SOURCE: Bold Software

Bold Software Releases Industry¿s First Live Chat Benchmark Report

October 28, 2009 09:00 ET

Bold Software Releases Industry's First Live Chat Benchmark Report

Culled From Tens of Millions of Chat Records, Findings Offer Statistically Valid Live Chat Road Map

WICHITA, KS--(Marketwire - October 28, 2009) - Bold Software, makers of BoldChat, today announced the release of "Live Chat Performance Benchmarks," a comprehensive report based on data from one of the largest live chat communities in existence. By examining tens of millions of chat records, hundreds of millions of website visit records and billions of unique page URL recorded visits, Bold Software is able to share seven critical benchmarks businesses can use to gauge the impact of their live chat implementation. The report shows, for example, that website visitors who engage in live chat are four times more likely to purchase versus visitors who do not participate in a live chat.

"This research ties directly to our belief that despite technological advancement, automation and analytics, it is human contact that drives business success," said Bold Software President and CEO Steve Castro-Miller. "These findings -- as with all of our other research efforts -- underscore the fact that every commercial website benefits greatly from having at least one direct communication technology such as live chat software available to its visitors."

Live Chat Benchmark Genesis

After completing a comprehensive research report polling Internet shoppers on the effectiveness of live chat software, Bold Software began fielding requests from media, analysts and customers who wanted data from the vantage point of Internet retailers, e-service providers, and other website owners who use live chat software for sales and services engagements.

Because Bold Software offers its products through a hosted software-as-a-service model, the company has easy access to the aggregated data of its customer base. This large volume of real-world data has enabled Bold Software to extract the findings included in the research report, offer benchmarks for a wide variety of live chat operational practices, expose the differences affecting key live chat issues, and test the statistical causality of live chat operational best practices.

Live Chat Benchmark Conclusions

In addition to the over 20 key live chat statistics and benchmarks, Bold Software found five quantitatively supported conclusions. They are:

--  Live Chat Increases Sales - for the average website, adding live chat
    will increase conversions. The combination of chat engagement and the
    increased likelihood of chatters to convert indicates that conversions
    would increase by between ~4% and 86%. The use of proactive chat could
    drive the conversion uplift even higher.
--  More Buttons Equal More Chats - The data clearly shows that as the
    number of distinct URLs with chat buttons increases, so too do the number
    of chats initiated. After five distinct web pages, there is a more gradual
    slope reflecting the law of diminishing returns. Because the cost of adding
    chat buttons on additional  pages of a site is inconsequential, the data
    indicates that website owners should place a button on every page  to
    maximize engagements.
--  Proactive Chat is a Science - Several data points from the effort have
    revealed an underlying system that Internet retailers and other e-
    businesses can utilize in order to maximize proactive chat implementations.
    Users can expect anywhere from 1% to 22% of visitors to accept invites,
    with the average being 6%. Intentioned experimentation with timing, page
    views, and invite types, website owners can take control over this very
    important aspect of live chat.
--  Missed Opportunities Are Controllable - Through the implementation of
    pre-chat forms (or not), optimization of answer speed, and inclusion of
    unavailable lead capture mechanisms, Internet businesses can significantly
    change the number of engagements and follow-up opportunities created by
    live chat.
--  Chat Satisfies - Not only do chatters participate in post-chat surveys
    at an astonishing rate (79% on average), but the average score they give
    across the variables of professionalism, responsiveness, knowledge, and
    other criteria shows that these interactions are overwhelmingly positive.
    

To learn more, download the full report at: http://www.boldccm.com/Live_Chat_Performance_Benchmarks?mc=pr

About Bold Software:

Bold Software LLC, is a leading provider of world-class web communication tools designed to help businesses improve online support and increase sales. Using Bold Software's live chat, click-to-call, email management, and active co-browsing tools, businesses can quickly and effectively engage visitors on their website. Bold Software sells a wide variety of competitively priced products under the BoldChat, BoldCall, and BoldCCM brand names. Businesses of all sizes -- from small proprietorships to large ecommerce enterprises -- can provide more intelligent online customer interactions and close more sales using Bold Software solutions. The company is headquartered in Wichita, KS, with thousands of customers around the world including 3M, American Cancer Society, Corel, Dean & DeLuca, and ViewSonic. For more information about Bold Software, go to www.BoldSoft.com or call 1-866-753-9933.

Contact Information