HubSpot_and_Motion_AI.pptx.pdf
- 1. HubSpot and Motion AI: Chatbot- Enabled CRM Akanksha Jaiswal Sahil Jangam
- 5. Market for Chatbots chatbots by 2020; 47.62% firms already use chatbots for CRM; 33.93% marketers use chat- bots to communicate with consumers ; 18.45% chatbots by 2020 firms already use chatbots for CRM marketers use chatbots to communicate with consumers -Market for chatbots was estimated to be 1$ billion and was estimated to nearly double by 2020. -Among companies AI, most common use cases were: Customer service : 39% Marketing & sales : 35% Managing non customer external relations : 28% -Chatbots were reported to save business by $20 million per year -Chatbots were less sophisticated and tended to specialize in executing simple tasks unlike virtual assistants.
- 6. Chatbots and CRM “It’s impossible to ignore the impact of chat and messaging, not just on the way B2B companies operate, but on society as a whole. We’re in the midst of a massive shift as businesses embrace this new platform and consumers come to expect more immediate, always-on communication from brands.”……….Hubspot’s CEO Brian Halligan Research would be convenient, purchases streamlined, and service personalized. Tech Crunch reported that 9 out of 10 consumers wanted to use messaging to interact with companies. Because chatbots were deployed within messaging app platforms, such as Facebook Messenger, WhatsApp, and WeChat, customers could speak with a
- 7. Chatbot usage for B2B and B2C customer B2 C B2 B Rapid adoption: -simple and straightforward customer queries -relatively lesser per customer value -transactional nature of customer relationship -Higher volumes of customer interactons Slower Adoption: -complex customer queries which require human intervention. -High value and demanding customers -Relationship is often strategic
- 8. Delivering a Human Touch via Artificial Intelligence A Preference for Humans? Chatbots being able to handle a larger volume of human clients across a shorter period of time than a human team would be able to do. conduct a customer support interaction from beginning to end and providing the customer with a working solution that eliminates the need for human interaction entirely. “Chat is good when powered by humans. Chat is awesome when powered by AI” Being able to reach out to prospects that might not be considered cost and time efficient to reach out to by humans and turn those prospects into customers.
- 10. 1) What are the shortcomings of Chatbots over conventional website chat and human contact center customer service? Lack human touch: Chatbots can sometimes come off as very transactional in their responses and lack conversational flow. While this can, to some extent, be remedied by good conversational UX, it may still lack a human quality. Chatbots quite reactive and dumb Uncanny valley situation Bots require expertise: While there are many ‘build your own chatbots’ available, these are very rudimentary flow diagram models that do not have the sophistication required to replicate human conversation (at times due to ambiguity of language) . Struggle handling complex problem solving (specially B2B segment). Source : https://spectrum.ieee.org/automaton/robotics/humanoids/what-is-the-uncanny-valley
- 11. Botched Bots The statistics mentioned in the case study that point out that “chatbots failed to serve customer needs 70% of the time” and that “only 12% of bot interactions in the health care sector were completed without the need to pass off the customer to a human operator” are very representative of the difficulties and obstacles encountered by the use of chatbot technology. Some of the problems with using chatbots is their difficulty in perceiving tone, meaning, or
- 12. 2) Suggest ways in which human touch could be enhanced for chatbots. Possible solutions: Keep Feeding Chatbots With New Information ( to Chatbots Augmenting Live Agents too). Big data analytics into consideration. Make Chatbots More Empathetic Use Natural Language Processing (NLP) to Make Chatbots Seem Friendlier Use Interaction Analytics to Make Chatbots More Conversational Put an Escalation Path in Place (to a human advisor)
- 13. 3. Discuss the roles, effectivenes s and limitation of chatbots in various stages of the sales process . Action Sometimes with smaller purchases, though, customers can make a purchase directly through the bot. The sales team will use data collected through chatbots, to introduce their strategy for the current customer. Desire Bots may provide leads with information to help them make a purchase decision. Based on the info the bots gather, they’ll typically send the lead through to a human salesperson at some point during this stage. Interest Chatbots can handle many of the preliminary questions, at least the most commonly asked ones. Chatbots can also help to pique interest in additional products and services. Awareness Bots establish relationship by initiating a conversation, causing the visitor to engage with the brand. Typically, the bot will wait a short while and then pop up and ask them a basic question.
- 14. 4. Critically evaluate the lessons Dharmesh learnt about how bots need to be constructed to make people switch from familiarity of search to interface of chatbots Roles that Chatbot plays in HubSpot’s own business Taking inquiries from customers Assisting salespeople in gathering information Providing convenient customer service Growthbot – Intuitive , conversational interface that allowed users to answer questions by querying internal and external databases Lessons Onboarding process has to be simple and example based Bot has to provide compelling reasons for the user to return UI Widgets, the suggestion boxes that bots presented could simplify the user’s experience if designed judiciously. https://www.youtube.com/watch?v=PQjd7Yboc Zo
- 15. 5. Give your assessment of contribution and effectiveness of chatbot in top, middle and bottom of sales funnel as well as post sale service processes for Hubspot.
- 16. Company’s Content had attracted attention of perspective customers Prospects needs are evaluated and they are educated Cons ultati ve demo and guida nce to figur e out how to integ rate their prod HubSpot Sales Funnel
- 17. Top of the Funnel (ToFu): Making customers aware of HubSpot’s offerings Inserting interactive chatbots early into the marketing and selling processes to interact with prospects during the crucial early stages of the buying process Using a bot with a more conversational tone in place of a landing page form could help the company garner more information. Upside of a bot is that it would be available 24/7 and wouldn’t be constrained by the availability and bandwidth of the live chat reps Scripting bots to speak with the voice of the brand Dynamically adjusting a bot’s tone to mimic the desired relational style of an individual consumer Real-time sentiment-analysis
- 18. Middle of the Funnel (MoFu): The nature of the customer interactions significantly changed throughout the marketing funnel A number of different tools were used to help prospective buyers move through the middle of the funnel without engaging too much of the company’s valuable human resources through the combination of self-service (search driven FAQ, webinars, etc.) and low cost, light-touch service (live chat, email). HubSpot’s live chat representatives could handle up to three conversations at one time via email or chat which lead to a noticeable delay in their ability to respond to each customer. The cost of a chat rep was approximately $60,000 per year. HubSpot was attracting a pool of leads where 40% were graded with scores ranging from 7 to 10, making them worthy of a salesperson’s attention.
- 19. Bottom of the Funnel (BoFu): The company was not willing to unleash its higher priced salespeople (the cost of a highly trained salesperson was approximately $120,000 per year, plus benefits) to interact with prospects in the bottom of the funnel until after it had converted visitors into leads and qualified the leads to determine on which ones it would be efficient to expend sales resources. Chat reps were often able to set up sales meetings for 12.5% of qualified leads Consultative selling process that could last up to 45 days, but which yielded a conversion rate of 20%. Many leads that HubSpot had spent money acquiring were ignored. An early test of chatbots generated a conversion rate of 10% into sales meetings for qualified leads.
- 20. Chatbots in the Post-Sale Customer Service Process As a SaaS company, customer retention was a critical part of HubSpot’s business model. Chatbots could help strengthen its customer relationships Encourage continuous usage of the software Reduce customer churn from dissatisfied customers who abandoned the product in frustration The chatbot test had generated six times the number of qualified leads than what the company had achieved using email to nurture customer relationships.
- 21. Even with phenomenal technology, we still want to ensure that there is a personal relationship between the company and its customers – David Nelson Founder and CEO MotionAI