About SiteGPT

Problem Statement

Businesses generally struggle to provide instant, accurate, and personalised responses to customer inquiries 24/7. This challenge can lead to missed opportunities and diminished customer satisfaction.

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Solution

SiteGPT is designed to enhance the customer service interactions. It is a platform that allows businesses to create personalised AI chatbots. These chatbots are uniquely tailored to the brand’s unique identity and are trained extensively on a company’s specific knowledge base. Whether it's websites, links, documents, or FAQs, SiteGPT’s AI chatbots can consume all provided information to deliver instantaneous and accurate answers to customer questions.

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Value Proposition

SiteGPT directly addresses the pressing need for businesses to offer real-time, personalised customer support without the constraints of human resource availability. By leveraging AI chatbots that are specifically trained on your brand’s specific data, SiteGPT ensures that your customer support is not just responsive but also deeply informed and brand-aligned. This approach not only enhances customer experience but also positions your brand as responsive and attentive, leading to increased customer loyalty and satisfaction. With SiteGPT, businesses can efficiently scale their customer service operations, ensuring no customer query goes unanswered, anytime, anywhere.

Why SiteGPT?

I am the Co-Founder of SiteGPT and I usually deal with all the technological aspects of the product as I was a Software Engineer my whole career. Now I want to deep dive into growth aspects of my product. So, I am picking up my product, SiteGPT for this Acquisition project so that I can implement these ideas and experiments in my product. I also know everything about the product, users and the market. So, it make more sense for me to use SiteGPT for my Acquisition project.

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Use Cases

Below are the top 3 use cases of SiteGPT.

1. Enhance customer experience with SiteGPT [Customer Support]
2. Drive leads with SiteGPT [Lead Generation]
3. Empower your team with SiteGPT [Internal Knowledge Base]

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1. Enhance customer experience with SiteGPT

SiteGPT offers a solution to streamline and enhance customer support process.

• Instant Responses (24x7)
• • SiteGPT can answer all the questions (either frequently asked or less frequently asked) automatically based on the training knowledge that you provide to it instantly without any human intervention.
• Seamless Human Interaction
• • If the SiteGPT chatbot cannot answer any specific tricky question or if any question needs human intervention, then the chatbot can escalate the ongoing conversation to human support agents and they can take over the conversation and resolve the user's query.
• Less stress for Support teams
• • By automating the process of resolving customer's queries by using a chatbot, the load on support teams will be reduced and they can utilize their time in more productive work.
• Scalable and Cost-effective
• • SiteGPT is designed in such a way that it can handle any scale of incoming questions. So you don't have to worry about deploying more or less resources into managing customer support.

2. Drive leads with SiteGPT

Getting new customers is crucial for any business to grow. SiteGPT helps businesses capture more leads by using chatbots on their websites.

• Prompt Data Collection
• • SiteGPT streamlines the lead generation process by automatically prompting the users to enter their essential contact information while they engage with the chatbot.
• 24x7 Availability
• • With SiteGPT, lead generation becomes a round-the-clock thing as SiteGPT's chatbots are available 24x7 to interact with website visitors in real time so that businesses never miss out on potential leads, irrespective of the time of the day or night.
• Dedicated Leads Dashboard
• • SiteGPT provides an easy and intuitive dashboard to view and manage the collected leads and see the user's conversations.

3. Empower your team with SiteGPT

SiteGPT is not just for helping customers, it's also a useful tool for your own team. You can train SiteGPT's chatbot with your company's internal information, documents and processes.

• Instant Answers
• • If you want to find anything, instead of searching yourself, just ask SiteGPT's chatbot - it will find you all the information you need quickly saving you a lot of time.
• Great for Teams
• • If you work with lots of people or have tons of documents, SiteGPT is perfect. It handles all that info effortlessly, so everyone can find what they need easily.

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Ideal Customer Profiles

I have mentioned some of the ICPs that I think can be a good fit for SiteGPT.

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ICP Prioritization

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Justifications for Prioritisation

Adoption Curve

This reflects how quickly the target customer is likely to adopt the technology. Early adopters and industries under digital transformation pressure are lower on the adoption curve.

