Dec 05 2022 26 mins
Mark Fowler President of Stowe Management Corporation, and CEO of revolutionary conversations Interviews Lon Safko on the use and value of Chat Bots.
Mark Fowler has been working with CPAs, and other financial professional professionals helping their clients and their customers and been doing it for a long time. About a year or so ago, we decided that we wanted to talk about the kinds of things that have helped us help companies grow, turnaround, expand and become much better at what they're doing. And we and we figured out that the probably the most important thing was the consistent focus on value creation throughout the business. And that motivated us to decide to have some interviews with people who along the way or people introduced to us who we believed, held that same mission every day. We can always be thinking about something better that we can do both for ourselves, our career, the people around us, our business, our customers, our clients. And today we have Lon Safko. Lon has been on our podcasts before and has a wealth of information of value to share. Lon is a kingpin is a cornerstone in it having many, many patents and probably his most important invention of a computer to save the first human's life, Lon welcome.
Lon has been in the IT field and marketing for quite a while and invented the first computer to save human life. He did some of the first work on environmental control and artificial intelligence for United States Department of Energy. He has a strong background in what we're going to talk about today. And that's artificial intelligence in the form of chatbots. And how it brings value to your customers. And how shocked Lon was when he implemented it for the first time because he was not a real strong believer in it. Now he is a very strong believer and he talks in this podcast about some of those points and how AI chatbots can help you.
What is a Chatbot?
A chatbot is just a computer program, an app and it just simulates conversation. That's really all it does. When the app starts to run, you ask it a question. It tries to find an answer. And then based on what that answer is, you ask it another question, and then it just continues this conversation. We've all experienced chatbots for customer service, whether it's Amazon or Netflix or any of the big companies. They're all using chat bots and have for or quite a while.
Quote from Lon Safko:
“I had more sales from the moment I implemented the Chatbot. On one website, called Papermodelsonline.com. It provides school projects, downloadable school projects or kids. Here's the bottom line, I saw a 30% increase in revenue. Yeah, I'm going to say that again. 30% increase in revenue. It's maintained that ever since a chatbot was installed. And the reason is, customers come to a website, they'll have a question about your product, however they’re not going to use the contact form. They won't use the contact form. And when I had the Chatbot ask them why? they said it was fear of the harvesting of our emails and more spam. That said, they're comfortable having a conversation with a chatbot. And they would ask questions that I never anticipated. I would put those in the frequently asked questions page immediately and within 24 hours this particular chatbot would reread the entire website for the following morning.
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