ServiceTitan's 2023 Pantheon Conference Key Takeaways
Journey to the Top: Unlocking the secrets of success in the trades industry was the driving force behind ServiceTitan's 2023 Pantheon Conference, a dynamic gathering that blended cutting-edge technology with deep operational insights to pave the way for what some are calling the '5th Industrial Revolution' in service-based businesses.
ServiceTitan New AI Products and Features:
Google Business Profile Update: Reserve Feature. This feature allows customers to connect to ServiceTitan’s online scheduler integration with Booking Requests through Google MAPs. We submitted tickets for releasing this feature in your tenant ID Pending ServieTitan’s response.
Titan Intelligent: Using AI prompt to rewrite summary for in the field from techs that are English as a Second Language and/ or prefer Spanish. This new feature will allow the office to transcribe Spanish to English in a professional form so content can be shared with customers in the new Enhanced Invoice Summary section.
AI in Accounting: Accounts payable can use AI to important and extract key details, contact information and payment schedule from invoices as well as add to fields for payment. This will greatly reduce the likelihood of errors in paying vendors and avoid any missed payments. This is in beta testing.
AI to Support the Sale: Estimate Creation based on Trends
This new feature will us AI to generate proposals based on a Good, Better and Best model from the existing Pricebook and top likely selected options based on the company’s close rate, techs closing rate and overall purchase history of customers.
This feature is for PriceBook Pro tenants and will be in beta testing in the Winter
Virtual Customer Service Representatives: There is a new feature in the pipeline that will allow for AI to serve as a virtual CSR taking prompts from the caller to create a customer profile and provide availability options, remind caller of service fee and ultimately book service call.
Marketing Pro: AI from Ads to Audiences
New Features consisted of using AI to generate responses within ServiceTitan to Google Reviews. There were also highlights on Google Analytics and ads to be integrated into Marketing pro as well as Target Audience creation for increasing open rates. Some of these features are in beta testing and some are out now. MWF is arranging a demo to fully understand the options and guide accordingly.
From the Future of AI to the NOW: ServiceTitan showcased a slew of innovative AI-powered features aimed at streamlining various business operations—from online scheduling and language translation to automated accounting and intelligent sales estimations. These new offerings stand to significantly improve efficiency, reduce errors, and enhance customer engagement. As we pivot to other segments of the conference focused on operational and marketing journeys, it's clear that the integration of advanced technologies like AI is not just the future but the present, radically transforming how service companies operate and market themselves. This is being dubbed the 5th Industrial Revolution:
52-Week Marketing and Recruiting: Planning the marketing schedule around tech training so we are aligned with what is being promoted online and in the home to support techs in front of customers. Also we must combine marketing efforts and recruitment efforts to make a cohesive strategy that allows for new customers and new talent to recognize a great company.
Dive into Current Operations: When the going gets tough, the tough dive deep! It was shared from Chris Hunter to explore your current operations thoroughly to uncover hidden treasures of money-saving opportunities. Such as Unapplied Labor Costs. Unapplied labor costs are like a silent leech on your profits. Using the average of Every 9 technicians for a dispatcher and every 6 technicians for a CSR.
Comparison Data: Using ServiceTitan data trends, we can see how you compare to others in your GEO area such as average tickers and install to sale ratios.
Benchmark Reporting & Averages: On average ServiceTitan is experiencing a growth of 9% as customers shift and weather comprises sales in the first half of 2023. The following is the average of all ServiceTitan tenants based on region. This is with an average of 8% marketing budgets. There was also emphasis on growth impact based on ServiceTitan Score.
Economic Shift Opportunities: Christ Hunter hit on the following as ways to update operations to address market changes: increasing booking efficiency [ more CSR trainings], dispatching right technician to the job [ gone are the days of accepting “ok” tech asn CAs, only the best of the best will get the ROI in this market– you may get fewer calls so assign the best to make the most out of it], Right offer at the right time and utilizing more of ST’s features. Chris pressed “Whatever you are spending on marketing, spend half on training!”
Note: Looking at call booking rate study from ServiceTitan, the average booking rate:42%
Andy Hobaica Involve the Customer: Show customers how to use their equipment and invite them to join you for a walk-around safety inspection. This creates an engagement level that is unmatched.
Leverage Video Content: A video walk-through or even video texts can provide a personalized touch that beats the average sales pitch.
Small Acts Matter: Offering additional services like bringing in the trash, changing light bulbs, or even a "shelf grab" service adds a personal touch and increases likability.
The takeaway is clear: In an industry where the average booking rate stands at 42%, where every interaction with a customer could be a make-or-break moment, and where the economic landscape is continuously evolving, the successful businesses will be those that invest in cutting-edge technology, prioritize training, and place the customer at the center of all they do. As we reflect on this wealth of information and look ahead to what's next in operational and marketing journeys, it's evident that staying ahead requires a multi-faceted approach, one that ServiceTitan is clearly advocating for and facilitating through its robust platform and thought leadership.
This article was published by Dr. Anissa Villegas, co-owner of Marketing with a Flair. Marketing with a Flair is an award winning, full service marketing agency focused on helping Home Service businesses grow profitably. To learn more, email Anissa@MWFlair.com