ConnectPlex ChatBots: 50% cost reduction, doubled conversions
Read moreDiscover how our client, a prominent Singapore-based digital marketing firm specializing in assisting medium and small credit providers in generating top-quality leads through PPC campaigns and SEO, transformed their lead capture process using ConnectPlex chatbots.
Overview
Our client's previous lead capture method relied on forms, resulting in a suboptimal conversion rate.
The client's customers couldn't afford to offset this low conversion rate by increasing their AdSpend.
The implementation of ConnectPlex chatbots on landing pages led to a remarkable 50% boost in conversion rates.
Like many marketers, our client initially used forms on landing pages to capture leads. While this method was functional, it wasn't ideal. Conversion rates were lower than desired, leading to a high cost per lead. By incorporating ConnectPlex chatbots into their strategy, our client successfully doubled their conversion rate and slashed the cost per lead by 50%. This is their success story.
The Challenges
In the financial services sector, especially in credit-related processes, applying for credit often involves navigating bureaucratic procedures. Customers engage in negotiations, customize credit terms, or complete application forms, which can be tedious and unengaging. Forms often have a reputation for lacking appeal, being unattractive, and generally receiving unfavorable feedback from users. Consequently, most credit marketing campaigns suffer from abysmally low conversion rates, often below 8%.
Larger credit companies can mitigate this challenge by investing heavily in more ad campaigns and SEO efforts to compensate for low conversion rates. However, mid-sized and small businesses, like those served by our client, lack the resources to take this approach.
With limited marketing budgets, these companies struggle to compete with industry giants and often end up paying more for fewer results.
The Solutions
Recognizing the budget constraints faced by their clients, our client decided to shift from forms and landing pages to a chatbot-based lead capture strategy. They deployed ConnectPlex lead generation chatbots on ten of their client's pages, integrated directly into the page widget.
These chatbots served the same purpose as traditional forms: qualifying leads and collecting contact details. However, the approach was radically different. Instead of filling out a static form, users engaged in an interactive conversation with the chatbot, providing details through text messages. This seemingly cosmetic change in the user experience had a profound impact on our client's campaign outcomes.
Unlike forms, chat interactions are dynamic and back-and-forth. The chatbot requests one detail at a time, awaiting the customer's response before continuing. This ongoing interaction keeps users engaged with constant visual stimulation in the form of message bubbles. Consequently, users are less likely to abandon the process, even if it involves mundane tasks.
Results
The introduction of ConnectPlex chatbots resulted in a remarkable 2x increase in conversion rates for our client. Additionally, the cost per lead dropped by 50%, providing a cost-effective solution for their clients.
Conclusion
Financial services marketing presents unique challenges, often leading to a spending contest where larger players hold the advantage. Chatbots have the potential to level the playing field. They empower mid-sized and small financial services companies to maximize their limited marketing budgets by converting more of their existing traffic into high-quality leads.
Our partnership with ConnectPlex chatbots has been a game-changer. We doubled our conversion rates and reduced the cost per lead, allowing us to provide cost-effective solutions to our clients in the financial services sector.
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