Conversica Achieves a Record 210% Increase in 2020 Mid-Market and Enterprise Subscription Sales, Continues Momentum into 2021
Conversica, Inc., a leader in Conversational AI solutions for revenue teams that help organizations attract, acquire and grow customers at scale, announced its quarterly new subscription sales increased 23% since the first quarter of 2020; after a 210% year over year increase in 2020. Mid-year growth looks strong, with new bookings accounting for two-thirds of growth and booking expansions accounted for one-third of growth, attributed to a healthy pipeline of new customer orders as well as continued steady increases in the customer install base. Additionally, Conversica saw the Average Recurring Revenue (ARR) in new bookings grow 37%, indicating traction with mid-market and enterprise organizations such as Kofax, the Los Angeles Chargers, Olympia Entertainment and Therapy Brands who purchased Conversica AI Assistants for Conversational Marketing and Conversational Sales to drive better customer engagement and productivity across marketing and sales to hit their revenue goals.
COVID-19 served as a forcing function for digital transformation in 2020. As a result, businesses quickly pivoted from traditional go-to-market strategies to now conducting business 100% online. As a result, revenue-generating teams had to adjust to new ways of serving customers and selling products to reach buyers whose only option is to engage digitally.
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According to Gartner, “By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels.”  This resonates with the shift in B2B buyers where 60% of all technology buyers are now Gen-Y or Millennials (ages 25 – 40), shifting the buying power from Gen-X to Gen-Y who are 100% digitally native.
Separately, a report by McKinsey & Company showed that B2B buyers are not hesitant to transact those strategic technology purchases online. “Notably, 70% of B2B decision-makers say they are open to making new, fully self-serve or remote purchases over $50,000, and 27% would spend more than $500,000.”
“In B2B, the buyer is most often part of a team working together to solve a problem. Enabling these buying entities in increasingly complex decision-making scenarios requires selling organizations to sense and respond to buying signals in real-time,” said Jessie Johnson, Principal Analyst at Forrester. “AI is the only way to connect and contextualize these buyer interactions with precision and scale. Conversational AI for marketing and sales is a great example of using AI to drive personalized customer engagement at scale.”
B2B has benefited from earlier B2C digital experience innovation. Furthermore, “Gartner predicts that by 2024, 80% of ordering and replenishment will be touchless for most organizations”.  Contactless commerce allows customers to conduct buying activities without touching public structures or hardware, along with not getting in close contact with another person. AI, of course, will be pivotal to realizing contactless B2C experiences at scale.
Conversica augments people power with Conversational AI solutions to scale workforce productivity and improve operational efficiencies, with the end goal to drive top-line revenue. Conversica is the only vendor to provide Conversational AI solutions across the entire customer revenue lifecycle, offering the following:
- Conversational Marketing solutions help marketing teams attract higher quality leads before handing them off to the Sales teams. More than just website chat interactions, Conversica expands Conversational Marketing to include email and SMS interactions that cultivate early interest of net new names earlier in the cycle to qualify a lead or generate further interest to determine market fit.
- Conversational Sales solutions help sales teams build healthier pipelines that acquire more customers faster by using Conversica AI Assistants to turn inbound leads into meetings, convert free trial users into paid customers, revive stalled pipeline opportunities, or win back former customers at scale.
- Conversational Customer Success solutions help highly leveraged customer success teams to drive customer health by proactively reaching out to schedule account reviews, reduce churn by staying on top of renewal programs, and grow lifetime value by identifying expansion opportunities in their customer base.
- Later this year, Conversica will expand its Conversational AI solutions to support more communication channels, skills, and conversations as well as enter into the Conversational Commerce market.
“We are providing our customers with AI-based conversational applications they need to succeed in an increasingly challenging digitally native market. The strategy we put in place last year—to focus on mid-market and enterprise businesses—is paying off in dividends,” Jim Kaskade, CEO of Conversica. “For the remainder of 2021, we are investing significantly in mid-market and enterprise go-to-market functions and targeting mature companies that value Conversational AI for Marketing, Sales, Customer Success, and Commerce at digital scale.”