Welcome to the AI Ecosystem Report, featuring practitioner analyst and entrepreneur Toni Witt. This series is intended to deliver the timely intelligence about artificial intelligence (AI) you need to get up to speed for an upcoming client engagement or board meeting.
Highlights
00:09 — HoneyBook AI is a web platform helping small, independent business owners manage their workflows. Its platform supports consultants, contractors, and freelancers in setting up and sending invoices as well as managing client bases with a CRM.
00:32 — I talked with David Benner, the head of product innovation at HoneyBook, who shared how the company has invested in AI and added to its product suite. It developed an AI writing assistant that can be useful for drafting client emails, for instance. Its CRM includes an AI-powered prediction of which leads are the most likely to book with you, which can reveal high-value clients and aid in prioritizing tasks.
01:52 — 86% of HoneyBook’s users book with a business that replies first. This demonstrates that the faster that a solo business owner can respond to client requests, the higher their conversion rate; so, speed is critical.
02:23 — HoneyBook AI is powered by LLMs through Azure and fine-tuned with customer data on its specific market.
02:36 — Businesses using HoneyBook AI have seen a 30% increase in booking rates. AI-driven responses created by the AI writing assistant have led to a 20% reduction in response times.
02:49 — HoneyBook has taken a customer-centric, outcome-focused approach to its new AI features. I think it’s poised for solid growth, especially given the market of self-employed people. Setting up these powerful automations can let people focus on delivering great service to their clients.
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