Q: Define your challenge statement
The greatest challenge in Real Estate is to address customers from across the globe and having a meaningful conversation. With the available system even if the customers are attended, there is always a deficit in information served as well as response time.
Customers are kings; they always need to be attended or served with utmost attention and in meticulous ways. Considering all these, it becomes evident that businesses often fail to stand up to customer’s expectation or to ignite an interaction that can lead to a sale.
Q: How AI helped?
Racetrack’s AI powered SmartBot, Marvin, is built with cutting-edge technologies like Natural Language Processing, Deep Learning & Machine Learning. Marvin can ignite thousands of meaningful conversations simultaneously, and has the capability of storing every single piece of information in his database. He later uses these stored data to learn more about the customers and respond accordingly.
You train one, you train millions of them; he is fast, intuitive, dynamic, and highly responsive. Thus, we introduce Marvin as a seasoned salesperson with data handling capabilities of a Supercomputer
Q: How did you thought of implementing AI for this problem?
Real Estate is a high involvement product category; need of information in this sector is very high. Businesses should always enhance customer engagement to have meaningful or effective conversations.
Syndicate market researches has proved that if these conditions are met, businesses can enhance customer experience through meaningful engagement, generate healthy business leads, and finally convert them into revenue. With the aid of Artificial Intelligence, these conditions can be fulfilled and customers can be leveraged to become brand’s market face.
Q: How did you implemented the process?
MARVIN knows that selling is not just a science; rather it’s an art! Also, customers always crave for real-time response, detailed information, future recommendations, and high-engagement.
Today, most of India’s real estate giants: Sattva Group, Puravankara, Kolte Patil, Mantri, HM Constructions, Skylark Mansions, Windsor Developers, and others, have appointed Marvin as a trusted sales consultant, and the result has been remarkable all through.
Q: How it has affected the ROI of business/employees?
As customers don’t like waiting, it becomes necessary to cut down the waiting time while delivering required pieces of information and increasing their engagement. Our SmartBot Marvin addresses all these needs with high precision and accuracy, and thus, have boosted the interaction rate among customers which was previously 7-8%. Marvin’s involvement has pumped up this rate to nearly 15%. This leads better Brand Exposure and Brand Engagement Scores for the businesses.
With the traditional customer service experience, Real Estate sector had around 2% conversion from the total web traffic. With Marvin, they are now witnessing an average of 7-8% conversion in terms of qualified leads. This is having tremendous impact to generate incremental revenue.
To add here, this is what one of our clients says about Marvin:
“It is important for us to attend to all customer queries in a certain timeframe so that we don’t lose on our prospective customers. Marvin has reduced the waiting and connecting time of the customer to almost half of what it was earlier and traffic to lead conversion has increased from 2% to 7%, which is incredible.”
Bhushan Nalawade, Digital Marketing Head at Kolte Patil Developers.
Q: What are the key takeaways?
- Better Brand Engagement
- Customer Satisfaction
- Brand Loyalty
- Better Revenue Prospects
- Enhancement of Portal’s Effectiveness
Q: Has it effected the quality of work/employee productivity?
Yes! While the previous lead to site-visit conversion was around 20-25%, Marvin has pushed it to 40-45%. In addition to all these, Marvin has also been tremendously successful in enquiring and estimating the preferred time of discussion with customers. This in return, has cut-down the call drop rates enormously while leading to effective communication.
Considering all these, sales team has now become proactive in assisting the customers while outreaching better and more future prospects.
Q: What changes you have observed after incorporating such technology in your organisation, beyond the problem statement?
Chatting has now become an effectual means of communication all across the globe. Looking back by 3 years, we can clearly see how WhatsApp changed the paradigm of online chatting and how actively the mass has adopted this mode of communication.
Likewise, Marvin is redefining communication by enabling millions of simultaneous interactions. His analytical skills also make him capable of recommending potential marketing and sales campaigns, probable locations, projected price range, etc. to businesses. In short, Marvin can interact, analyse, understand, and recommend.
In addition to Real Estate, market leaders from verticals like Healthcare, Mutual Funds, E-commerce, Hospitality & Tourism, Education, etc. are now adopting Marvin as one of their best allies.
Also published in Times Jobs’s RectruitX Biannual Magazine (2018) [Page: 37 & 38].