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Unprepared Ep 50 - How to Get a 15 to 35% Lift in Revenue With a Chatbot with Greg Ahern

Timestamps:

  • [00:00] - Sponsor: Rewind
  • [00:40] - Intro
  • [01:05] - Types of chatbots
  • [01:50] - What are lead bots?
  • [02:48] - What Ecommerce chatbots do
  • [03:49] - How chatbots help your Ecommerce site
  • [05:31] - Most asked questions to chatbots
  • [05:55] - How chatbots use the data
  • [07:10] - Chatbot costs
  • [07:39] - Training the chatbots
  • [08:30] - About the support bots
  • [10:20] - The Ometrics chatbot course
  • [11:29] - Where to find Greg

Resources:

Key Points:

  • Ochatbot helps brands increase their sales, business leads, and reduce support. 
  • Ometrics provides conversion rate optimization tools and consulting services. 
  • Ometrics offers a free plan and has a 9-video series course on how to build a chatbot, lead bot, ecommerce bot, training the AI, and more.
  • There are two main types of chatbots: conversational AI chatbots and transactional chatbots
  • Conversational are smart speakers like Google Alexa and Siri while transactional chatbots are Ecommerce chatbots, lead bots and support bots. 
  • Conversational AI has a broad knowledge base where they take a lot of data.
  • Transactional chatbots are more specific. If it's only working about socks, its knowledge will be limited to socks. 
  • Lead bots are often used by B2B or B2C offices like dentists, roofers, and others that want to qualify people or get a lead. It can be used in filling out a form or setting an appointment.
  • Lead bots don't have much AI and can't answer a lot of questions. But it can increase the lead quality since it asks specific questions at the right point of the sales journey, thereby filtering the people who actually need the service. 
  • The average increase for a lead bot is 5-15%. Depending on your offer, it can reach around 45%.
  • Ecommerce chatbots have a lift of 15-35% when the customer engages with the chatbots. This does not include the abandoned cart which can range from a 10-40% increase in revenue. 
  • Ometrics have 80 different bot industry lead chatbots set up where brands just need to plug and go. They can also be customized so you can add specific questions you want. 
  • Ecommerce chatbots are much more complex. They have AI in them that can detect if a person's upset and may jump from conversation to conversation like a human. 
  • Ecommerce chatbots help customers find what they need quicker, especially when the navigations on websites can be complex. It can upsell and cross-sell by what they're looking at or from cart abandonment without gathering an email address.
  • Bots can connect to any Ecommerce system you have so it can pull the data from the database and present it inside the chat window or switch to live chat if needed.
  • You can DIY a chatbot or get it for free and it can cost around 100 dollars which may increase depending on the number of traffic and SKUs you have. 
  • If you want someone to train and take care of the chatbot, it can cost around 495 dollars
  • Training the chatbot is basically training the AI. For instance, if a bot doesn't know how to answer a question or if a question is typed in a different way, it will refer the customer to live chat.
  • Over time, the bot can become smarter and smarter because the questions become answered a lot of times. 
  • Support chatbots are simpler and it usually answers FAQ questions. Ometrics take the data from the ticketing system and puts it in there and it connects to your ticketing system or whatever support system you have and track your things. 
  • The goal of the support chatbot is to answer the low to medium type questions so customers can get their answers quickly.
  • This way, support people can focus on complex questions and don’t have to answer the same questions repeatedly. 

    Transcript:

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    Chase Clymer

    Hey everybody, welcome back to another episode of Unprepared. I'm your host, Chase Clymer. 

    And on take two, we're gonna talk about chatbots with my good friend Greg from Ometrics and Ochatbot. How are you doing today?

    Greg Ahern  

    I'm doing very well. How are you today?

    Chase Clymer  

    I'm doing great. I am learning twice as much about chatbots as everybody else on this episode.

    Greg Ahern  

    Yep. Okay, so I want to start off with defining what a chatbot is, and the different types of chatbots, there's a lot of misunderstandings. 

    There are basically two types of chatbots. There are conversational AI chatbots - that's the artificial intelligence, and then transactional. So conversational is, you know, smart speakers, Google Alexa, Siri, and then the transactional are Ecommerce chatbots, lead bots, and support bots. 

