Conversica Implements Conversational AI With Customer Success Teams to Bolster Customer Retention Rates and Revenue

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By STS News Desk On Sep 10, 2021

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Conversica’s Conversational Customer Success offering adds thousands of hours of capacity to customer success teams while creating true, two-way engagement at scale

Conversica, Inc., a leader in Conversational AI solutions for enterprise revenue teams that help organizations attract, acquire and grow customers at scale, today reinforced its strategy to provide Conversational AI solutions across the entire customer revenue lifecycle as being the only vendor to provide Conversational Customer Success via its AI Assistants.

The average Customer Success Manager (CSM) for enterprise organizations spends almost 40 hours a month sending emails to customers, overseeing over 50 accounts, and managing over $2 million in annual recurring revenue (ARR). It is practically impossible for CSMs to give every customer the same level of attention. The cascading effect from CSM capacity creates inconsistent customer experiences, and ultimately results in unexpected churn and missed expansion opportunities. According to Hubspot, a lack of engagement is the number one reason why customers leave a brand. In a modern, digital world where it’s 8-10 times more expensive to acquire a new customer than to grow an existing one, every company has the responsibility to not only keep their existing customers, but to grow the relationships as well. In fact, profits increase 25% to 95% by increasing customer retention by 5 percent.

Conversica’s AI Assistants for Conversational Customer Success helps highly leveraged customer success teams to drive customer health and business outcomes. The following are some of the Conversational Customer Success skills that CSMs utilize regularly to drive business outcomes:

Successfully onboard new customers and enable them to use the product;
Schedule account reviews to track and achieve customer goals;
Drive product adoption and usage, a typical indicator of customer health;
Grow lifetime value by identifying both customer retention and revenue expansion opportunities; and
Nurture customer advocates and champions.

Using Conversica’s Conversational Customer Success solution, companies are able to realize a significant increase in CSM capacity and time savings. On average, organizations using a Customer Success AI Assistant have gained approximately 7,700 hours of capacity each in 2021, supercharging the abilities of their existing teams without needing to add headcount. Engagement also saw big gains over industry benchmarks, both in rate and quality of response. Acting as digital Customer Success representatives, Conversica’s AI Assistants have sent over 1.3 million messages to customers in 2021, driving a 9% response rate as compared to the industry average click-through rate of 2.6%. One enterprise-level customer achieved a 33.2% response rate on more than 250,000 messages, year to date.

Mark Jancola, Chief Development Officer at Conversica, said, “Our Conversational AI solutions enable customer success teams to autonomously engage with their entire customer base in prompt, personalized two-way conversations to take the next best action. Our AI Assistants effectively scale team capacity to drive personalized, one-to-one engagement, helping organizations to deliver better customer experiences that inspire revenue retention and growth.”

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