• Small Business Owner: Early adopters, especially if they are tech-savvy or in competitive markets.
• Customer Support Manager at a SaaS Company: Likely early adopters, as SaaS companies are generally tech-forward.
• Marketing Manager at Mid-sized Technology Firm: Low, given their openness to using technology for competitive advantage.
• Small Business Owner of an E-commerce store: Medium, as adoption depends on individual tech savviness and competitive pressure.
• Customer Success Manager at Ed-tech Startup: Medium, considering the tech orientation of the ed-tech sector.
• Community Manager at an Online Learning Platform: Medium, due to the digital nature of the business.

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Frequency

How often the customer will use the service. Higher frequency indicates a higher value proposition.

• Small Business Owner: High, due to the variety of roles they manage.
• Customer Support Manager: High, as their role directly involves customer interaction.
• Marketing Manager: Medium, as their focus may be more on campaign and lead management than daily customer interactions.
• Small Business Owner of an E-commerce store: High, given the direct customer interactions and transactions online.
• Customer Success Manager: High, as they need to ensure customer satisfaction and resolve issues.
• Community Manager: High, due to regular community engagement and support.

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Appetite to Pay

This reflects the ability of the customer to pay for the service.

• Small Business Owner: Low, limited by budget constraints.
• Customer Support Manager: High, as they see the direct value in customer satisfaction and retention.
• Marketing Manager: High, budgeted for specific marketing tools and initiatives.
• Small Business Owner of an E-commerce store: Medium, depending on their revenue and margins.
• Customer Success Manager: Medium, influenced by startup budget constraints.
• Community Manager: Medium, budget depends on platform's overall revenue and priorities.

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TAM (Total Addressable Market)

The overall revenue opportunity available for the product within the segment.

• Small Business Owners: Large, numerous businesses but with varying degrees of tech adoption.
• Customer Support Managers: Large, a critical role across many industries.
• Marketing Managers: Large, a ubiquitous need across industries.
• E-commerce Store Owners: Medium, a growing market with significant online focus.
• Ed-tech Startup Customer Success Managers: Medium, a niche but rapidly growing sector.
• Online Learning Platform Community Managers: Medium, a growing sector but with fewer entities than more traditional industries.

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Distribution Potential

The ease with which the product can be marketed and distributed to the segment.

• Small Business Owners: High, can be reached through broad digital marketing and small business networks.
• Customer Support Managers: Medium, targeted through industry publications and professional networks.
• Marketing Managers: Low, due to saturation of marketing tools but can be reached through niche marketing channels.
• E-commerce Store Owners: Medium, accessible through e-commerce platforms and forums.
• Ed-tech Startup Customer Success Managers: Medium, reachable through educational technology channels and conferences.
• Online Learning Platform Community Managers: Medium, accessible through digital education networks and communities.

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Choosing ICPs

I am picking ICP #2 (Customer Support Manager at a SaaS Company) and ICP #4 (Small Business Owner of an E-commerce store) which have low adoption curve, high frequency, and good appetite to pay.

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More Insights about chosen ICPs

ICP #2 - Customer Support Manager at SaaS company

Insights on spending Time

This ICP focuses significantly on process optimization and team efficiency, indicating a preference for solutions that save time and automate repetitive tasks.

Insights on spending Money

This ICP is willing to invest in solutions that directly impact customer satisfaction and operational efficiency, indicating a higher value placed on comprehensive, scalable tools.

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ICP #4 - Small Business Owner of an E-commerce store

Insights on spending Time

This ICP invests a lot of time in understanding and tapping into market trends, highlighting a need for solutions that offer market insights and automation in customer engagement.

Insights on spending Money

This ICP is budget-conscious but willing to invest in tools that directly contribute to sales growth and customer acquisition, indicating a preference for cost-effective, multifunctional solutions.

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Core Value Prop

The Core Value Prop is a little different for each ICP. I have mentioned the CVP of each ICP below.

ICP #2 - Customer Support Manager at SaaS company

CVP

Resolve 90% of all their customer queries instantly 24x7.

