The Power of Conversational AI: Enhancing Venue Revenue

Dasia Clark
Dasia Clark
March 26, 2024

In an era where the digital marketplace dominates, effective communication is not just a customer service goal; it’s a great way to drive revenue. Today’s consumers demand more than the traditional, transactional “buying and selling” – they want to have real conversations that give them the information they need, right when they need it. That’s where conversational, AI-powered, automated chat experiences come in. This technology is modernizing how businesses connect with their customers, turning every question a customer may have into an opportunity for engagement — and potentially, a sale.

Understanding What Customers Like

The buyer’s journey has evolved a lot in the past decade, becoming more intricate and interactive than ever before. LivePerson found that 85% of people prefer to have a conversation and learn more about what they’re buying before they decide to buy it. This shows how important it is for businesses to have genuine, worthwhile conversations with their customers. Automated chat experiences are great at offering smart answers on the spot, aligning with what these modern buyers are searching for.

Sometimes, the way a company is set up can make the buying journey harder for their customers. Websites and help desks often reflect the company’s internal structure, with categories coinciding with the company’s own departments instead of a natural purchasing flow for a consumer. This can be confusing, extend the length of the buying journey, and may even result in the loss of a sale.

Automated chat experiences that use conversational AI technology can solve this problem by making sure customers have smooth and connected conversations, no matter how the company or website is organized. This makes the buying experience all about what the customer wants and needs. If they feel like everything has been tailored to their situation specifically, they are more likely to buy.

The Journey From Question To Intent To Sale

Our industry data, taken from the unique insights captured across our clients’ own conversational AI Chats, shows how powerful this technology can be. For our Venue clients, 42% of the questions asked show that the person is interested in buying tickets, merchandise, or food and drinks.

42 Metric Venues Blog

Also, 32% of chat conversations about buying tickets end up leading directly to a sale. Since these chats are available 24/7, businesses won’t miss out on sales, even during off-hours when no staff is on-site to manage phone calls and emails. This becomes even more of a benefit when you consider that approximately 60-65% of messages to Venue organizations come in outside of traditional business hours. 

So, for the night owl planners and buyers who might usually become lost or delayed revenue for a Venue, answers that could convert them into a successful sale now become available. 

32 Metric Venues Blog

The journey from non-revenue to revenue-generating conversations is the most telling statistic of all: Out of the conversations customers start with no original intention of buying anything, 65% of them end up showing interest in making a purchase by the end of the conversation. This shows how this technology isn’t just answering questions in a one-and-done way, it’s guiding a conversation and finding more ways to sell to the customer at the customer’s preferred level. 

The Future of Conversational Commerce In Venues

As we look to the horizon, adding conversational AI chats to a Venue business’s tech stack is clearly a big win, especially for those organizations looking to expand their sales and revenue channels. The success stories and testimonials from Venues that have seen revenue boosts using Satisfi Labs’ customizable conversational AI Chats serve as a testament to their effectiveness.

As Venues navigate the complexities of modern selling, embracing conversational AI technology offers a forward-looking solution to engage customers meaningfully while driving sales. The conversation has just begun, and the potential for revenue is limitless.

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