People and businesses have been communicating for years, mainly through face-to-face communication. But technology has changed all of that, including where and how people and businesses communicate. As the world grows more mobile-first, people’s expectations of businesses are also evolving.

Today, people want to engage with businesses not just face-to-face or over the phone, either via email and online, but also in their favourite messaging apps, with 50 per cent of customers saying that experience is more important to them now compared to a year ago. Additionally, seven out of 10 consumers report feeling closer to businesses they can message.

Business messaging brings businesses and people closer together – allowing people to have one-on-one personalised connections with businesses while helping businesses get the most out of their valuable conversations and drive business performance.

Globally, more than one billion people are connecting with a business account across Meta’s messaging services every week. And across Southeast Asia, research conducted by The Boston Consulting Group (BCG) and  Meta indicated that business messaging has become critical to consumers, with an average of nearly 70 per cent adoption rate across Vietnam, Philippines, Indonesia and Thailand.

Leveraging business messaging to increase your operational efficiency

Unfortunately, not all businesses are well equipped to meet the rising and ever-changing consumer demands. In recent years, businesses have been put under greater pressure than ever to balance better customer experience with the need for efficiency and measurable return on investment (ROI). 

Also Read: How to meet your customer expectations fluently with the power of business messaging

More than one-third of businesses say that it is important to know how each dollar they spend turns into profit.  Additionally, they are facing industry headwinds with changes in data policies and regulations, such as the elimination of third-party cookies, affecting their ability to create personal experiences. 4​3 per cent of marketers and 55 per cent of media agencies are concerned about the potential elimination of third-party cookies.

In this context, business messaging not only helps businesses interact more personally at scale via artificial intelligence (AI) and automation, but it is also the answer to effective digital marketing and a less dependent approach from cookies while bringing higher business performance. 

A study conducted by Forrester Consulting and Meta in December 2022 showed that Business Messaging products have a 61 per cent better impact compared to other communication channels previously used. For example, in terms of sales, the order value from customers is 22.1 per cent higher due to communication between sellers and buyers through business messaging.

As a result, more and more businesses are finding new reasons to expand their messaging strategies to not only create better customer journeys and drive loyalty but to drive business performance. 

Reducing friction, increasing ROI, and reaching customers at scale via AI 

AI has been an integral part of Meta’s DNA, and Meta Business Messaging is one of our suite of solutions that utilises AI as a business and creative partner, making it easier for marketers to augment and enhance what they are already doing.

Also Read: How small businesses can boost brand visibility via videos and messaging

Prior to AI automation, messaging via chatbots had to be manually created by typing in answers to commonly asked questions – which can be laborious and time-consuming. Now, with the power of AI, Meta Business Messaging is capable of delivering relevant chat with automated question-and-answer flows that feel natural and could significantly enhance your customer service experience. 

Additionally, the investments we are making in AI modelling are helping us improve ad formats like Lead Ads and ads that Click to Message. In fact, 40 per cent of our advertisers globally are already using Click to Message ads format, and within Southeast Asia (SEA), more than 90 per cent of advertisers in Singapore and Vietnam use Click to Message ads.

One such example is Vua Nem, a leading mattress and bedding retailer in Vietnam. Vua Nem wanted to attract more people with high purchase intent for its premium mattress products during its year-end sales promotion. They introduced a new campaign of ads that click to Messenger and set up an automated Messenger experience that offered people a unique promotion code when they messaged the business. The company saw a 54 per cent increase in new messaging connections and three times higher reach from ads that click to Messenger with an automated offer compared to usual ads that click to Messenger.

Additionally, in countries where WhatsApp is the main form of communication, ads that click to WhatsApp are making it even easier to start conversations. Take, for example, Anker Indonesia, a leading seller of portable charging technology and audio products. The company wanted to turn up the frequency of its digital marketing efforts to expand its reach beyond email or SMS campaigns.

They decided to develop a one-week campaign using WhatsApp to inform customers about a new flash sale on headphones. The open rates for messages in WhatsApp reached over 63 per cent, add-to-cart rates reached over 27 per cent, and the team saw a high 6.65 per cent sales conversion rate in one week (i.e., a significant number of customers opening messages through WhatsApp went on to purchase headphones).

How businesses can take their messaging strategies to the next level

To further accelerate their business growth, businesses need to focus on driving better ROI while making sure they are meeting consumer demand for richer brand engagement experiences.

