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Gong.io's Bendov on Pioneering Intelligence Sales Tool (Audio) · Bloomberg Intelligence

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  Speaker 1: a Bloomberg business flash. You're listening to taking stock with
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  Speaker 1: Bim Box and Kathleen Hayes on Bloomberg Radio. The market
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  Speaker 1: for artificial intelligence is expected to grow nearly fifty three
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  Speaker 1: per cent at a compounded annual growth rate by the
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  Speaker 1: year twenty twenty, it's estimated that it will be more
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  Speaker 1: than five billion dollar industry. Here to tell us more
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  Speaker 1: about artificial intelligence is Amid ben Off. He is the
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  Speaker 1: chief executive and the co founder of gong i O.
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  Speaker 1: They're based in Tel Aviv, Israel, but he joins us
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  Speaker 1: from California. I mean, thank you very much for being
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  Speaker 1: with us. Heysure what is gong io and maybe as
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  Speaker 1: part of it, you can explain what is artificial intelligence? Okay,
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  Speaker 1: So gongo is a cloud software that helps companies sales
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  Speaker 1: more eating analyzing sales calls and sales conversations and and
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  Speaker 1: um tells companies how to improve their sales conversations so
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  Speaker 1: they're more successful with customers? How do they do that
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  Speaker 1: using artificial intelligence? Though, well, it's it's very difficult to
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  Speaker 1: UH to tell what's the successful sales calls. There are
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  Speaker 1: hundreds of parameters and and it takes years to really
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  Speaker 1: master the craft. Think of it is UH playing chess.
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  Speaker 1: There are lots of possibility, lots of variables, and it
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  Speaker 1: takes fears for someone to really master the plan. But
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  Speaker 1: recently with the computer technology, you've seen UH computers being
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  Speaker 1: able to beat world champions and that's what we're doing
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  Speaker 1: for sales calls. So we're analyzing what's going on in
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  Speaker 1: the call, what do customers respond to, what are the
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  Speaker 1: sales people asking, what are the great questions? What are
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  Speaker 1: not so great questions? So I mean, how do you
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  Speaker 1: do this? Do you have people, does your art does
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  Speaker 1: some your system actually listen to people on the call
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  Speaker 1: or have you have you are you analyzed already like thousands,
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  Speaker 1: hundreds of thousands of calls to say you know, oh,
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  Speaker 1: here's on average or here's over time that we found
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  Speaker 1: really works. So both we UH, the software listens to
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  Speaker 1: sales calls and analyze the recording. We have tens of
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  Speaker 1: thousands of hours of calls recording and it's growing at
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  Speaker 1: several thousands every week, so we have the largest database
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  Speaker 1: of sales calls for me two B companies in the world.
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  Speaker 1: We use speech recognition to analyze what's being said and
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  Speaker 1: then natural language understanding to understand at the high level
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  Speaker 1: what questions are being asked, what triggers objections, what the
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  Speaker 1: customers are UH find interesting or helpful, and UH then
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  Speaker 1: we analyze compared to information from the sales system to
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  Speaker 1: analyze which deals actually close and which have not so
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  Speaker 1: we know what are the successful patterns that leads to
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  Speaker 1: winning deals. And those patterns also include what preset topics
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  Speaker 1: such as budget, timeline, pricing, So when those words pop up,
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  Speaker 1: there is a calculated response. Those are some of the parameters.
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  Speaker 1: There are a lot more, and it actually varies by companies.
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  Speaker 1: So think about uh, specific features of the product being
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  Speaker 1: described to what lengths, in what sequence? Uh? How many
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  Speaker 1: questions are being asked? Uh? How much time does the
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  Speaker 1: customers speak on the phone versus the salesperson. So budgets,
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  Speaker 1: authority needs, timing of the deals are are certainly one
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  Speaker 1: of the the more obvious features, but there's about a
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  Speaker 1: hundred and fifty features that we monitor in every call.
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  Speaker 1: Now is so you are I'm confused. Now, are you
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  Speaker 1: going to decrease the need for salespeople with this new
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  Speaker 1: this new technology, this new software or what? Because I'm
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  Speaker 1: whenever I hear artificial intelligence, I think, oh bye bye
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  Speaker 1: bye bye jobs. Well that's that's a great vision to
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  Speaker 1: have that someday the software will be able to sell
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  Speaker 1: on its own. But in our industry, we're selling relatively
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  Speaker 1: complex products, so the software really helps salespeople, making the
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  Speaker 1: more successful the sad reality that there is a very
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  Speaker 1: high attrition uh in in the sales teams. Uh. Usually
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  Speaker 1: they don't last more than a year and a half
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  Speaker 1: at the job because it's very difficult to sail. So
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  Speaker 1: we're helping them just by after the call, the software
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  Speaker 1: gives them tips on what could have been done better
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  Speaker 1: on the call and what can they do to improve
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  Speaker 1: their pitch. So UH, we're not replacing, we're just helping.
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  Speaker 1: And dong Io measures the calls or monitors the calls
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  Speaker 1: from such conferencing platforms as Cisco WebEx go to Meeting
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  Speaker 1: as well as Zoom. So then you tie that into
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  Speaker 1: what a customer relationship system like a salesforce dot com exactly?
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  Speaker 1: And what kinds of companies have you found are the
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  Speaker 1: most sort of accepting of this new artificial intelligence sales conversation.
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  Speaker 1: So so currently we're working mostly with the companies that
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  Speaker 1: sale techno aology over the phone, UH, software hardware and
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  Speaker 1: and UH and and technology services. Uh. They're more advanced,
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  Speaker 1: they're used to selling remotely, and they're always excited to
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  Speaker 1: try cutting edge technology. So how big is your market?
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  Speaker 1: Can you give us any sense of what what your
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  Speaker 1: sales revenues? How how big you are now and how
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  Speaker 1: big you and the market can get. Well, we're relatively new,
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  Speaker 1: but we got from from zero to uh well over
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  Speaker 1: six figures in sales in uh fifty days. The market
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  Speaker 1: is you just if you look at their close to
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  Speaker 1: three million sales people alone in the US, there's about
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  Speaker 1: double that amount worldwide. And then we're going to extend
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  Speaker 1: the service to support about ten million people that are
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  Speaker 1: using the phone to engage with customers. And if you
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  Speaker 1: multiplied it by about the spending per person is about
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  Speaker 1: six thousand dollars, you're getting tens of billions of dollars
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  Speaker 1: and annual revenue potential. Well, it sounds very exciting. I
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  Speaker 1: meant in congratulations, good luck with this. I think it's
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  Speaker 1: four salesperson. I'd love to have this helping me. Okay, great?
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  Speaker 1: I mean Bendorf. He is CEO and co founder of
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  Speaker 1: gong dot Io. He is located in Tel Avis, Israel.
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  Speaker 1: He's on the West coast today, and we thank you
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  Speaker 1: so much for joining us on taking stock. I'm Kathleen
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  Speaker 1: Hayes along with Pim Fox, and this is Bloomberg coming
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