Unlock WhatsApp’s business potential – Analysis for businesses

With over 2.7 billion monthly active users in 2023 and a constantly expanding community, WhatsApp has become an indispensable part of our daily communication. But, have you ever wondered how this application can transform your business? Is it secure? What possibilities and conversation types does it offer?

Let us answer these questions and guide you through this tool’s potential for your business needs.

The Power of WhatsApp in Numbers

Perhaps we can begin with some statistics:

• As mentioned before, WhatsApp has over 2.7 billion active users.
• 70% of that people use it every day.
• It is available in over 180 countries, supporting 60 different languages.
• WhatsApp ranks as the 8th most downloaded phone application

Those numbers are indeed quite impressive and lay a strong foundation for understanding the vast possibilities that WhatsApp offers for businesses across the globe.

Diverse Communication Options

The possibilities for using WhatsApp are diverse, ranging from texting and phone calls to video calls and group chats. Its purpose is to connect people from different places, even when they are separated by long distances. When used for business purposes, it engages the audience, boosts sales, and enhances customer service.

WhatsApp Business Solutions

Now, let’s delve into WhatsApp’s business solutions. It can be utilized by verified Meta Business Partners or integrated through official business solution providers. Notably, it’s unavailable in only six countries: China, Iran, Syria, North Korea, Cuba, and the United Arab Emirates.

They are designed for a variety of industries and sectors, providing a powerful communication tool for companies to engage their audiences. Whether you operate in retail, healthcare, finance, or any other sector, WhatsApp’s business solutions offer versatile features that can be tailored to meet specific industry needs. For example:

In essence, WhatsApp’s business solutions are adaptable and can be customized to suit the communication needs of various industries, making it a valuable tool for businesses across the spectrum.

Security First

WhatsApp places a high premium on data security. Provides security by encrypting user data, including messages, media, voice notes, documents, status updates, and calls. All that is protected by Signal encryption protocol. Importantly, only participants in a conversation and the associated business have access to the content. WhatsApp also emphasizes the verification of business partners and the approval of ads before they are visible to users.

Types of WhatsApp Business Conversations

Since June 1, 2023, there are four distinct types of WhatsApp Business conversations:

• Utility – This involves fulfilling specific, agreed-upon requests, and transactions, or informing customers about pending transactions (e.g., transaction confirmations, updates, and post-purchase notifications).
• Authentication – This encompasses user authentication through one-time passwords, potentially at multiple stages of the login process, such as account verification, account recovery, and integrity challenges.
• Marketing – Under this category, businesses can send promotions, offers, information updates, and invitations for customers to respond or take action.
• Service – This includes resolving customer queries and sending free messages initiated by the user, without relying on templates.

WhatsApp’s 24-Hour Rule and Templates

Something called the “WhatsApp 24-hour rule” allows businesses to engage with customers for 24 hours after an initial interaction started by a user (service conversation). During this timeframe, companies can send messages. Once the 24-hour window expires, further messaging is restricted, with templates being the only exception as they can be sent to users who have opted to receive them.

What are these templates? Templates are pre-built standardized messages that you can reuse for your WhatsApp campaigns. For instance, they can serve as appointment reminders or requests for authentication when users change passwords. These templates are relevant to utility, authentication, and marketing conversations.

Location-Based Feature Availability and Pricing

It’s crucial to note that feature availability in WhatsApp is location-based and depends on where company headquarters and users are located. For example, payments via Stripe are only available in Singapore, while money transfers to family and friends, as well as payments to registered companies, are limited to India and Brazil.

Now, let’s discuss pricing, which varies by region, currency, conversation type, and the number of conversations (not messages) exchanged within 24 hours. For instance, a service conversation costs 0.0161 Euros in Saudi Arabia and 0.0207 Euros in the rest of Central & Eastern Europe.

WhatsApp offers 1,000 free service conversations per month, so a large number of companies do not incur additional costs.

Enhancing WhatsApp with Integration

To enhance your capabilities on WhatsApp, our platform is designed to seamlessly integrate with a diverse array of tools and platforms, including robust CRM systems. Whether you’re using WhatsApp or any other communication platform, our solution is prepared to accommodate various formats. The management and editing process is user-friendly, making it easy for you to handle your communication needs efficiently. 

Furthermore, our platform supports integrations with ease, allowing you to connect seamlessly with other essential tools. Comprehensive statistics are readily available, providing valuable insights into customer interactions and enabling data-driven decision-making. Stay informed about API updates, as they continually expand the possibilities for integration and automation. WhatsApp’s evolving API capabilities, combined with our versatile platform, empower businesses with innovative ways to engage with their customers and consolidate these interactions into a centralized hub.

Why Choose WhatsApp for Your Business?

As I mentioned earlier, WhatsApp is available to almost anyone. This makes it an amazing tool for companies, as they can reach customers directly on the platform they already use to communicate, making it easier to engage them. In addition, WhatsApp is also cost-effective compared to traditional customer service channels. It can significantly reduce operating costs while maintaining or improving customer satisfaction.

How WhatsApp Chatbots Can Benefit Your Business?

The possibilities for using this communication application in your business are numerous, depending on the industry you operate in. Below are some ideas for utilizing chatbots in WhatsApp, demonstrating the solutions that we, at KODA, can implement on our platform:

• Customer Support – Implement a responsive chatbot on WhatsApp to address customer inquiries, troubleshoot issues, and guide users through problem-solving steps.
• Order Processing – Enable users to place orders, track shipments, or inquire about product availability through a streamlined chatbot, providing a convenient way for customers to interact with your business.
• Appointment Scheduling – Allow users to schedule appointments, consultations, or services through the WhatsApp chatbot, enhancing overall customer experience with reminders and confirmations.
• Information Retrieval – Develop a chatbot capable of retrieving specific information for users, such as product details, account balances, or history, saving time and providing instant access to relevant information.
• Survey and Feedback Collection – Utilize a chatbot to conduct surveys and collect feedback, gathering valuable insights to measure customer satisfaction and identify areas for improvement.
• Educational Content Delivery – Deliver engaging educational content or training materials through the chatbot, providing users with product tutorials, onboarding information, or industry-related insights.
• Lead Generation – Implement a chatbot to qualify leads, gather initial information from potential customers, and seamlessly transfer qualified leads to your sales team.
• Event Notifications and Reminders – Keep users informed about upcoming events, promotions, or product launches with timely notifications and reminders, creating anticipation and engagement.

As demonstrated, the potential applications of WhatsApp chatbots for your business are diverse and virtually limitless!

Is it worth the investment?

The proof of WhatsApp’s effectiveness is evident in the success stories on the official WhatsApp Business website. Take Bank Mandari, for instance, which reported a 42% increase in net margin interest income and a 56% growth in credit card applicants responding to verification notifications. WhatsApp emerged as the number one channel for conversations, contributing to 37% of all conversions, surpassing SMS, telesales, call centers, websites, and mobile apps.

Conclusion

We encourage you to explore more of these inspiring success stories and discover the benefits that businesses are gaining through WhatsApp Business. It’s evident that WhatsApp has the potential to transform your business as well.

In conclusion, WhatsApp is not just a messaging app; it’s a powerful tool for businesses to enhance customer communication, engagement, and overall efficiency. With its widespread user base, security features, and diverse communication options, it has the potential to transform the way you interact with your customers and clients.

By exploring real-world examples and success stories, you can see that businesses across various industries are reaping the benefits of WhatsApp Business. Its versatility and cost-effectiveness make it a compelling choice for businesses of all sizes.