Episode Transcript
[00:00:00] Speaker A: Welcome to Basic Business AI, a podcast dedicated to simple AI strategies for businesses who don't want to get an advanced tech degree or hire some marketing bro. I'm your host, Ana Gonzalez, and you can find me on social media. At Anabotprime, we bring on regular business owners like you and me to discuss practical strategies, ideas, and perspectives about AI without getting too far into the weeds of the tech Bb. AI is sponsored by Anabots. Did you know companies that respond to customer increase in less than 1 minute have a 400% higher chance of closing the deal. Our AI powered assistants have an average response time of just 9 seconds, meaning you can close more sales without generating more leads. No tech skills are needed, and you can get started in less than five minutes. Go to annabots AI to learn more. Once more, that's annabots AI. Today's guest is Rick Morgan. So, Rick is a franchise matchmaker and a creator of franchises. So, Rick, welcome to basic business AI.
[00:01:04] Speaker B: Well, thank you, Anna. It's an honor and a privilege to be your guest, and I look forward to our conversation.
[00:01:10] Speaker A: Pleasure to have you here.
[00:01:12] Speaker B: You're welcome.
[00:01:13] Speaker A: So, rig, from your perspective, how is AI reshaping the future of your industry?
[00:01:19] Speaker B: I think it's reshaping the future of our industry by being able to gather information quickly from both my side in working with clients and the client side. So if I present a franchise company that they may be interested in, they can go to chat, DPT, or any other platform and say, okay, tell me about this company. Tell me everything about this company. So I think that's one way, and it will cut down the efficiency of the sales process by both sides. Doing that, I think it's also going to.
It could make the process of finding the right client for me to find the right client for a franchise company to find their right client and possibly be able to sift through and distinctly identify the motivations of that client. So I think that's ways that I see AI affecting or impacting in a positive way the franchise industry, because basically we're prospecting for buyers and people who want to expand their business. So if there's a more efficient way to do that through AI, then I'm all for it.
[00:02:45] Speaker A: Wow. So tell me a practical application. How do you use AI to find the ideal client?
[00:02:56] Speaker B: Well, to be honest, I haven't yet.
So it's.
I've gone through the mental exercise of, okay, this is what I need to do to identify the ideal client, but I can create that avatar. But I figured out how to utilize that avatar.
Like, here's the avatar, now go through LinkedIn and give me 100 names.
[00:03:24] Speaker A: Oh, wow.
[00:03:25] Speaker B: That's what I like to do.
I've seen examples where AI can know, write code for whatever program, for python, whatever. I've seen it just print out.
But can AI go in and utilize some of the platforms that I utilize and pull that information out for people that I can prospect with? Yeah, you know, it's, and you're right about doing it. You're doing it yourself. Instead of maybe outsourcing lead generation, use of AI could make it so I don't have to outsource that, but I got to figure that out first and then I'm kind of on that track slowly. It's.
And I think this discussion is going to help me speed up this process.
[00:04:17] Speaker A: Of course, I think it does help for lead generation and it, I would say it helps more for automated repetitive tasks like if you say hi to someone or to, like you say hi to, I don't know, 50 people in one day and those 50 people reply to you, you won't have to do it yourself or pay a human to do it. You can have AI just respond to those people who said hi back to you and just have AI take over and you can just monitor it and check how the conversation are going.
[00:04:58] Speaker B: I agree. And actually one of the services that I use, I think probably does that. So we've developed automated responses to the question, initial question of asking, would you be open to connecting?
And there's another automated response. So they're probably using, well, we have worked on the script, they're probably using artificial AI to create those automated, to generate those automated responses.
[00:05:32] Speaker A: I'm using automations.
[00:05:35] Speaker B: Yes, automation.
I'm always thinking about how do we, how do I create the most efficient message?
How do I, you know, maybe it's just high, maybe, but maybe it's, there's something better. So I'm always looking at how I can I create a more efficient message to create greater number of responses and through automation.
[00:06:05] Speaker A: Okay.
[00:06:08] Speaker B: I think we need to have a conversation about your service after offline, because to respond within less than a second, I know from my side that if I respond within a minute, I have a higher probability of a sale or getting somebody into my pipeline.
[00:06:29] Speaker A: Yes.
Yes. There are stats that say that the average response rate for businesses to reply to their potential customers is 47 hours.
So 47 hours is a lot. I don't recall any website that I've seen two days ago or even this morning.
The chances of you getting the deal go up. If you reply within ten minutes.
If you reply within five minutes, they are better.
But usually, I don't know if this happens to you, but if I go to a website looking for information and I don't get a reply, like within ten minutes, I already go with another company that's similar.
[00:07:22] Speaker B: Right?
[00:07:23] Speaker A: So yes, replying within a minute gets your chances higher. 391% actually.
[00:07:33] Speaker B: That's huge. That is absolutely would be fantastic just by going to websites. And it makes me think about how many companies aren't using automated processes. Because I have filled out some questions on behalf of a client, I don't get a response. You know, sometimes yes, it's like 50 50.
[00:08:02] Speaker A: Yes. And you get, you can use automations and then complement it with AI. So automations are the canned responses and then complement it with generated responses by AI.
[00:08:15] Speaker B: That's the direction I want to go. So we have reason to continue the conversation offline about the services your business can provide.
[00:08:26] Speaker A: I would love that.
[00:08:27] Speaker B: So kind of how I see AI impacting the consultancy side of franchise, the franchise business, you know, and the client side, they can get so much more information so much more quickly. They don't have to wait for me to make a presentation, which I'll have to deal with because it may increase the chance of the client contacting the franchise company directly. And therefore I'm not in the middle anymore. But I got to learn to adapt, right?
[00:09:08] Speaker A: Exactly. Adapt or die.
[00:09:10] Speaker B: Yeah.
[00:09:12] Speaker A: So Rick, tell us about who you serve and how people can reach out to you. No, you're not going to die, just like adapt or be left behind.
[00:09:24] Speaker B: I know exactly what you meant. That was just.
[00:09:26] Speaker A: I know. Yeah. So Rick, tell us about who you serve and how people can reach out to you.
[00:09:31] Speaker B: Well, I serve people who are interested in starting their own business, whether they're experienced at it or the first time.
I can help. And I look for business owners looking to expand by creating a franchise system. And I can help from that end to end process, which would be build it, grow it, scale it, and sell it so you can contact me.
I list my full contact information on my LinkedIn profile. So LinkedIn.com in richardmorgine. I'm on Instagram, Facebook, even TikTok, and have a YouTube channel.
[00:10:13] Speaker A: Awesome.
[00:10:15] Speaker B: The best way to contact me is probably after reviewing this podcast.
I could give out my email address, but it's a long one. Nobody's going to remember that. They're not going to try to write it down.
[00:10:32] Speaker A: That's fine.
[00:10:33] Speaker B: I hope I answered your question. Okay.
[00:10:35] Speaker A: Yes, you did. Thank you so much. So we're going to wrap from here. Thanks to our guest Rick Morgan, for joining us for a practical conversation about AI and its potential for business. You can learn more about what he does by visiting his social media LinkedIn. Richard Morgan if you run a business of any size and you have some ideas or strategies around the topic of AI, we'd love to have you in a future episode as well. We interview business owners of all levels of experience and exposure to AI so we can represent all voices, especially the 90% of us who are curious about AI but not trying to be tech geniuses. Apply for a future episode by going to basicbusinessai.com. and one more time, if you want to install a sales and support team for less than 10% of the cost of a single employee, get yourself an anabot.
Learn more at anabots AI. See you next time on basic Business AI. Oh, and by the way, if you like this episode, tell your friends. See you later.
