An IVA, otherwise called Intelligent Personal Assistant (IPA), is a product that comprehends natural language voice orders and helps in performing basic tasks. They provide assistance to people and businesses in functions like drafting instant messages, finding data online, discovering inns or cafés, checking flight reservations, adding events in a schedule and helping them discover savvy home gadgets. These types of aides these days are integrated into most devices, for example, phones, smartwatches, tablets and Bluetooth speakers. Probably the most famous IVAs incorporate Apple’s Siri, Amazon’s Alexa, Google Assistant and Microsoft’s Cortana.
The Intelligent Virtual Assistant (IVA) market was valued at USD 2.58 billion in 2020 and is expected to reach USD 6.27 billion by 2026, at a CAGR of 36.45% over the forecast period 2021 – 2026.
Mordor Intelligence
Rise in smartphone penetration is one of the key drivers of development in the worldwide IVA market. With the expanding demand of smartphones, organizations are attempting to integrate new and smart features in their products to draw in more users. These remarkable features include IVA empowered applications and improved overall performance as it offers simplicity in interacting with the brand when compared with old technology.
With organizations going digital, clients are progressively inclining toward online interaction methods of telephonic discussions with a client/agent. The constant conversational nature and precise customized reactions of IVAs have been crucial in providing consistent service and fulfilling client expectations by giving them best experiences. Client experiences directly sway the general income of a business. Subsequently, giving the best client experience is something that every industry is making progress towards.
Intelligent Virtual Assistants prove to be the best answer for responding to user’s questions in a convenient, precise, significant and in a particularly human way. IVA has been received with open arms in telecom, hospitality and retail industries to decrease the contact center community cost. Intelligent Virtual Assistants have now reached the marketing sector as well and are proving to be beneficial. They are expanding customer experience by providing unique experiences to each of the customers. In what ways are they transforming Marketing?
LEAD GENERATION
From a customer’s first visit to the site, Intelligent Virtual Assistants help in gathering data by interacting with them. They gather data, filter them which later on helps in converting into leads and consequently, sales. It is a very important process that requires time and effort but these assistants makes the whole process a lot easier for the organization.
Easier Communication
Conversational banners that are integrated on the site allow customers to interact with the brand and makes communication easier for them by providing instant answers to the queries posted by them. It increases the chances of converting leads into sales . This technology allows seamless functioning of the business-customer relationship throughout a customer’s purchasing journey.
Re-targeting the customers
Marketers can use the existing data to send push notifications and reminders to customers which can help in re-targeting the customer base that have once interacted with the brand. This can help in taking the communication process further with the dormant users through a personalized approach.
Create brand awareness
With the help of IVAs, businesses can amplify the reach and visibility of their products and services to the targeted customers through generated leads. The service offerings of a brand can accordingly be customized as per customer inclinations, location, search history and likings. This helps the brands to create an impactful presence in the digital marketing world.
AI technologies have constantly been developing and changing the way in which organizations function. IVA is an AI solution that has the capacity to perform like a human agent, if not better. They are simple to use from the perspective of the user and can be easily deployed for the benefit of the organization. It connects with clients through Web pages or applications and reacts to questions proactively without the requirement for human intervention. So yes, without a doubt Intelligent Virtual Assistants, also known as Intelligent Personal Assistants, are the future of marketing and it is expected to grow more in the upcoming years!