    So as conversational AI, you have a broad knowledge base. They take a lot of data and only a few companies and countries in the world can do this. Transactional is very focused on specific tasks that they're working on. You know, if you have an Ecommerce site that sells socks, it's only going to know about socks, it's not going to know about the weather. 

    With lead bots, lead bots are really for B2B and B2C, whether you have a dentist office or your roofer or your ad agency and you want people to, want to qualify people and get a lead could be filling out a form [or] setting an appointment. 

    So lead bots. It's very simple. They don't have much AI. They can answer a lot of other questions, in other words. But they increase the quality because they ask specific questions which can ferret out the type of people you don't want to bother with. 

    They engage easily with people, and they ask the questions during the right point of a sales journey. The average increase for a lead bot is 5 to 15%. Unless you have a really good offer, then it can be higher. 

    And if you're using our landing page, it can also work very well. The highest we've ever seen is around 45% lift. But again, it really depends on the offer. 

    Ecommerce chatbots have a lift of 15 to 35% when the customer engages with the chatbot, and that doesn't include the abandoned cart which can range anywhere from a 10 to 40% increase in revenue.

    Chase Clymer  

    What industry was that in?

    Greg Ahern  

    That was...they were offering, it was a free course and their whole thing was free. That's why.

    Chase Clymer  

    Yeah, I feel like that's a pretty good opt-in there is giving someone something of value.

    Greg Ahern  

    Yeah, when you have no obstacles, you know, they didn't even ask for an email address, it was that kind of thing. So it was gathered later in the funnel. So they're really inexpensive. They're free to, you know, $35 a month. 

    We have 80 different industries, bots already set up, you just plug and go. I mean, it takes two seconds to set them up, maybe 30 seconds. Really that fast, and you're up and running. They can also be customized. So you can ask more specific questions, too. So those are lead bots. 

    Ecommerce bots are much more complex. They have AI in them that can detect if that person's upset. They can jump from conversation to conversation like you normally would. 

    And the way to think about Ecommerce chatbots is if you had a physical store, and someone came into your store, a customer, and ask the salesperson, you know "I like to buy a shirt". And then the salesperson is gonna say, "Well, is it a wool shirt or is that a plaid shirt or a cotton shirt." And in this conversation, then the salesperson can walk over to an area where there's 1000s of shirts and pick out the exact shirt the customer is looking for. That's what the chatbot does. 

    So, you know, the way websites have been built for so long is archaic, especially when they're very big. Because the navigation is so complex, people miss out on finding stuff. And so this gets rid of that whole process of trying to find something and immediately gets exactly what the customer is looking for. 

    It can also upsell and cross-sell by what they're looking at. It's also really good at complex products.

    So if you're selling a product that people have a lot of questions about, you know, let's say if it's software and you want to know is going to work on this type of OS or if it's a tool is it going to work on this particular, not on my engine or whatever it is?

    All those kinds of questions you can answer right away. And then the person set and make a purchase. 

    I talked about upselling and cross-selling. It also does the abandoned cart without gathering email addresses. So many systems, you have to actually put your email in before you can have the abandoned cart start working. This works without that. Handles all support type questions, which we'll go into in a minute later. 

    The most common one is the "where's my order?" People always wonder where their order is after it was shipped. This is the most common thing we see across all the bots it's being asked. 

    And so the bots do order status, and basically looking at was the product built yet, and then has it been shipped. So it can do both those pieces, order tracking and order status. 

    The bots connect to any type of Ecommerce system you have. So it can pull the data from the database presented inside the chat window, and have video and images. It can be searched and presented in certain ways. 

    So that you'd have let's say your most profitable products will show first in the search results or however you want to set that up. And then you can add to the cart directly from there or go to the product page to get more information. In the support piece, it can nest switch to live chat if they need to. 

    The most interesting thing we see in both Ecommerce carts is the insights we get. Because we're tracking all those conversations that always happening, we can then do an analysis of that data and find out marketing questions, marketing insights, strategy, [and] product. 

    So if someone, for example, a competitor comes out with a new product, and someone comes to the site and ask the question, then the bot will have that information. And we realize, oh, there's someone else with a product name like this that we need to start talking about. 

    Well, if everyone's asking a question, and it's something obvious to the owner of the site, they can say, geez, maybe we should have this on the homepage because everyone's always asking about. It's becoming a hot item. You know, that kind of information you can get from the chatbots. 

