Conversica has launched the Conversica Conversation Index, the first report to analyze the effectiveness of AI-generated conversations for business purposes. The report provides detailed insights and trends on how top brands and organizations benefit from Generative AI solutions and how customers respond to this technology.
The Conversica Conversation Index Report is a comprehensive analysis of the effectiveness of GPT-generated AI conversations in revenue-focused outcomes across different industries, geographies, and specific use cases in Marketing, Sales, and Customer Success environments based on over ten years of data collected from AI interactions.
“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,” said Jim Kaskade, CEO, of Conversica.
Generative AI-powered assistants
The data shows that Generative AI-powered digital assistants have an average Conversation Rate of 25%, meaning that 25% of the leads that are messaged reply to the digital assistant and engage in two-way communication. Moreover, the Conversation Qualified Rate is 12%, which means that 12% of the leads not only engage but also convert down the next funnel milestone, such as a meeting with the Sales team.
Compared to the standards for engagement and conversion, Conversica's Conversation Rate and Conversation Qualified Rate benchmarks are much higher. The typical click-through rate for mass email campaigns is around 1-2%, and the average conversion rate for turning net-new leads into Sales Qualified Leads is less than 0.5%. In contrast, Generative AI-powered assistants can engage and convert at a rate over 20 times higher than the industry norms, making them an effective tool for increasing engagement and conversion rates.
Additionally, the report examined the performance of AI automation in revenue activities across different regions. The report found that North America and Latin America had a Conversation Qualified Rate of 11%. The Asia-Pacific region had the highest conversion rates, with a Conversation Qualified Rate of 29%, while Europe, the Middle East, and North Africa had the lowest rate, with approximately 5%.
“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,” added Kaskade.
Industry performance differences
The report revealed that the Financial Services industry has benefited the most from high Conversation Qualified rates in Marketing (36%) and Customer Success (29%) use cases. The report attributes this trend to the convenience, speed, personalization, security, and cost savings provided by AI-powered digital assistants.
In addition, the data showed that the Retail vertical had the highest interest in products or services, with 33% of messaged leads showing interest, followed by Business Services at 32% and Education at 14%. The most successful Sales-based digital assistant among Conversica's clients was in the Automotive industry, with a Conversation Qualified Rate of 36%, three times higher than the average rate of 12%.
Speaking of generative AI, Conversica has recently announced its enterprise-ready GPT-powered chat solution - Conversica Chat.
