AI will get plenty of deserved attention this year and probably the entire decade about revolutionizing how we do most things. Rightfully so. But its greatest impact may be in the things we don’t want to do – the tasks we find annoying, uncomfortable or downright awkward.
EchoX has only been around since September and its impact is already being felt. They are becoming a go-to tool in a potentially multi trillion dollar sales market across industries. Their AI calling tool can do 160 hours worth of sales calling in one hour.
But, here’s the main problem they’re solving. It’s the 60-20-17-3 concept. In this concept;
● 60% of buyers don’t know that you, your business, or your product/service exists.
● 20% know about it, but it’s just not a priority for them right now.
● 17% are in discovery mode – researching you and your competition.
● Only 3% are actually ready to buy now.
They’ve figured out how to eliminate this top 80% with AIi calling, and automated text/emails with systematized nurture campaigns. Their sales team, and their clients sales teams now only meet with the 3% who are ready to make a buying decision. By eliminating awkward cold calls and follow-ups, narrowing in on productive meetings only and adding sales data to close faster they are making the whole process work seamlessly.
The phone call isn’t dead. Sure, people would rather text than call personally but conversation rates on a cold text don’t work. Emails get screened. Calls still work when it comes to identifying and connecting with prospects. The AI is programmed to build awareness, ask a few questions, prospect, hold the buyers hand during discovery, qualify, and set up a meeting. From there it’s all human-to-human deal closing and selling the product. Now you are only meeting with the 3% of your prospects who are actually ready to buy now.
But it’s the intermediary step where EchoX can narrow down the right prospects, call them, get initial buy-in and streamline the process. Like any successful tool it’s designed to save time, create efficiency and maximize the potential of the business. There’s a lot you can do when you’re saving 99% of the time. It’s also low impact.
Conversational AI right now is behind when it comes to opinions. Type something into GPT-4 or almost any generative AI and you’ll get something that considers both sides and stays generally down the middle. It’s great at writing a six episode arc of Law & Order: SVU but it can’t troubleshoot for you or help you make hard choices. This makes it inconvenient as customer support. The average person that engages with conversational AI for tech support might get even more frustrated. Although to be fair no one likes tech support.
That’s the subtle brilliance behind EchoX. Everyone was looking at conversational AI wrong. And almost no one was looking at sales calls. They took a thing most people aren’t thinking about but is still valid. They assessed that AI is better at guiding than troubleshooting. They applied their AI knowledge from other startups they had worked on previously and tackled what will potentially be the most used and needed service.
If one thing is universal, no one likes cold calling. Yet the practice has survived since the beginning of the telephone. In fact, any form of communication subsequently adopted some form of reaching out to prospects we don’t know. It’s tough but clearly works or it would not be attempted. What helps is to apply something new, something novel, something even sometimes self-deprecating and self-aware to the process.
Having your AI talk to potential customers on your behalf might seem strange now but won’t in 12 months. EchoX already has the momentum to prove that. The only question now is will you be making the calls or answering them.