    And chatbots costs for Ecommerce, you have to do it yourself, you can do it for free. But in general, about $100 a month if you're doing it yourself, it costs a little more depending on the number of traffic you have and the amount of SKUs. 

    If you want someone to take care of it and build it and train it, then it starts around 495 a month. So those are the Ecommerce bots.

    Chase Clymer  

    And then just to clarify what training the bot is.

    Greg Ahern  

    So training the bot is basically train the AI. So when a question comes in the bot doesn't know how to answer or maybe it was typed differently, then it hits what we call fallback. 

    And a fallback is kind of a gentle way to say, gee, I'm sorry, I don't understand what you mean. Can you say that way? Or would you like to talk to a live chat? 

    We see those look at them every day. And then fix that question or talk to the client and ask how do you want to respond to this particular question about a warranty issue or whatever that is.

    And over time, the bot gets smarter and smarter and smarter because as all these questions being answered, and then we never run into this problem twice, right? Because it's fixed right away. 

    So if you're going to do it yourself, you need to be training your bot all the time. Otherwise, we can take care of it for you. That's the difference between a do it yourself and a proclaim. 

    Chase Clymer  

    Awesome.

    Greg Ahern  

    The last time a bot is a support bot. So a support bot is a simpler bot than an Ecommerce bot. It answers all your FAQ questions. We take all the data from your ticketing system and put it in there. It connects to your ticketing system or your CRM or whatever type of support system you're using. 

    And that can track all that stuff that way. Most people think, oh, if I get a support bot, I can get rid of all my support people, which isn't true. The goal of the support bot is to answer those low and medium-level type questions that happen over and over again.

    So that the customer gets the answer right away, which because that's good, because they don't want to wait 30 seconds or a minute for live chat, and then type and type to get it to work right. So they're happy. 

    And then the support people don't have to answer the same question over and over and over again, 24/7. The more complex questions, they still go to support. So those questions that really need to be answered by human or complex problems. Those are still answered you need support. 

    People are happier because they're dealing with questions that are more stimulating intellectually, and then your customers are happy because the simple ones that being answered and the ones that you really need to talk to, they talk to somebody.

    Chase Clymer  

    Yeah, that's pretty cool. Takes your tickets down is another way to think about it.

    Greg Ahern  

    Exactly. And it can drop. I mean, we've had some clients and we're like, gee, you know, we're seeing this much lift in your revenue. We thought we'd see more and they're like Are you kidding me? I'm getting 100 less calls a day. They're ecstatic. It's like, well. 

    Chase Clymer  

    Yeah, that sounds great.

    Greg Ahern  

    So every call every company has their own goal and what they want that bot to do. It's not always sales, it could be just reducing overwork, you know, the workload of the company.

    Chase Clymer  

    Yeah, which is directly tied to profits. 

    Greg Ahern  

    Yes. 

    Chase Clymer  

    Awesome. I know that for all of these types of products, you guys offer a free plan. And not only that, you have a course. Can you tell us a little bit more about that? 

    Greg Ahern  

    Sure. Yeah. So we have a course it's a nine, video series, nine-lesson course, on how to build a chatbot from how to build the lead bot, Ecommerce bot, reporting, how you build or train the AI, all that stuff. 

    So that's ometrics.com/chatbotcourse. If you just go to Ometrics or Ochatbot, you'll see a link there to take the course. It's free, of course. Yeah, that's one way of learning and understanding if you want to do this yourself, or if you want someone else to do it, and what it really encompasses. 

    And of course, we provide free support. So we can always help you out that way too. So But gaining an understanding of everything and how detailed you need to be or not be is important. That's what the course does.

    Chase Clymer  

    Yeah, I think that understanding what you're getting into is definitely the first step of being able to outsource it or have someone else do it for you. So yeah, if I'm interested in this, I want to know more I want to get a hold of you What should I do?

    Greg Ahern  

    Just go to ometrics.com or ochatbot.com. You can always connect to the company at support@ometrics com that will flag a ticket and come to me. If you want to get to me, personally directly just greg@ometrics.com.

    Chase Clymer

    Thank you so much for coming on.

    Greg Ahern

    Thank you. It's been a pleasure.