I Hired an AI, and I Liked It: What’s an AI Actually Worth?

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At Bowtie we’ve created an Artificially Intelligent receptionist that makes your life much much less stressful. It frees you up and gives you more peace of mind so you can focus on making your business extraordinary.

But what is it really worth? Is it an investment or an expense? How do you know it’s really worth it for your business?

Luckily, we’re debuting our new ROI (Return on Investment) Calculator so you can get an exact cents (😆) of how much it is worth.

Let us break it down for you. At its core, our AI Receptionist has two direct benefits to your bottom line it:

  1. Grows your client base by converting customers you would have otherwise missed.
  2. Saves you precious time by handling the tasks that can be easily automated away.

With this in mind, we designed our calculator to provide you exactly how much money it’s going to make you and how many hours it’s going to save you!

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At Bowtie, we prize 🍕 above all else.

Bowtie’s Numbers

Using our own data for how our AI receptionist has performed at 100+ locations, we have calculated these averages.

% of all appointments Bowtie books automatically 15%
 % of appointments Bowtie reschedules automatically 2%
% of all appointments converted from new user missed calls 0.33%
Time to book per appointment (in minutes) 5

To summarize, your AI receptionist will handle on average 15% of all appointments in your books, and 2% of all your appointments will be rescheduled by the AI. In addition, based on our AI’s performance across all our businesses, your new helper will convert new customers through missed calls relative to 0.33% of all your appointments or a minimum of 1 new customer a month (whichever is higher). For time saved, we estimate that it takes, on average, 5 minutes to place in an appointment start to finish.

Your Business’s Numbers

We have observed the following averages for businesses on our platform. However, these are variables you are free to adjust in the calculator!

Average Cost per Appointment $75.00
Number of Appointments per Month 1200
Time in months between appts 3
Bowtie plan ($99 or $129) $99.00

Lastly and perhaps most importantly is the formula for the Lifetime Value of a Client:

LTV = cost per appointment * visits per year

This is critical for understanding the value of booking a brand new client to your business. The idea being, that this new customer will keep coming back for more and more of your top-notch service. Combine the cost of an appointment with the number of times a year your client is likely to return for a year and – voila! We have the LTV of a client at your business.

The Verdict

0.33% new clients from missed calls * 1200 appts / month* $75 * 4 visits per year = $1188

1200 appts / month * (15% AI bookings + 2% AI reschedules) * 5 min / booking = 17 hours saved

Using the numbers we have laid out above (which you are free adjust!) you will discover that an AI receptionist will make you $1,188 a month and save you 17 hours a month! With our annual plan for $99 a month that means Bowtie has a 1100% ROI!

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Now it’s your turn 🤓💃.

See what your AI can do for you!

From Chaos to Calm: How Artificial Intelligence can bring bliss to your salon or spa.

Your relationship with your customers is everything. You’re constantly asking yourself, how can I give them the most amazing experience each and every time they touch my business? In-store, you’ve got it all figured out – great ambiance, free champagne, lots of smiles, the works. But what about on the outside? It may look something like this:

That’s where artificial intelligence (AI) can help.

First, let’s take a look at how your front desk operates today. Let me guess… you have a basic phone setup, an overflowing email account, some sort of online booking system and possibly a receptionist. And despite that online booking system, a majority of your customers call to make appointments. That means that even if you have a receptionist, they’re often tied up on the phone while juggling greeting customers, creating a great in-store experience, and checking guests out (among many other responsibilities).

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Seriously, we get it.

So how is the front desk supposed to juggle all these responsibilities? They can’t. In fact, our own data shows that 25% of all calls go missed in the service industry and 85% of customers who call a business that doesn’t answer won’t call that business again – this is a serious issue. On top of all that, 80% of callers don’t leave a voicemail. Voicemail is a dinosaur, email is a black hole, and messaging a business on facebook? Good luck with that.

So what do you end up with? Frustrated customers, empty appointment slots and lots and lots of missed calls (and a few voicemails along the way). Not to mention a receptionist who either can’t keep up or is tied up with low-value tasks.

Now, what happens when you start using Bowtie?

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Bowtie is a 24/7 AI receptionist that can respond to missed calls, book appointments directly into your calendar, answer common questions, and even thank customers for coming in, all over messaging.

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With Bowtie’s AI every missed call gets a response and customers ❤️ it. [Real customer interaction – Jan 2018]

Don’t just take our word for it – we’ve got the data to prove it. Of all customers who call a Bowtie business that doesn’t answer, 69.8% respond to our AI receptionist vs. only 25.8% who leave a voicemail. That means that Bowtie is nearly 3X more effective at engaging your clients than a traditional phone system!

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And your regulars will keep coming back again and again. 

Your customers now get the response they want, you get the peace of mind you deserve and your staff can focus on what’s most important – providing an amazing customer experience to your clients.

Now your receptionist can focus on customers in-store,
so your front desk can look like this…

         

The choice is yours. 

Welcome to Bowtie.

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Howdy folks,

Thanks for dropping by 😉.

We started Bowtie a little over a year ago with a mission, to find a way to make Artificial Intelligence accessible for all. An AI that would help business owners and their staff to unlock their businesses’ full potential and let them focus on doing what they ❤️. After many sleepless nights, extremely cranky mornings, lots of highs and the lowest of lows, we are excited to share our product with you [You, the owner of the 3 shop salon in Chicago – you, the owner of the spa in Minnesota – you the owner of a med spa in Texas].

Bowtie is an AI receptionist that is here to revolutionize appointment-based businesses.

But wait, what the heck is an AI receptionist and what can it do? Well, everything a front desk employee can do over the phone like scheduling, upselling, answering questions and following up with customers. It can even convert missed calls into paying customers by automatically reaching out and booking clients who call when you don’t answer!

How does it all go down? Well through messaging of course. Messaging is defined as chatting with your customers over web, through SMS or on social media. It’s so popular, in fact, that it is the #1 most favored customers service channel among consumers and there are a whole host of reasons for that we will delve into in another post. Now you get to give your customers what they want without getting bogged down in a sea of texts.

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Never miss a customer again with your AI Receptionist.

Our AI receptionist is there to free you up so you can focus on making your business extraordinary. Instead of being tied up on phone and email all day, dealing with the mundane, you get to focus on finding ways to meaningfully engage your customers.

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Once they go AI, they stay AI.

What could you do with an extra hour, two hours or three hours a day? What would your day look like if you could rest easy knowing your regulars are being taken care of and new customers are getting immediate attention 🌞 or 🌒? What creative freedom would it bring you to help grow your business? Your AI receptionist is here for you 24/7 and never. stops. working. for. you.

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While your AI works, how about a little 🥂.

Our product is specifically designed for appointment based businesses such as Beauty, Wellness and Personal Fitness studios and plugs directly into MindBody.

Curious to learn more? Book a demo with me here.

We’ll be posting frequently on this blog to provide you the in’s and out’s of working with your AI as well as exciting stories & tips from clients throughout the Bowtie universe. Because together we can create an extraordinary customer experience for your clients and give you the freedom to take your business to the next level 🚀.

– Ron Fisher, CEO & Co-Founder