While this may sound like just another exaggerated claim, once you look at how and why conversational marketing is already outperforming other online media formats – and once you see the added benefits of including rewards in the mix – it all makes complete sense.
The inherent power of conversational marketing
AI-powered conversational marketing of the kind enabled by SMOC gets results for obvious reasons. It allows for real-time targeting during one-to-one conversations with your customers, who respond positively because they are listened to. And companies gain valuable insights into customers’ decisions and preferences – and can adapt campaigns accordingly. If done correctly, this results in more effective campaigns that generate higher conversion rates and therefore a higher ROI.
Nevertheless, to be successful, we still need to attract and convince potential customers to engage in conversation in the first place. Which is easier said than done – and why we at SMOC have decided to take it one step further by rewarding users for their valuable attention. Because let’s face it, most of us love incentives!
How rewards multiply results
Here’s an example that clearly demonstrates the value of adding rewards to conversational marketing.
The Norwegian full-service parking company, ONEPARK, is one of SMOC’s channel partners, which means they use SMOC for monetisation purposes.
ONEPARK offers free parking minutes (the reward in this case) to visitors who respond to the SMOC chatbot on their website. And here’s what they are finding:
78% of all website visitors engage with the chatbot
Of these, 42% view the first full 60-second ad suggested during the conversation
Of those same 78%, 57% click to visit the advertiser’s Instagram page
Overall, 50% of all users who engage with the chatbot complete the entire conversation
8% of all website visits result in the use of physical parking minutes
All these results are impressive – but the final one is huge! Because as all marketers know, getting from the point of someone visiting your website, to the point where they take the physical step to go and purchase your product or service somewhere else, is a big ask! So, to succeed in getting 8% of all visitors to your website to do exactly that is a massive achievement.
Even in cases where a “conversion” is defined as nothing more than clicking on a link, conventional static banner ads achieve a mere 2.35% average conversion rate.* Which means that it’s actually an understatement to say that the physical conversion rate achieved by ONEPARK using SMOC’s rewarded conversational marketing solution more than triples the revenue achieved by static landing pages. Because the 2.35% obtained by the conventional method merely results in a standard marketing lead, such as a click. By comparison, the 8% achieved using SMOC represents people who actually use their five- or 10-minute free parking minutes reward. And since few people park for 10 minutes or less, almost all these leads have also resulted in actual sales!
And there’s more…
To top it all off, ONEPARK has also found that once users discover how convenient and beneficial it is to engage in their online conversations, they continue to seek out and engage with new conversational campaigns. Which means that rewarded conversational marketing also builds brand loyalty and revenue growth in the long term.
Part 1 - Conversational marketing – the most powerful online revenue-generator since pay per click
Part 2 - Boost already-high conversion rates of conversational marketing with rewards
Part 3 - This article
Part 4 - Artificial Intelligence – the brainchild behind effective conversational marketing