A conversational marketing platform is a suite of tools primarily in the form of a chatbot. It helps a company to nurture leads by providing a one-to-one customer experience. A conversational marketing and sales platform also known as messenger marketing software, helps in engaging potential customers with personalized, one-on-one conversations for specific product recommendations or offers. Built-in artificial intelligence technology such as chatbot can help sales departments to develop intelligent response flows that guides customers through helpful conversations at various critical touchpoints on the basis of user activity and other details. Conversational marketing platforms also aid in providing a higher standard of customer service and simplifying the overall buying process for potential customers around the world at any time of day. This type of software is a one-to-one approach to marketing that companies use to shorten their sales cycle.
Various applications of the conversational marketing & sales platform are revenue generation, customer management, and order management. The introduction of conversational marketing and sales platforms now permits brands to communicate with hundreds or thousands of leads at any one time. Hence, it is crucial to make these services interactive as they have direct involvement with customers.
Advancements in technology along with interactive engagement of customers with the operator increases productivity and enables growth of the operator’s business, which is a major factor responsible for driving the market. The shift to advanced marketing and sales platforms is enhancing business communication, and chatbots are quickly becoming a backbone of digital marketing. More and more consumers now prefer to interact with companies via messaging, whether it is a query or to receive support. Businesses have now realized the immense opportunities that conversational marketing & sales platform provide.
The large amount of data involved in a conversational marketing & sales platform have led to many challenges such as cyber security and data risk. Moreover, adapting to the changing trends of technology and deploying such platforms leads to huge expenditure which could hamper the market growth during the forecast period.
The global conversational marketing & sales platform market can be segmented based on component, application, end-user, enterprise size, and region. In terms of component, the market can be divided into software (on-premise and cloud (public cloud and private cloud; and hybrid)), hardware (virtual, on-premise, and managed); and services (managed services and professional services (maintenance, integration, and installation)). Based on application, the conversational marketing & sales platform market can be classified into management, monitoring, test, and communication. In terms of end-user, the market can be segregated into aviation, healthcare, transportation, oil & gas, power & utilities, automotive, government, telecom & IT, chemical, and others. Based on enterprise size, the conversational marketing & sales platform market can be split into small & medium enterprises (SMEs) and large enterprises.
In terms of region, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is a rapidly expanding region of the conversational marketing & sales platform market, due to the adoption of innovative technologies such as analytics, automation and virtualization technologies. This can also be ascribed to rise in the number of enterprises and presence of a large number of vendors providing conversational marketing & sales platform in the region. The market in Asia Pacific is expected to expand at a robust pace as many cloud service providers and telecom operators are adopting such platform-enabled solutions.
Key players in the global conversational marketing & sales platform market include Drift, Snaps, Verloop, iAdvize, LiveWorld, Automat, Intercom, HubSpot, Conversica, Saleswhale, Exceed.ai, Whisbi, and WhatsHelp.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.