Yext, Inc. (NYSE:YEXT) Q3 2020 Earnings Conference Call - Final Transcript
Dec 05, 2019 • 05:00 pm ET
stronger pipeline and stronger market demand for the Yext search experience cloud. And while we have the most experienced reps we've ever had, still 45% are new since the beginning of the year. So introducing a new product to a group of reps, who are just getting comfortable with our existing products was a lot for them to digest.
That said, we have never been more excited about our future. We have an amazing new product in Answers, which we believe has doubled our TAM. We now have 250 quota-carrying reps, the highest number and most experienced we've ever had. We believe we have the strongest pipeline and demand generation we've ever seen. We now have a complete search experience solution that every brand on the planet can benefit from, and we have never been in a stronger position going forward.
Let's talk a minute about Yext Answers, our revolutionary new product. With the Yext Answers, anyone with a website can answer questions in their own domain and a Google like experience. See, believe it or not, most companies today can't answer basic questions about themselves in their own website. And when a user can't get an answer from a company's own website, they bounce back to Google and run the same search and then the brand's lost control of the customer journey as the user's lost in a sea of results and competitive ads and third-party sources which are rife with misinformation.
Yext Answers, based on natural language processing that accesses facts and the knowledge graph keeps brands in greater control of the customer journey and increases conversion on a brand's website. You see, unlike traditional site search, which is built on technology that uses keywords to turn links to documents, Answers gives a direct answer to the question just like Google does, except it's on a company's own domain.
Brands across multiple industries have already transformed their websites with Answers during its early adopter period, including BBVA USA, Three Mobile and IHA. These customers and many more, we've already signed and are already live are already seeing results. And let's talk about one for a minute, Three mobile. They've been able to use Yext Answers to achieve significant customer insights. Previously, they were using Yext to power their store locations and listings. But now with Answers, they know so much about what their customers are looking for. Graham Johnson, that's their kilt-styling executive, who you may recall from the investor breakout at ONWARD, he e-mailed our team to say and I quote, "it was great to see the insights and suggested content from the first day. Some of the search terms alone have opened up our eyes to some massive missed opportunities, both commercially and experientially."
We aren't just at the beginning of customer success with Answers. We just launched this product, but we're already on a run rate to handle over 5.7 million searches and deliver a stunning 2.8 million clicks per year. The data first proves