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ICP #4 - Small Business Owner of an E-commerce store

CVP

Collect leads on auto-pilot 24x7 and grow revenue of customers.

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Market Research - TAM, SAM & SOM

I am using the top-down approach to calculate TAM, SAM and SOM for the chosen ICPs separately.

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ICP #2 - Customer Support Manager at SaaS company

TAM

To calculate TAM for this ICP, we need to know total number of SaaS companies in the world.

According to this report, there are approximately 30,000 SaaS companies as of 2023.

According to this report, on average SaaS companies spends 10% of the revenue on their customer support needs.

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Even if we assume the average revenue of a SaaS company is $1M per year that means they would typically spend around $100k on their customer support needs each year.

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Based on this, TAM for this ICP would be 30,000 x $100k = $3B per year

SAM

Not every SaaS would be looking for an AI based customer support chat solution.

These days every company is looking to integrate AI into their product somehow. And customer support is #1 thing that they choose to enter into this AI space. So its safe to assume that almost 50% of the SaaS companies are looking to use AI to augment and enhance their customer support.

Based on this, SAM for this ICP would be 50% of TAM = $1.5B per year

SOM

There are so many established players in this market offering multiple solutions. So, lets assume we can realistically capture 2% of the market share with SiteGPT.

Based on this, SOM would become 2% of SAM = $30M per year

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ICP #4 - Small Business Owner of an E-commerce store

TAM

To calculate TAM for this ICP, we need to know total number of small and medium e-commerce companies in the world.

According to this report, there are approximately 26.5M e-commerce companies as of 2023. But most of them are of small and medium scale, its safe to assume that 50% of them would fall under our ICP.

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Let's assume each e-commerce company would typically spend $1000 per year on customer engagement platforms.

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Based on this, TAM for this ICP would be 50% x 26.5M x 1000 = $13.25B per year

SAM

Not every e-commerce company would be looking for an AI based solutions for lead generation.

Let's assume that 15% of the e-commerce companies are looking to use AI to collect leads.

Based on this, SAM for this ICP would be 15% of TAM = ~ $2B per year

SOM

There are so many types of AI solutions available in the market that provides ability to capture leads. Collecting leads through AI based chatbot interactions with customers is one of them. And SiteGPT is one of those AI based chatbot solution providers. So, lets assume we can realistically capture only 1% of the market share with SiteGPT.

Based on this, SOM would become 1% of SAM = $20M per year

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Summary of TAM, SAM & SOM

Below is the summary of TAM, SAM and SOM for our chosen ICPs. Also note that the below mentioned values are per each year.

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Stage of the product

Right now, SiteGPT has a retention problem, with in 1 year, 90% of the old customers are churning away. So, SiteGPT has not achieved product market fit yet. So, SiteGPT is a pre-PMF product as of now.

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Acquisition Experiments

As SiteGPT is a pre-PMF product, the experiments should be cheap, faster and feedback driven. So, keeping this in my mind, the below are the experiments that I would do - one for each ICP.

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ICP #2 - Customer Support Manager at SaaS company

Experiment #1 - Deep Dive into Customer Support Communities

Objective/Purpose

• To position SiteGPT as a go-to solution for enhancing customer support by engaging deeply within customer support and e-commerce forums and groups.

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Hypothesis

• By actively contributing expert advice and solutions in customer support forums and communities, we can increase awareness of SiteGPT, build credibility, and drive interest among potential customers, leading to higher trial sign-ups and feedback collection.

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Detailed Implementation Plan

