A hands-on guide.
Imagine you’re filling a bucket with water, but there’s a hole at the bottom. Increasing the amount of water you pour in is just inefficient — you need to patch the hole.
If your business has low conversion rates, then that’s what your funnel looks like: A leaky bucket. You could get a thousand leads for your product or service, but if the offer doesn’t resonate, you still won’t get conversions.
Fortunately, the myriad of business tools in use nowadays double as data-collectors, which can act as fuel for machine learning models. For example, two wildly popular sales CRMs are Salesforce and Hubspot, both of which have connectors to Obviously.AI, a no-code AI tool you can use to optimize sales conversions.
Let’s see how it works.
For this guide, we’ll use a publicly available banking subscription sales dataset from Kaggle.
The data includes attributes like a customer’s age, their job type, their time with the company, and their account balance. We’ll use these attributes to predict “subscribe,” a column of “yes” and “no” values for whether the customer subscribes to a term deposit.
As with any no-code tabular AI problem, predicting and optimizing subscriptions is a simple 3-step process.
Uploading the dataset to Obviously.AI and selecting “subscribe” as our KPI, a few insights stand out:
- As a customer’s duration with the company increases, so do subscription rates
- Wealthier customers subscribe at higher rates
- Customers in management roles subscribe at higher rates
- Single customers subscribe at (slightly) higher rates
These insights inform a few behaviors the company behind this dataset could take to increase conversion rates.
The marketing team could focus their messaging and materials on attracting wealthier, single customers in management-level roles. The target persona should be molded to reflect the fact that these attributes result in higher conversions.
Further, the company should brainstorm ways to keep clients with the company for as long as possible, which increases their likelihood of converting to a new subscription.
One creative tactic is tracking any users that visit a “cancellation” page on the website and automatically sending them an email with a discount offer. More common strategies include regularly emailing existing users with updates, and even sending out messages on their birthdays and holidays.
Ultimately, however, it’s about looking closely at each stage in your funnel to see where different groups of users drop off, and optimizing those areas in your product or service.
No matter what sales tools you’re using — if it’s Hubspot, Salesforce, or a simple Google Sheet — you can use no-code AI as a power tool to optimize conversions.
AI used to be a lengthy, expensive, complex process, but now any company can build and deploy models in moments.