Boris Valkov
speaker
476 appearances
2 recordings
1 series
first heard Feb 2025
last heard 1 May
Boris Valkov’s voice in public audio — every appearance, attributed to the second.
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industrial revolution in 1760s we had the digital revolution in 1950 and then we have the ai actual revolution starting a few years ago so i just wanted to i left facebook my co-founder stan was also kind of looking and we started together uh this company and we just wanted to bring the best technologies from the top five companies that usually have access to the rest of the world we got super excited about the home services space and that's kind of how we started lace
The idea was pretty much help the call center in the home services space to be much more efficient. And there's something very special about the call center in the home services space. And that's why we chose this vertical.
Absolutely. So average ticket size in those two micro verticals are very different. And then the other thing is that the home services, home improvement call center, there's something special about it, which is it's very different from the bank call center, from the kind of the hospital, the airlines, the other ones. This call center, 90% of the revenue
comes from the call center in this business. Where in the banks and the other ones, it's mostly support. So it's not how you're calling to kind of fix your banking account or kind of change your airline tickets. It's a cost cutting exercise. And here the volume is massive and the average ticket size is massive. So it's an amazing opportunity. And then at the same time, it was a black box.
When we talked to one of the first customers, they came to us and they mentioned, hey guys, we have 20,000 calls per month. 90% of our revenue comes from those phone calls. We want to improve the booking rate, and we don't know how because there's no action that you can take. So the head of call center will be listening to five to 10 calls per day, and that's less than 1% of the calls.
So you're making decisions for 90% of your revenue based on 1% of data. So this was extremely inefficient for them.
So what they started to do is before technologies, they were about to hire QA people, three QA people that will be listening to phone calls and flagging calls all day long, $6,000 each, $200,000 to be able to have those three folks just increase the analysis of the phone calls from one to 10%. So it's a very expensive, very efficient way to look at this.
And that's why we thought that technology, we could completely enable the call center and make it extremely, extremely efficient.
Yeah, yeah. So the way to think about the future is where are we today? Where is the majority of the revenue coming from today? And then also the AI agents and the AI bots that are in the future. So the use cases are very different. So one is overflow and weekends, and the other one is your main revenue today.
And then as we know from history, self-driving cars have been here for way more than 15 years ago. Still trying to do full self-driving cars. Not every person has a self-driving car. So it's been 15 years and more. journey and we're not there yet. So it's going to take a long time until you trust this to take your main calls, which is the main business.
So overflow and weekends is currently the use case. So what we wanted to focus on is where is the majority of your revenue today, which is like 90% of your revenue is in the people and the CSRs and agents that are taking the call, talking to a customer and booking a call is very, very complicated operation. So it's not that simple as it might sound for those four minutes.
So you need to show a lot of understanding a lot of compassion. There is a lot of things that can happen on the phone call. So you need to be really, really good. So this is hard. And because it's hard, currently people are best to do that. And from that perspective, what we've built at LACE is to make sure that you create a superhuman, super people, getting really good, really focused,
making sure that every coaching and every aspect that you do in the call center has a direct correlation to the booking rates and the revenue. It's not random. So this is why like from a strategic perspective, we are focusing where the revenue and the goal and the pain is today.
Yes, exactly. So what happens is that many of the companies think that they have 90 to 95% booking rates, et cetera. So one of the major areas that we're focusing on is first, in order for you to be correct with the booking rates, you need to have 100% audited calls, which is not the case today.
The way the calls are calculated today, booking rates is by manually dispositioning those calls by human. So this means there is a human error involved in that. So when you go to a full 100% of the cost analysis, then booking rates might actually change sometimes by 10%. So this is one. So you might be thinking you're 95, actually you're 85.
The other thing is then from there, when you start cancellation could be another 10% that you're kind of experiencing after you book the call, then you cancel. So there's another 10% opportunity that you're not realizing that you have. You're thinking you're 95% booking order. Some of the companies thinking that they're 95.
So, and then only half of the call center's calls usually for our customers are qualified calls, which is like a revenue opportunity. But then you have half of the calls that are not qualified as of today's standards. But then what are those calls?
Like some of them are, okay, so all of them are spam or technicians calling the mainline, but some of them are marketing opportunity where you actually can fine tune your marketing campaign and create more of those leads. So this is another 5, 10% improvement.
So all of a sudden from what some of the companies think might have 95%, they have like a 30, 40%, like they're actually 55, 60% actual working rate and opportunity, much bigger than the area-wide. So this is where being able to see what's going on in your call center is critical because now you're realizing the full opportunity.
Yeah. Absolutely. And then when you start thinking about the leads, so everyone, every customer is talking about leads, leads, they generate more leads and that. So, but people don't understand that the leads have a double inflation and that's kind of a dead circle if you go that path, because what happens with leads, of course we want more leads, but the problem with the more leads is that
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