The Silicon Review
It can take a considerable amount of time for a business to turn a profit. When you come closer to that stage, it is important to know your break-even sales volume. It is like a benchmark performance metric for every business because it helps you set a target that is needed to cover costs and make a profit. Break-even analysis doesn’t categorize itself under profit or loss. Instead, it will determine the number of sales required to cover all fixed and variable costs. It will calculate the minimum number of units that must be sold to pay all expenses before making a profit. In recent times, businesses are leveraging new technologies to drive sales to reach a break-even point, and this has also led to increased customer engagement with brands.
Conversocial enables brands to break the CX/Cost equation by allowing them to engage with their customers where they are - on social and private messaging channels like WhatsApp, Facebook Messenger, and more. As a result, frictionless customer experiences can be achieved throughout the customer lifecycle that enhances customer loyalty and drives revenue, all at scale. Partnering with hundreds of forward-thinking brands such as Google, Tesco, British Airways, and Alaska Airlines, Conversocial has a global team of people passionate about helping brands build and scale meaningful relationships with their customers.
Founded in 2012, Conversocial is based in NYC, New York.
In conversation with Ido Bornstein-HaCohen, CEO of Conversocial
Q. Why do you believe that messaging channels are the future of customer experience?
With the shift to digital, consumers have been reduced to a series of clicks and data points, resulting in brands losing touch with their consumers. What we’re faced with today is a disruptive opportunity to build real 1:1 consumer/brand relationships by tapping into the unique nature of messaging channels to enable frictionless customer experiences, powered by humans and automated Chatbots, working seamlessly together.
Q. Messaging apps have cemented themselves as strong contenders for customer communication. How can businesses capitalize this?
Start by avoiding treating messaging like chat, deploying fixed-script bots, or awkwardly handing off a bot-led conversation to a human agent with no context. All of these make for a frustrating customer experience that damages the brand-consumer relationship. The key to success requires a different approach that embraces messaging’s unique nature to increase engagement and loyalty. This Includes:
Q. What are the possibilities presented by messaging apps for improving customer experience?
Delivering customer experience over messaging channels means reducing inbound phone calls, eliminating service emails, untethering live-chat, and creating unique experiences that drive revenue — all while improving customer satisfaction and decreasing brand costs. On top of that, for many experiences with brands, you don’t need to download an entire app to get things done. Messaging allows brands to build experiences without consumers ever having to download an app or visit a website.
Q. How do you leverage new technologies to update your offerings?
The areas Conversocial is focused on (messaging, deep learning, and automation) are in some of the most exciting fast-developing technology areas. Conversocial keeps its innovative edge by working closely with the entire leading consumer-facing messaging platforms, driving and influencing these platforms to co-develop innovative solutions to serve its enterprise brands better. Some of the emerging platforms we support are Facebook Messenger, WhatsApp, Apple Business Chat, Google Business Messaging, and more. When updating our offering, we constantly ask ourselves - are we making customer engagement simpler? And are we improving customer experience while making it easier for brands to support their customers and drive loyalty? We pride ourselves in providing the unique ability to seamlessly integrate agent-assisted service & bot-based automation into a single conversation, from a single platform. Let the bots provide convenience, let the people provide empathy - the key is delivering services and experiences that seamlessly allow the two to work in unison.
Q. A company to be one the most ‘innovative,’ its employees must think like innovators, employees need to feel they have a decent outlet for sharing their observations and ideas. What do you have to say about the statement?
Totally agree. It’s all about the people.
We believe in giving people control -- making them feel safe to voice their ideas and opinions --and shaping a culture in which great ideas can come from anywhere. We push ourselves to make sure everyone is heard at all levels. We strive to ask the right questions to help everyone think freely, break the rules, think more like entrepreneurs, and evangelize their ideas internally.
As a result, our innovation comes from our people. COVID has transitioned the way companies work - with remote teams in EMEA and the US, we quickly adapted to this new reality. We think deeply about ways to make us all feel connected and able to collaborate with each other, in spite of the distance that separates us. Supporting people at home so they can design a space that fosters their focus and creativity is something we think a lot about too.
Q. Do you have any new services launching soon?
We are about to launch on Google Business Messaging. The ability for brands to drive search traffic directly to messaging is a huge shift. Imagine when search goes to messaging over websites, this will change everything.
Meet the leader behind the success of Conversocial
Ido Bornstein-HaCohen is the CEO of Conversocial and a passionate thought-leader for customer engagement and customer service. With more than fifteen years’ executive experience in the customer engagement and CRM space, Ido continually seeks to improve and simplify the way brands and consumers connect. In 2017, Ido joined Conversocial as COO to lead its commercial team and two years later was promoted to CEO. In this role, Ido defines Conversocial’s global strategy and its execution – while also evangelizing the simplification of customer engagement, as an industry thought leader. Prior to joining Conversocial, Ido achieved significant success growing and scaling companies through leadership positions at LivePerson, as a leading saleforce.com EMEA consulting partner, and SAP. Ido has a B.A. in computer science and an MBA cum laude from the Hebrew University. He lives in the NYC area with his wife and their two boys.