At Meta, we are committed not only to enabling businesses of all sizes with our technologies and providing capabilities for accelerated reach but also to creating more personalised brand engagement experiences for consumers.

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In today’s fast-paced digital landscape, it is crucial to approach the development and management of software with a product-centric mindset. While many organisations still treat digital initiatives as short-term projects, this approach often fails to address the unique challenges and requirements of digital products.

To achieve long-term success, it is essential to shift our thinking and treat digital products as products rather than projects.

In this article, we will explore why the project-centric approach falls short and discuss the key differences between project-centric and product-centric mindsets. We will also provide actionable advice on how to make this mindset shift and build better software products.

Why the project-centric approach falls short

The project-centric approach to digital initiatives often focuses on predefined requirements, fixed timelines, and rigid deliverables. While this approach might work for traditional projects, it fails to address the dynamic nature of digital products. Digital products require continuous iteration, adaptation, and improvement to remain competitive and meet evolving user needs.

The post How to embrace a product mindset for digital success appeared first on e27.

At e27, we foster the growth of visionary minds and offer a platform for exceptional individuals to share their expertise and unique perspectives. Our Contributor Programme serves as a gateway for passionate voices to join the dynamic dialogue on entrepreneurship, technology, and innovation.

Did you know about e27 Voices? It’s our prestigious annual Hall of Fame that recognises the top 50 contributors to our platform. Each year, we honour thought leaders from both the startup and corporate worlds who have shared their invaluable insights, experiences, and expertise. If you’re interested in learning more about these exceptional contributors and the wealth of knowledge they’ve brought to our platform, feel free to check out e27 Voices!

If you happened to miss our previous announcement, we would like to remind you that we are actively seeking your insights and feedback to further enhance our contributor platform. Your opinions are invaluable to us, and we welcome any input you might have here.

Join us for our weekly presentation of carefully curated articles sourced from our esteemed Contributor Programme. From emerging trends to industry insights and groundbreaking ideas, these articles promise to broaden your horizons and stimulate your curiosity.

The growth of business messaging: How it’s improving business performance in Southeast Asia

“Today, people want to engage with businesses not just face-to-face or over the phone, either via email and online, but also in their favourite messaging apps, with 50 per cent of customers saying that experience is more important to them now compared to a year ago. Additionally, seven out of 10 consumers report feeling closer to businesses they can message. Business messaging brings businesses and people closer together – allowing people to have one-on-one personalised connections with businesses while helping businesses get the most out of their valuable conversations and drive business performance.”

Meta’s Vice President, Southeast Asia and Emerging Markets, Ben Joe’s article, delves into the remarkable rise of business messaging and its transformative effects on business performance across Southeast Asia. It explores the widespread adoption of this communication trend and its role in streamlining operations, improving customer engagement, and driving overall business success. The piece discusses the key strategies and tools employed by companies to leverage business messaging effectively.

How to embrace a product mindset for digital success

“By embracing a product-centric mindset and adopting continuous iteration, user-centricity, cross-functional collaboration, outcome-oriented metrics, and an agile approach, organisations can unlock the true potential of their digital products.”

Marketing expert at Morphosis and Seven Peaks Software, Sissada Siripongsaroj’s article offers valuable insights into the importance of adopting a product mindset in the digital realm. It emphasizes the need for businesses to prioritise customer-centric approaches and product-focused strategies to drive digital success. By understanding customer needs, iterating continuously, and fostering a culture of innovation, organisations can enhance their digital offerings and stay competitive in today’s ever-evolving market.

Exit thinking: One key mindset change to gear up and scale

“Having the exit in mind means that you now have a way to define what you want to achieve and to anticipate whatever strategic steps will need to be taken along the way.”

Business Coach and Co-Founder of Impactified, Antoine Martin’s article introduces the concept of “exit thinking” as a crucial mindset change for businesses aiming to scale and succeed. Adopting this mindset, entrepreneurs and startup founders can make informed decisions, align their goals with potential exit opportunities, and attract investors.

Also Read: Contributor corner: e27’s weekly roundup of the industry insights

How express delivery services can become a key differentiator for e-commerce businesses

“Express delivery services today are no longer a bonus feature but an expectation. This means that in order to meet customer expectations, a reliable logistics partner is crucial for optimising current processes and reducing operating costs.”

