In 2022, artificial intelligence is everywhere. In our personal lives, conversation intelligence platforms such as Google Assistant and Amazon Alexa carefully analyse our voice input and provide appropriate solutions for us. They make everyday tasks like ordering food, commuting and getting work done much easier.
Now, imagine this technology being leveraged for sales teams.
Every customer conversation is loaded with deep insights that could transform your sales team, strategy, and quality of service. Businesses globally use conversation analytics software (also called conversation intelligence software) to analyse customer conversations, understand their intent, customer behaviour, and more.
But first, let's understand how conversation intelligence and conversation analytics software work, and how they can help you understand your customers on a deeper level.
What is Conversation Analytics Software?
Conversation analytics or conversation intelligence is the process of understanding customer phone calls to uncover critical insights about the conversation by recording and transcribing call data.
Conversation analytics is the term used to describe the process of using natural language processing (NLP) and machine learning to extract data from a sales conversation. This conversation data is then processed by artificial intelligence to understand how the customers feel and to deliver an appropriate response.
Conversation analytics software comes with a myriad of benefits, like understanding deal intelligence, call data, and how to steer the tone of the conversation.
How Conversational Analytics Works
Conversational intelligence, (or conversation analytics software) requires several entities to turn customer conversations into actionable data.
A conversation intelligence platform like Salesken gathers important data via a sophisticated AI algorithm, machine learning, and NLP.
The technology is leveraged to transcribe every call recording, chat, and more to deep dive into sales data analysis and understand customer behaviour.
A conversation analytics software typically comprises of a transcription engine, a query and a search user interface to allow the user to define requirements and carry out search reporting applications to present the analytics via keyword analysis, and business applications to improve customer experience.
While this may sound complicated, the software transcribes call data, and scores them in real-time, allowing sales reps to learn about the prospect and their inclination towards the product in minutes.
The Benefits of Using a Conversation Intelligence Software
Sales teams receive an ocean of data, which when leveraged correctly, can be efficiently used for conversions and attributions.
Here are four benefits of using conversation AI:
#1 Deep Dive into Prospect Intent to Deliver a Better Customer Experience
Several organisations struggle to understand the customer even when they are much deeper in the deal cycle. Despite how crucial it is to get actionable insights to deliver a better customer experience, this factor is often overlooked, or perhaps, not given enough importance.
Customer intelligence analytics helps you deliver insights to gain a leg up on your competition. It assists your sales teams to improve their product by understanding every step of the customer journey.
The technology focuses on customer sentiment, intent, and objections, so you have a more meaningful conversation by learning continuously from customer interactions. It also delivers actionable insights into your customer experience through phone calls, chatbots, and other digital experiences.
#2 Monitor Sales Reps’ Performance in Real-Time
Being able to assist your sales reps in real-time is an extremely beneficial feature because it teaches reps how to improve their approach and also delivers a better experience for your customers.
Conversation analytics provides real-time cues on live phone calls to keep sales reps from fumbling. It provides an enhanced sales experience overall by answering the customers’ queries better.
A good conversation analytics platform should be able to flag issues and get the sales manager’s attention.
With conversation analytics, it gets easier to analyse every sales rep’s conversation and determine their performance with call reports that jot down intricate details.
These reports can be leveraged by sales managers to understand areas that need improvement and those that do not to help sales reps get on track with their peers.
#3 Reduce Customer Churn and Enhance Customer Experience
Customer churn is one of the biggest worries of all organisations across the globe.
The lower your churn rate is, the better it is for your organisation. Conversation analytics can help you get there with its revenue intelligence feature.
For instance, if you notice a trend in your customers asking for refunds and cancellation of subscriptions, the software can help you track such keywords every time it comes up in a conversation.
Collate such requests to understand the event and the reason that led to the customer asking for a refund. From there, uncover these insights to pinpoint common issues that cause customer churn and come up with a sales strategy to tackle them going forward.
#4 Improve Sales Reps’ Productivity
As mentioned earlier, conversation analytics makes it easy to flag objections, raise issues, and improve problem areas.
Another benefit of using the technology is that sales reps can leverage the data uncovered from deals to categorise their learnings and re-route their strategies to sell better and close deals faster.
For instance, you can review your agent’s calls and understand their strengths and weaknesses to tailor their approach effectively.
The report produced can also be used to coach sales reps that are struggling to close deals and point out areas that need improvement.
Use conversation analytics to allocate agents in call queues that are more relevant to their skill sets and knowledge expertise to deliver a better customer experience.
5 Use-Cases of Conversation Analytics Software
The conversation data you gather using the conversation analytics software can help you improve your call metrics, sales strategy, and more. Below are five use-cases for conversation analytics:
#1 Receiving Accurate Feedback in Real-Time
Some customers are extremely voiceful about their needs, objections, and fears, while some aren’t.
