This episode of AIMultiple is on an AI vendor for product marketing that specifically focuses on solving issues in critical metrics like lead quality, engagement, drop-offs, user retention, return rates. We hosted Pratik Jain, co-founder of Morph.ai. Morph.ai is leveraging chat to help marketers solve inefficiencies in the marketing process for large enterprises.
Pratik was one of the early hires of Sprinklr, a social media SaaS tool which grew from 200 million to 2 Billion valuation while Pratik was part of the team. After Sprinklr, Pratik and a few of his colleagues from Sprinklr founded Morph.ai which initially began as an open platform and supported ~2300 bots. 2 year down the road, they now have a closed, enterprise only platform serving more than 20 enterprises. Pratik explains that the rapid growth is a result of focusing on one single usecase in marketing that is valuable for corporations and consciously ignoring the glamor.
Their focus areas are lead generation and engagement on Facebook. They have seen great success with their workflows which is a mechanism for following up with customers that have not converted as leads. The approach has been successful also because older approaches for engaging drop-offs such as emails and calls are not effective. Email open rates are low and calls are annoying and expensive. Chat is a seamless, real-time way to engage customers that have indicated interest but not yet become leads. A carefully placed series of followup messages is their unique selling point. Their implementation can be set up in 2 weeks even for an enterprise if the customer can prepare everything they need upfront. To launch, they need:
- 4-8 hours of the marketing responsible to identify current issues
- Some images and videos to use in their chat campaigns
- Approvals such as operations and security teams’ approvals which becomes the main bottleneck in most cases.
Most of the time their enterprise implementations can take 3-4 months as it takes time to get all approvals and finish all the integrations.
They are working on improving how they convey marketing insights so companies can directly get these insights. Currently, analysts are helping brands understand these insights. They also plan to expand into other geographies including UK and the customers’ demands in new geographies will help determine their product roadmap.
With half the world’s population on chat, Pratik believes that chat will be a channel at least as important as social media in the next few years. And brands need a chat marketing strategy.