HYPERLAB, a Southeast Asian artificial intelligence (AI) firm based out of Kuala Lumpur, has launched Insho Cast, a high volume AI-powered banner format to clients in Asia.
“It’s about changing mindsets. Publishers and marketers can now look at advertising spaces as retail spaces, where real customer interaction and even sales can directly take place on third party websites,” Chris Greenough, chief marketing officer at HYPERLAB said.
The platform was launched in July, serving ads on DoubleClick and partner Ad Networks. The banners comply with IAB standards and require much less bandwidth than standard banner ads, capable of having more than 500 million conversations per day.
“In our last few campaigns, we were able to achieve 10-15X times better performance versus standard banner ads. Most recently, we were able to reduce cost per acquisition for an e-commerce brand by 17%. Why we can be so effective is because we can create a very dynamic and human experience. Lead forms and product discovery become a conversation and take place in that first moment of truth,” Greenough added.
Already, marketers fight low click through rates (CTR) and high bounce rates, normally delivered from standard banner ads. The industry CTR for standard banners is 0.1% and bounce rates for traffic driven by display advertising is often higher than 70%, said HYPERLAB.
“Because we track conversational history, we can adapt and optimise the chatbot during the campaign period, improving performance and the experience without any disruption in impressions. In another campaign for a prominent property client, the chatbot helped close more than RM4.5 million in sales, this time in partnership with a human sales agent,” the company said.
HYPERLAB has built the platform to work hand-in-hand with programmatic display advertising. The technology to display the right ad to the right audience exists, but now that audience can engage in a conversation with a brand without needing to leave. “We feel that we can show an immediate lift on campaign performance with these use cases that are focused on improving an advertisers bottom line,” Greenough added.
With 86% of CMO’s reportedly planning to invest in AI and machine learning in the near term (according to Retail Dive), HYPERLAB said is developing products and services beyond Insho Cast that sit on top of its industry leading conversational AI platform. Specialising in Southeast Asian languages, its client list include regional banks, telcos and retailers.