With the speech analytics software, understanding the intent behind the customer’s voice becomes easy. Although your lead score might be good, sometimes, the signs may slip through the crack.
Conversation analytics help you tackle the discrepancies by pinpointing the exact cause for deal rejections, or hesitancy, creating deeper connections between the customer’s intent and the sales rep, and understanding their behaviour better.
The technology picks up these signs and helps sales teams to analyse the information and dive deep with emergency responses that are showcased during a live sales call to assist sales reps to handle objections better.
#2 Predicting Customers’ Actions
Sales reps typically drown in a pool of data that mostly goes in a dark folder in the cloud. To supercharge any sales deal, it is crucial to understand and predict the customer’s future behaviour to tailor the pitch accordingly. Conversation analytics is just the right technology you need to drive such business interactions.
For instance, let’s say you are launching a new product feature, which is a part of the best-selling product. You’re aware that the product is doing extremely well, but an existing customer has identified a substantial problem in your product, and now, this is a huge roadblock in your new product feature.
Without conversation analytics, it becomes extremely difficult to track every customer’s feedback manually, both online and offline, which eventually puts off new buyers from purchasing your product.
Conversation analytics software triggers a sales rep every time a customer leaves negative feedback on your service tickets. Instead of finding out the hard way about your product’s shortcomings, keep an eye on the feedback given by the customer via service tickets and tackle the issue before disasters happen.
#3 Improve Customer Service with Team Coaching
No sales team in any organisation has perfected sales without external help.
At any sales organisation, sales managers need to understand who their top-performers, mid, and bottom performers are to sell better.
Coaching is an integral part of sales.
Identifying sales reps that consistently fail to deliver successful outcomes helps the team to perform better.
Conversation analytics helps sales managers identify mid and bottom performers and tailor their coaching to assist them. Without the technology, it becomes increasingly difficult for sales managers to understand why certain reps need coaching.
Conversation intelligence software’s call tracking metrics collate and analyse top sales reps’ conversations and summarise the best takeaways to promote peer learning.
#4 Spot Trends to Improvise Sales Strategies
Regardless of the industry you operate in, every organisation needs a loyal customer base and a strong online reputation.
However, managing business operations manually while keeping up with constant chatter and trends is tricky. Leveraging trends to deliver a better customer experience is also taxing.
Conversation analytics grabs such trends and records them in a single place for sales reps to refer to during live sales conversations, highlighted by the customers. The technology triggers keywords during a sales call and alerts the sales rep to improvise the pitch and help the sales rep close the deal.
#5 Lead Scoring to Prioritise Prospects and Work Smarter
Conversation intelligence software also called revenue intelligence does way more than just coaching and alerting sales reps to improvise their sales pitches.
The conversation analytics tool gathers insights by sifting through calls, identifies opportunities within the call, tracks the tone and sentiment of the customer, and provides a holistic score to help sales agents understand and focus their attention on prospects that are moving down the funnel.
Sales reps can also identify prospects that need more convincing with the help of conversation analytics to provide the right kind of assistance such as sharing a relevant blog post, testimonial, or even case study.
With revenue intelligence, you can understand what deals are working for you, why, and the ones that need a little push with the right kind of cues and lead scores.
Why Do You Need Conversation Analytics Software for Your Organisation?
Did you know that 81% of customers prefer calling companies regularly as opposed to sending emails, or having online chats?
Typically, most brands don’t find it challenging to understand their customer needs and can easily quantify data coming from emails, or chats. But unfortunately, the same does not apply to phone calls.
Conversation analytics bridges the gap between the customer and the sales agent by turning the plethora of data shared in the conversation into actionable insights that allow sales teams to compare calls and understand where their deal stands.
With the conversation analytics software, sales reps can easily score conversations, spot trends and prioritise leads without even listening to all calls.
Tools such as Salesken make it easy to glance at key information to understand which leads are qualified when leads convert, and what needs to be done to propel the conversation forward.
Conversation analytics software removes the guesswork and provides sales teams with deep insights designed for successful outcomes, and helps sales managers coach their team to improve their performance and productivity.
Transform Data into a Gold Mine with Conversation Analytics Software
Conversation analytics help you get more out of your customer data.
With better attribution and tailored insights, sales teams can get maximum benefits out of the tool and get a more accurate sense of deals, agent performance and revenue intelligence based on actual KPIs and metrics.
Conversation analytics software such as Salesken provide the best and the latest artificial intelligence technology to help sales teams recognise their deals, provide superior customer experience, and coach team members seamlessly.
Understand your customers and deal pipelines better with Salesken’s conversation analytics software. Book a demo with our expert and jump on the bandwagon!