How to use Chatbots and the Amazon Echo Show to generate an 89% enterprise conversion rate.
Recently we ran a fascinating experiment with one of our customers to help create new enterprise sales pipeline. The objective was to identify companies that had no previous connection with our customer, identify director level and higher individuals within those companies, reach-out, create interest and capture their interest in order to generate new opportunities for our customer.
The game plan was an omnichannel reach-out campaign with the following steps –
- Direct mail to the individual/individuals at the target enterprise company.
- Email to the same individuals.
- Social reach-out via LinkedIn.
- Phone Call to the individuals.
- Leave a Voice Mail if no answer.
- A landing page with 3 separate offers.
- ‘Conversational landing page bot’ engagement to capture interest.
We partnered with our customer’s Marketing Team testing the following offers:
- Bose Noise Canceling Headphones – Value – $350
- Amazon Echo Show – Value – $229
- One of Four Charity Donation Options (4 Categories) for people that cannot accept offers or gifts – Value – $300
- Animal Humanity – American Humane
- Cancer – Cancer Research Institute
- Disability – Christopher & Dana Reeve Foundation
- Child Protection – Prevent Child Abuse America
The results of the experiment were as we would have anticipated in some ways, but shocking in other ways. This is how the experiment faired:
- The overall campaign resulted in 9 Conversations, 8 Meetings, and 4 Opportunities. This is an 89% conversion rate from Conversations to Meetings, and a 50% conversion rate from Meetings to Opportunities.
- The Bose Offer held 5 Conversations, booked 5 Meetings, and resulted in 1 Opportunity (20% conversion from Meetings to Opportunities).
- The Amazon Echo Offer held 4 Conversations, booked 3 Meetings, and resulted in 3 Opportunities (100% conversion from Meetings to Opportunities).
- The Charity Donation Offer drove 0 conversations and thereby 0 opportunities.
It appears as though people who engaged with the chatbot focused on the highest value offer, which is intuitive. However, and more interestingly, the lowest value offer produced the most efficient overall conversion rate and ultimately the most opportunities. Also, it is not clear to us why people who selected the Amazon Echo offer converted at such a higher rate than the Bose Noise Cancelling Headphones offer – 75% vs 20%. But, what really shocked us is that the charity donation option drew no interest at all – maybe people are not as charitable as we all hope (one possible drawback was that there was no graphical representation of the charity option, we will evaluate this in a future experiment).
Lessons learned from this experiment (note – this is a limited experiment; these are guidelines only):
- People will most often select the highest perceived value offer.
- Highest value offers do not necessarily perform the best.
- Charitable donations were not an effective offer.
- Do not trust intuition, experiment to identify the highest performing offers.