Before we attempted to establish a clear connection between live chat and ROI, a connection which not only exists in the tangible world of live chat software and customer support, but also in the world of business success and profitability, we figured we would first go looking for a clear, not too savvy definition of ROI. We found one that actually made sense even if you didn’t go to an Ivy League business school:
“In finance, return on investment (ROI) is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested.”
We found this succinct definition on a website called ROI Boy and decided to share it with you since it clearly establishes the rather critical synergy between the investments made relative to the results the investment generates. Live chat service, in the context of this definition, is perhaps the most promising service channel when you apply principles of ROI. Here is why:
Why live chat Software is an excellent Return on Investment
1. Live chat software is an outstanding investment from a ROI perspective, at least from our company, where single operator pricing starts at less than $10 a month.
2. Across the board, the statistics with respect to live chat adoption among customers is not only high but also continues to grow exponentially, according to surveys and research studies conducted by all the big wig research outfits, ComScore, Forrester, Gartner and the works.
3. The anonymity of live chat really helps customers to ask questions freely, receive information about your products and services, and cogent advice on how to use them without identifying themselves.
4. Customers have indicated that they like the way live chat generates chat transcripts since it is a record of their conversation they can use to arrive at a purchasing decision, something which phone support can’t do under normal circumstances.
5. Since wait times on live chat are negligible, customers prefer live chat interaction because no one likes to spend 15 minutes listening to Muzak.
How to Generate ROI from Live Chat Software?
Now that we have shared some of the reasons why we believe that live chat is an unbeatable ROI value proposition, let us shift the spotlight for a moment on how to maximize ROI using live chat software on your website. Follow the recommendations we have listed below after installing live help on your website and notice the incredible return on investment live chat can bring right to your doorstep.
Deploy Proactive Chat as a Powerful Sales Tool
Since proactive chat has lately emerged as the single most effective ROI generating strategy on websites, we will be bringing you an entire blog post on proactive chat in the very near future. Here is a quick explanation. Most live chat software services allow chat operators and channel reps to initiate a chat interaction proactively using the auto invite feature. Once a website visitor arrives on a particular web page on your website, you can extend an invitation to chat and offer to assist the visitor with precise information on a product or service, provide updated pricing information, and even announce a sales promotion featuring products or services listed on that web page. Expertly trained chat operators are known to be able to close sales deals using proactive chat which is why we believe that live chat is truly an opportunity galore from a ROI perspective.
Nurture the Lead
Live chat service enables you to capture the email address of your website visitors through the pre-chat survey form. Use the contact information judiciously by staying well under the legal radar to pursue the lead first through an opt-in process and then by regularly engaging the prospect with soft sell marketing collateral such as product alerts, announcements about fresh arrivals, and even a newsletter subscription.
We will be bringing you more revenue generating ideas as time progresses mainly to demonstrate the meaningful relationship that exists between live chat and ROI. Do you have a live chat story for us that generated block buster ROI for your company? Is there a specific strategy you would like for us to focus on? We would love to hear from you through our blog comments section.
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