General Manager of Southeast Asia, Cainiao Group, Ricky Xue’s article talks about the vital role of fast and efficient delivery services in setting e-commerce businesses apart from their competitors. Examining successful case studies and industry trends, the article reveals how businesses can strategically implement express delivery services to enhance their value proposition, increase customer retention, and ultimately achieve a competitive edge in the fast-paced e-commerce landscape.

The GEAR: A new accelerator programme for early-stage startups in the built environment sector

“The future of work and life is brimming with innovation, and it will radically transform human experiences in the way we live and work through interactions with new technologies. While we all may have a different view on how the future of living and working looks Kajima Development, a wholly owned subsidiary of Kajima Corporation, aims to take on a mission to shape this future.”

Marketing and Ecosystem Lead at Rainmaking APAC, Isabel Ng, delves into the thriving ecosystem of a prominent environment innovation hub in Asia. It showcases how Kajima Development’s The GEAR fosters and accelerates the growth of startups in the construction and built environment sectors.

How to boost your pitch deck engagement with investors in 2023

“With our global experience aiding early startups and unicorns in their fundraising efforts, we have accumulated a list of fresh and increasingly more effective practices to captivate investor attention. Many disrupt the longstanding conventions of how pitch decks should be created, partly explaining their particular effectiveness in the current climate.”

Partner at Waveup, Olena Petrosyuk’s article offers valuable tips and strategies for entrepreneurs seeking to enhance their pitch deck presentations to investors. By incorporating compelling storytelling, impactful visuals, and data-driven insights, entrepreneurs can create pitch decks that stand out and leave a lasting impression on investors.

Embracing workplace flexibility: The new era begins

“Work becomes more fulfilling when employees can make decisions about their work, take ownership, and excel in their roles. This is achieved by setting goals and objectives with autonomy and empowering workers to do what is best for the customer.”

CEO of FlexOS, Daan van Rossum’s article explores the growing trend of workplace flexibility and its impact on modern organisations, delving into the changing dynamics of work arrangements, where remote work and flexible schedules are becoming increasingly prevalent.

Are you ready for Asia Pacific’s first AI-driven mega sales season?

“Shoppers, especially the younger generation, agree that planning ahead financially for the holiday season is more important than ever. Mega Sales Days (MSDs) are acting as catalysts, with their promise of delivering good bargains, entertainment and cultural relevance.”

Vice President of Asia Pacific for Meta, Dan Neary’s article explores how AI technology is revolutionising the way businesses approach sales and customer engagement during this significant season. By providing insights into the preparations and opportunities available for businesses, it aims to help companies gear up for this groundbreaking AI-driven mega sales season in the dynamic Asia Pacific market.

Also Read: Contributor corner: Weekly round-up of e27’s latest insights and perspectives

Financial literacy in Southeast Asia is set to match industry growth

“The future of the macro-regional financial ecosystem is closely connected with financially literate consumers, and the main focus for market development remains transparency, humanity and long-term relationships between customers and fintech businesses.”

Chief Executive Officer at Robocash Group, Natalya Ischenko’s article, sheds light on the increasing focus on financial literacy in the Southeast Asian region. It explores how the industry’s growth is accompanied by efforts to improve financial knowledge and awareness among individuals and businesses. Examining the positive correlation between financial literacy and industry growth, the article emphasizes the importance of empowering individuals with financial knowledge to foster economic development in Southeast Asia.

Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

“A single data breach can cost a startup millions of dollars in lost revenue, damaged reputation, and legal fees. While some of these can be recuperated through cyber insurance, the reputational damage can be irreversible, especially for startups trying to establish their reputation and presence in a nascent market.”

Vice President of International Marketing at LogRhythm, Joanne Wong’s article highlights the critical importance of cybersecurity for startups during their scaling phase. It emphasizes that as businesses grow, they become more susceptible to cyber threats and attacks.

How to enhance credit decision-making with technology

“Modern lending stands on speed, precision, and minimal friction. However, a lender’s core strength lies in constantly fine-tuning its underwriting models. Upgrading to automated transaction analysis is a sure-shot way to optimise and scale a credit product.”

Co-Founder & CEO of FinBox, Rajat Deshpande’s article, delves into the transformative role of technology in improving credit assessment processes. It explores the innovative tools and solutions that financial institutions can leverage to make more accurate and efficient credit decisions. Embracing technology such as AI, data analytics, and machine learning, lenders can gain deeper insights into borrowers’ creditworthiness, reduce risks, and streamline the overall credit evaluation process.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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