In today’s swift and evolving market trends, forging connections with customers and establishing a dialogue is the right pitch for a business to develop a competitive edge over others. Although, businesses and brands have been listening to consumer in the past, investment and focus on new-age technologies, tools including advanced psychological concepts is turning a game-changer in the segment for marketers.
Consumer conversations refer to all kinds of means of communication adopted to exchange information regarding a specific brand or product. As per the reports of Salesforce, nearly 71% of the customers expect the brands to communicate with them, that too in real-time.
For businesses, these conversations with the consumers are crucial to decode the complicated consumer behaviour pattern. Apart from the other environmental forces, learning, understanding, and adapting to the changing consumer behaviour is essential to sustaining and growing the business.
According to Stackla, around 59% of the consumers started purchasing from new brands, which ensued their operations during the pandemic. A majority of these newly started ventures have set up virtual businesses, which have a high response rate, in contrast to the established ones.
Consumer conversation and catching the consumer behaviour patterns are much easier in virtual businesses when compared to the physical setups. This remains to be one of the major reasons behind the recent success of virtual businesses, which is expected to progress in the near future.
As per the stats collected by 99firms, 69% of shoppers demand a live chat feature in virtual business setups. This is indeed an entirely new way to engage with consumers and listen to their conversations.
The old school methods of listening to consumer conversations in the pre-social media era mostly consisted of conducting physical surveys, collecting reviews and feedbacks, asking for opinions, and mostly scanning the word-of-mouth publicity.
Ever since the evolution of the internet and social media, the constant urge towards setting up a virtual business took over the way consumer listening worked. According to FirstSiteGuide, more than 70% of small to mid-sized business setups are investing more in their digital presence.
The power gained by these businesses by going digital was crucial to gain the much-needed competitive advantage in the market.
Virtual businesses were assisted by platforms that tracked the movement of consumers on the company website and social media handles. Once the businesses started investing in these insights to gain access and control over consumer behavior, the prominence of consumer conversations escalated.
Considering what the future technology is holding, businesses are expected to compete at a more intense scale on the digital domain. The dependence of the businesses on third-party software to generate leads and to analyze the data, and utilize it to gain competitive advantage is witnessing a huge surge.
The evolution of ChatBots and other Artificial Intelligence tools, which ensure that the customer is getting a personalized experience, will be a crucial determinant in building consumer conversations.
As per the reports of TechJury, the live chat software market will achieve growth to $987M by 2023, considering its current customer satisfaction rate of 87%.
With more than 51% of customers demanding businesses to be available online 24/7, technology and analytical tools do have a crucial and impactful role to play in initiating consumer conversations and thereby affecting consumer behavior.
Overall, taking ahead the time-tested concept of ‘Customer is the King’, it is equally important to understand that a customer is more likely to engage with a business that responds and addresses its changing preferences and demands. Such a dynamic relationship can be cultivated and sustained when the two-way conversation between customer and business becomes transparent and responsive, in real time.