Conversica Launches Industry’s First Generative AI Performance Benchmark Report
Generative AI-Powered Conversations Average 20x Higher Customer Engagement and Conversion Rates than Industry Norms, with Business Services, Retail, and Banking Seeing the Best Performance
FOSTER CITY, Calif.–(BUSINESS WIRE)–#AI—Conversica, Inc., the leading provider of AI-powered conversation automation solutions for enterprise revenue teams, today released the Conversica Conversation Index, the industry’s first benchmark report examining the performance of AI-generated conversations for business use. The Conversation Index investigates how leading brands and organizations benefit from Generative AI solutions and provides detailed insights and trends for customer responsiveness to this technology.
The Conversica Conversation Index Report delves deeply into the performance of the GPT wave, measuring the results of generative AI-powered conversations applied to revenue-focused outcomes across industries, geographies, and specific use cases in Marketing, Sales and Customer Success (CS) environments. It is the most comprehensive report of its kind ever released and is based on over 10 years of data captured in AI interactions.
The data show Generative AI-empowered digital assistants deliver an average Conversation Rate – percentage of leads messaged who reply to the digital assistant and engage in 2-way communication—of 25%; and a Conversation Qualified Rate – percentage of leads messaged who not only engage but convert down the next funnel milestone, like a meeting with Sales—of 12%.
Conversica’s Conversation Rate and Conversation Qualified Rate benchmarks are an order of magnitude higher than industry norms for engagement and conversion, with mass email click-through rate benchmarks hovering between 1-2% and the average conversion rate for net-new lead-to-Sales Qualified Lead sitting well under 0.5%. This puts Generative AI’s ability to engage and convert at a rate over 20x higher than industry norms.
The Index breaks down performance by use case, geographic region, and industry; providing a never-seen-before impact of AI automation on revenue activities. Sales was the use case with the highest Conversation Qualified Rate (13%); both Customer Success and Marketing had 9%.
When analyzing regions, North America and Latin America had a Conversation Qualified Rate of 11%. The Asia-Pacific region had the best conversion rates, with a Conversation Qualified Rate of 29%, and Europe, Middle East, and North Africa is in the last position with roughly 5%.
“It’s no longer anecdotal. We have quantified over 2,000 customers with over 1B interactions. We keep a rolling 12-month view of our network and use this to inform our customers of key benchmarks. As mass audiences have become increasingly familiar with the powerful capabilities of AI, businesses that focus on providing immediate, personalized, digital experiences with the help of artificial intelligence will lead the way with sales-ready engagement that dramatically improves conversion rates,” said Jim Kaskade, CEO of Conversica. “ChatGPT has taken the world by surprise. Our deployment of GPT as part of a decade of work proves that generative AI is more than a toy, more than simply a content producer, but can actually be applied to increasing revenue, directly. And our data proves the power of Generative AI to engage and convert buyers far outstrips the industry status quo. If you are still trying to scale human activities without AI, you will become irrelevant.”
Industry Performance for Marketing, Sales, and Customer Success
The report shows the Financial Services industry is the top beneficiary of Conversation Qualified rates in Marketing (35.96%) and Customer Success (28.95%) use cases. Features such as convenience, speed, personalization, security, and cost savings offered by AI-powered digital assistants are the main reasons for this trend.
In Sales, the Retail vertical leads the way, with over one-third (33%) of messaged leads showing interest in products or services, followed by Business Services (32.1%), and Education (14.5%). The most successful Sales-based digital assistant among Conversica’s clients is in the Automotive industry, with a Conversation Qualified Rate of 36% — three times above the average of 12%.
“The Conversica Conversation Index Report demonstrates the value that conversational Generative AI solutions bring to industries, geographies, and various revenue teams across the board to improve lead conversion rates and customer satisfaction, and ultimately drive business growth and success. If you want to grow your revenue during the economic downturn, then you need to embrace AI automation NOW,” added Kaskade.
The Conversation Index report is published monthly and is drawn from customer interaction data from Conversica’s user base over the last 12 trailing months using a fixed representative sample of their library of 1000 use cases.
Download the full report here.
About Conversica
Conversica’s AI-powered Digital Assistants supercharge revenue teams for growth. They enable Marketing, Sales, and Customer Success teams to acquire untapped revenue through perfectly structured conversations. With billions of human interactions spanning more than a decade, Conversica’s AI Assistants have learned to influence and persuade customers and prospects throughout the customer journey lifecycle. Unlike chatbots, they are powerfully human and can hold meaningful conversations at every touchpoint. They fuel the conversations that create brand loyalty and maximize every revenue opportunity, even the ones you don’t see. They know how to say just the right thing at just the right time to help grow revenue, improve customer experience, reduce costs, increase operational efficiencies, and build brand awareness. Conversica’s Conversation Automation platform is used by leaders nationwide to get the conversation going and build the workforce of the future, today.
To learn more, visit conversica.com and follow the company on Twitter, LinkedIn and Facebook.
Contacts
Meriane Morselli, on behalf of Conversica
conversica@msrcommunications.com