July 22, 2020
Conversation Intelligence and its Impact on Sales
This one goes out to all sales leaders and managers: what part of the sales funnel keeps you up at night? Why do some deals advance all the way to the final stage only for the buyer to vanish into thin air? Why are some reps crushing it and how can you replicate it?
With recent achievements in artificial intelligence, you can have the answers to these questions and finally get some decent sleep.
In particular, Conversation Intelligence (C.I.) has gained rapid popularity as one of the most powerful, yet intuitive tools for enhancing sales performance.
But let’s back up, what is Conversation Intelligence?
C.I., utilizing machine learning, uncovers insights from business conversations in phone/video call recordings. Simply put, it works as a smart sales tool, quantifying your sales reps’ performance by transcribing and analyzing the conversations they have with your customers.
How to drive sales with Conversation Intelligence?
Knowledge is power: we shouldn’t have to tell you this. Conversation Intelligence can be an invaluable tool when it comes to translating customer conversations into insights to optimize your sales funnel.
You can record, store, and playback conversations, as well as take advantage of a plethora of functionalities, including real-time speech-to-text transcription, speech recognition, in-call analytics, or in-depth analysis of sales calls.
But how exactly does it impact sales?
1. Uncover insights from top performers and replicate them
One of the best perks of Conversation Intelligence is that you can combine it with your CRM system to better understand consumer behavior—and your sales reps’ performance. With C.I., you can understand which products and services are currently in high demand, gain insight on the actual progress of a lead, and pinpoint the strongest, most effective conversation techniques.
By analyzing performance, you can also understand which sales reps perform the best and which might do with some coaching—as well as identify the most successful coaching approach.
2. Onboard new reps and ramp-up to productivity faster
Frequent turnover is an unfortunate reality of most sales organizations. Tons of money and time is invested into bringing on a new hire and ramping them up to full productivity, only to have them either promoted up or out of their role in less than a year.
Time is of the essence during the first few weeks of a new reps tenure. Conversation Intelligence can help you bring a rep up to speed faster by exposing them to a wide variety of sales situations immediately. Utilizing a full database of successful/unsuccessful calls throughout the sales cycle will give them the edge they need to hit the ground sprinting.
3. Coaching sales reps into sales experts
With the help of Conversation Intelligence, you can replicate the winning practices of your highest performing sales representatives. The beauty of machine learning algorithms is that they analyze hundreds of behavioral patterns, turning Big Data into easily digestible, actionable insights. Understand and quantify exactly what makes your high performers great and leverage it to coach your less experienced reps.
Poor coaching is the primary culprit for why sales reps underperform. With C.I., you not only have more knowledge about what makes someone successful, but you can speed up your coaching sessions and discover the approaches that yield the best results.
4. Understand what happens on every call in seconds
For years, sales leaders have existed in a world where if they really wanted to understand what's happening in their reps conversations they would have to spend hours listening to randomly selected calls. As much fun as looking for a needle in a haystack sounds, Conversation Intelligence bales the hay and presents the needle on a platter for you.
There are a ton of insights you can pull from all your customer-facing conversations; to name a few:
- Top objections: understand specific reasons customers don’t buy at each stage and what responses resonate with them to move the process forward
- Competitor mentions: assess what competitors are being mentioned and why your team is either winning or losing to them
- Transitions/Hand-offs: ensure the buyer-journey from initial contact, presentation/agreement, to customer success is flawless and identify cracks before prospects fall through them
- Straight from the customer’s mouth: save the marketing and product development teams’ valuable resources by providing the most effective copy and product feature insight out there - your customer’s stated wants and needs.
5. Improved retention with auto-notes
No sales rep enjoys logging notes into their CRM after a call. If they do log, it will be in shorthand and usually missing key takeaways.
Conversation Intelligence allows you to completely redesign your note-taking process with the help of tools such as real-time text-to-speech transcription and a link to the full call recording in the notes. You can organize your data around keywords or tag specific people in internal communications. This streamlines your internal operations and helps your reps keep track of valuable insights and better understand trends.