1. Forum Selection and Monitoring
2. • We will first have to identify forums where our ICPs are most active. For Customer Support Managers, this might include specialized Slack groups, Reddit (subreddits like r/CustomerService) and LinkedIn communities.
3. Content Strategy and Calendar
4. • We have to develop a detailed content strategy that includes types of posts (e.g., answering questions, sharing insights, posting original content), frequency, and topics. The topics should align with common pain points that SiteGPT can address.
   • We will also create a content calendar for scheduling posts across different platforms, ensuring a consistent presence without overwhelming any single forum.
5. Engagement Rules
6. • We need to establish guidelines for engagement that prioritize adding value over promotional content. This might include a ratio of informational to promotional posts (e.g., 4:1).
   • We have to develop a set of templated responses for common issues that can be personalized, saving time while ensuring high-quality, informative interactions.
   • We have to start by answering existing queries and gradually initiate discussions on innovative customer support practices.
   • We also must ensure all interactions are genuine, adding value without doing over promotion.
7. Feedback Collection Mechanism
8. • We will introduce a feedback loop by inviting forum members to try SiteGPT for free in exchange for their insights. This can be facilitated through direct messages following valuable interactions or as part of a signature in posts.
   • We will also set up a dedicated landing page for users from these forums, making it easier to track engagement and feedback from this experiment.
9. Success Metrics
10. • We have to be very clear about the metrics that we have to track our success for this experiment so that we will be in a position to change our plan based on the results.
    • Some of the metrics that we have to track are
    • • Forum Engagement (likes, comments, shares)
      • Number of trial sign-ups
      • Quality and Quantity of feedback received
      • Conversion rate from trial to paid customers

• • Based on the results, we will adjust the content and engagement strategy based on what resonates best with the audience.

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ICP #4 - Small Business Owner of an E-commerce store

Experiment #2 - SiteGPT Shopify Plugin with Feedback Loop

Objective/Purpose

• Reduce the adoption barrier for e-commerce store owners by providing a simple, seamless integration of SiteGPT’s chatbot service via a Shopify plugin, facilitating direct feedback from a key customer segment.

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Hypothesis

• A Shopify plugin that integrates SiteGPT easily with e-commerce stores will encourage more store owners to adopt SiteGPT, providing a valuable channel for direct user feedback and improvements.

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Detailed Implementation Plan

1. Plugin Development and Features
2. • We have to prioritize features for the initial version of the plugin based on common e-commerce pain points that SiteGPT can address, such as 24/7 customer support and lead capture.
   • Ensure the plugin is very user-friendly, easy to install and configure, even for non-technical users, with video tutorials and clear documentation.
3. Beta Testing Program
4. • For a successful Beta testing program, we have to identify a diverse group of Shopify store owners across different industries. For gather these details, we have to utilise LinkedIn, Shopify forums, and existing networks.
   • We will have to offer personalized support and offer the plugin for free or at reduced cost during this beta phase in exchange for detailed feedback on their experience through structured surveys and one-on-one calls with our beta users of the plugin.
5. Promotion and Launch Strategy
6. • We will have to plan a multi-channel launch campaign targeting Shopify store owners, leveraging email marketing, Shopify’s App Store, and partnerships with Shopify influencers.
   • We also have to consider offering a promotional discount for early adopters post-launch to encourage sign-ups and accelerate more feedback collection.
7. Shopify Community Engagement
8. • As the plugin would be very new to the users, our engagement in the Shopify community will be super important because it can make or break our plugin.
   • We will actively participate in Shopify’s community forums and social media groups to promote the plugin and support users directly. This includes troubleshooting, gathering feedback, and showcasing new features based on user requests.
9. Success Metrics
10. • • We have to be very clear about the metrics that we have to track our success for this experiment so that we will be in a position to change our plan based on the results.
      • Some of the metrics that we have to track are
      • • Number of plugin installs
        • Number of active users and beta users (in the beginning until the beta program is live)
        • Quantity and Quality of feedback submissions
        • Feature requests
        • Conversion rate from trial to paid subscriptions
    • • Based on the results and the feedback, we will improve the plugin by prioirtising new features so that it can address all the pain points of our ICP in an easy and effective manner.
    • Use the feedback from Shopify store reviews and direct customer interactions to continually refine the plugin and marketing approach, prioritizing features and messages that resonate most.

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Both of these experiments are designed to be low-cost and focused on engaging directly with potential customers to gather valuable feedback. By contributing to communities and offering a targeted solution through the Shopify plugin, we not only address the immediate need for customer acquisition but also lay the groundwork for iterative product improvements. This approach ensures that our efforts are closely aligned with the needs of our target ICPs, driving towards product-market fit through continuous learning and adaptation.

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