A 5X ROI? Just a small (and inevitable) shift in customer engagement is all that’s needed.
AI-powered voice assistants can drive cost savings and a better customer experience for private jet charter operators and brokers . In this article I will project the ROI of a voice assistant such as Google Assistant–on over a billion Android phones–and Alexa, which dominates the home smart speaker segment with 100 millions in use.
The inability to measure voice assistant ROI is a top barrier to adoption according to a March 2019, Adobe study.
But we can project it based on the savings achieved by the voice assistant versus a person performing the same tasks.
ROI (return on investment) is a financial metric that measures return relative to the cost to achieve it.
Metrics not linked to money cannot be ROI indicators.
To keep our ROI example simple I’ll ignore human support costs like office space and equipment. Suffice it to say that ROI increases as those costs decrease.
The typical on-demand jet charter inquiry starts with a quote request made to a person who answers the phone, or someone who fields a web form inquiry, or a sales rep who receives notice that someone got a website instant quote.
Regardless of the method, that first sales contact with a human agent is typically 3 minutes long. (Not to provide the quotes; to get the data into the system that generates the quotes.)
The private jet business ranges from small brokers and operators to fleet-level players. For a smaller jet charter company we’ll assume an agent handles 10 of these calls per day; 60 per day at a large one.
US-based jet charter operators and brokers typically employ US-based sales agents so we’ll use an all-in labor cost of $27 per hour.
That comes to $1.35 per contact. $27/hr divided by 60 minutes = $0.45 per minute; at 3 minutes/call = $1.35/call
$1.35 * 10 calls/day * 30 days = $405/mo for these phone calls at SmallerCo, and about $2430 at LargerCo.
A SaaS company enables private jet operators and brokers to spool up a voice assistant for $79/mo plus an on-boarding fee of $500 for SmallCo and $1000 for LargeCo.
The first year cost for this service is (79*12)+500 = $1448 for SmallCo and $1948 LargeCo.
To keep it simple for now, let’s assume that all of these phone calls are handled by an AI-powered voice assistant:
SmallCo Voice ROI 235%
$1448 cost/$405 per month saved = 3.6 months to break even.
$405 saved * 12 = $4860; less $1448 = $3,412 net saved in year one.
The first year ROI is $3412/$1448 = 2.35 or 235%. Nice.
LargeCo Voice ROI 1397%
Using the same math as above, it’s 24 days to break even
with an ROI of 1397%.
$1948 spent, net saved $27,212.
Imagine realizing these ROI metrics while at the same time improving the customer experience (more in the next post).
With today’s voice adoption trajectory, how long do you think it will be before three people per day will want to engage your brand with the voice assistant they already have on their smartphone? The opportunity for operators and brokers reduce cost, improve the customer experience and grow market share is here now.