The Advertising Club Bangalore recently held its inaugural edition of the ‘Knowledge Conclave – Driving Growth Through the New Era of Measurement’. C-Suite SME speakers from different spaces of the data-tech world spoke and interacted on some of today’s most important topics.
Raghavendra Ravinutala, Co-Founder & CEO of Yellow.ai spoke on ‘How conversational AI is transforming businesses’.
Ravinutala said that conversational AI is transforming businesses by reimagining experiences. It works with understanding natural language& predictive modeling using the same. Conversational AI helps circumvent current challenges on customer interactions with personalized interactions based on the history of previous interactions. This helps better understanding & servicing of needs and greater customer experience.
Tremendous results have been seen by 100+ brands across India, Southeast Asia and globally, in reaching audiences en-masse, provide services, customer support and market their products. Studies show that if done well, automated conversational interfaces can delight consumers in India & other markets. Messaging is uniquely positioned to transform how brands interact with consumers as its the only medium that can be individualized and customized with true conversations that can be 100% unique for an infinite number of users based on tonality, language, region, etc.
It’s completely asynchronous, omnipresent & accessible with on-demand information that consumers can get without cumbersome navigation on websites/apps. The real intent of the user comes out clearly because the user expresses them in natural language, conveying exactly what they want. This gives deep, precise insights on every single customer and that’s helping brands deliver great product experiences. Currently, the history of user interactions with brands on their digital assets is not maintained. Messaging provides permanent history & persistence of communication.
While conversational AI is being used for customer support and different business areas, the recently launched product for advertising is seeing terrific results. One of the key problems for brands is that people clicking on CTAs / display banners are taken to static landing pages and often given offers that are not relevant to them. This leads to lot of traffic getting wasted, as static pages cannot change themselves dynamically. Said Ravinutala – we replace these CTAs with conversational interfaces that run on top of display banners, Facebook ads, search & landing pages.
A conversation runs on top of display banner, finds out what the user is looking for and captures a lead. When the user is clicking on a Facebook ad, it directly lands on the official WhatsApp account, talks to the user and leads to conversion for a specific brand. A recent mobile brand campaign saw 25-30% more conversions than traditional advertising. The next wave of advertising as people move to messaging and voice assistants like Alexa would be completely conversational.
Ravinutala shared many success stories to illustrate this and the significant topline and bottom-line lift the technology brings. A leading financial services company increased leads by 300% by making all landing pages conversational. A leading paints company used this for tech-enabled direct order facility for dealers. Call drops reduced, orders increased and directly connected to the backend SAP system, efficiency improved.
It has improved HR support – lower load on HR personnel, swifter query resolution and a far better experience for employees. Conversational AI has resulted in double-digit million dollars of incremental sales for India’s largest NBFC. They have now included this into their email campaigns & SMS campaigns as well. Food delivery used this to improve efficiency by 30% on post-order customer support and was able to divert freed up customer support time to drive higher sales. Conversational AI is both chat and voice-enabled and a leading FMCG player is using the voice assistant on their customer support to eliminate junk calls and transferring the relevant calls for agents to respond.
Speaking has always been the preferred mode of communication. Computing is changing from ‘we learn the machine’ to ‘the machine learning the way we talk and the way we want to interact’. The ability of brands to leverage Conversational AI to drive growth is immense.
“Knowledge Conclave will now be part of our annual program. Watch out for the 2020 edition“ said Advertising Club Bangalore Executive Director, Arvind Kumar.
