By Priya Iyer, Chairman & CEO, Vee24
Nearly 2.62 billion people have active social media accounts today[i]. The finance industry has long understood that targeted ads and social media campaigns are powerful tools for driving brand awareness and sales. However, despite the fact that social media drives more traffic to a website that organic search, conversion rates for social are still extremely low. In fact, according to AdWeek [ii],social media traffic has an average conversion rate of 0.71 percent, with organic search converting at 1.95 percent and email at 3.19 percent.
Some companies offering financial services are very successful in creating communities and developing a strong following on their social media accounts, and this is definitely the first step to increasing conversion. But how do you use these communities to build customer loyalty and increase sales conversion rates?
Live Engagement with customers is helping banks, asset managers and insurance companies to do just that. Companies who offer some form of live engagement from their websites are seeing that live chat facilities are significantly increasing conversions and helping to build strong relationships with customers.
Here are just three simple ways in which live customer engagement can help you achieve higher conversions across your social media platforms:
1.Timely engagement is key: Social media is providing the perfect vehicle for unhappy customers to voice their complaints. Proactively managing the response to unhappy customers in a timely manner is a great way to build a great relationship. Use text chat to respond to the individual’s post but rather than continuing this conversation publicly, take the conversation private.An empathetic response with an invitation to a private conversation through a live link, which will expire in a specific time period, shows that you are attentive and responsive.
If your customer engages, you have an opportunity to solve their issue and immediately improve the relationship they have with your brand. At the end of the engagement, ask for a post back to the same social channel with their positive feedback. We all think more positively about a brand that is seen to deal quickly and respectfully with negative feedback.
Your engagements with consumers on social media should also be with customers that are reacting positively to your content or asking questions about your products. The most important thing is timing. Social media is all ‘in the moment’, and you don’t want to lose the opportunity to build a relationship with a consumer.
- Ward off those abandonments: Get more out of your social media ads and paid search with live engagement links. Most web banner ads and paid search results drive customers to a landing page, which then leads to your website and conversion pages. At each of these stages, there’s a chance that your customer will drop off the page or abandon their purchasing decision. You can prevent this by engaging live directly from paid search or your social media ads. For highly targeted search keywords or social ads, use an embedded live engagement deep link to immediately start a text or video conversation with the prospective customer, before they even get to your website.
- Yes, do the BOT: Builda market place on Facebook using ChatBOTs. This can be the same ChatBOT that you deploy on your website.Your ChatBOT can engage in a conversation with your customer on Facebook Messenger or any other social media account. Based on the customers’ interests, it can suggest relevant products to purchase. With built-in integrations to your order processing system, your ChatBOT can conveniently enable the completion of a purchase right within your social media site. That’s a win-win experience for both your customer and your business!
Live customer engagement allows you to add a human element to your brand and create a personalized and timely experience for the customer, which is the key to driving conversion rate. Get more out of your marketing spend by providing text or video chat opportunities with 24/7 ChatBOTs on every highly targeted marketing touch point, whether it be email campaigns, paid search, web and social media ads, or social media communities.
Live engagement features have been proven to increase online conversion rate by 10x or more. It’s a good time to investigate what it could do for your own business.