’re selling to and have a human connection. Integrating conversational AI into your CRM or other marketing tools will allow you to gather even more information about prospects prior to the first sales call. AI can even route qualified leads to the right team or agent automatically.
The AI Agent can also send personalized follow-up communications to keep prospects moving down the funnel, freeing your sales team to focus on higher value activities.
The average contact center conversation with a human costs $8. The average customer service interaction via chatbot costs 10 cents.
- Gartner
Product recommendations are a great way to increase average order size and drive revenue. Conversational AI can suggest related products or services based on a customer’s web behavior, order history, or other contextual data that it collects, analyzes, and acts on. For example, if a customer is shopping for a laptop, the bot can recommend accessories such as cases, extra chargers, and bluetooth earphones.
Generative AI can take this a step further, acting as a virtual shopping assistant. Using your existing knowledge base, the AI Agent can become an expert on your entire range of products or services. Customers can ask just about anything and the AI Agent will respond with expertise, finding a precise match for their needs or answer to their question. If it can’t find a solution, it can ask questions to keep refining the search until it gets there.
Plus, with conversational AI handling the repetitive tasks such as WISMO inquiries and returns, your human agents can focus on making more sales and deepening customer relationships.
Poor customer experiences cost business $4.7T in missed revenue opportunities each year.
- Qualtrics
Customers today have more choices than ever before. That means brands need to do everything they can to make the buying experience personalized, effortless, and satisfying. Depending on the industry and what you’re selling, this could mean many things, for example:
An AI Agent powered by conversational AI software can do all of these things — easily, efficiently, and at scale. And the more interactions it handles, the better it gets. Adopting an AI-first approach across channels and platforms helps today’s brands increase conversions, boost average order size, and build loyalty for long-term success.
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