Consider the number of interactions that a single salesperson has with leads and prospects throughout the course of a single quarter. Now consider the total number of sales that a sales team brings in over the course of a quarter.
As a consequence of these interactions, a great deal of beneficial information about your ideal customers and buyer personas has been revealed. On the other hand, it could become challenging to recall (much less document) every single thing that was said throughout these conversations. The virtuous news is that there is software available called conversation intelligence that can assist you with this.
What exactly does it mean to have conversation intelligence?
Conversation intelligence, often known as CI, is a relatively new technology, yet, it is gaining popularity among the top sales teams in a variety of different businesses today. In this post, we will discuss what Continuous Integration (CI) is, why it is essential, its working, and tools that you may choose to use on your team if you decide to take advantage of CI.
Artificial intelligence (AI) is used by conversation intelligence software in order to automatically record, transcribe, and analyze hours upon hours of sales conversations. Conversation intelligence recognizes keywords and conversation themes, allowing you to rapidly discover the essential sections of your sales calls and then immediately move to and begin analyzing those areas.
The term "conversation intelligence" most often refers to a kind of software that can record, transcribe, and analyze interactions with customers and potential customers. The program gives customer success managers, account managers, and sales representatives more insight into their talks and the ability to learn how to better those conversations.
These software programs are built on the premise that they can record phone conversations and meetings, make use of artificial intelligence (AI), transform voice into text, and then carry out more sophisticated analysis of the raw data. As a result, all of the devices that are mentioned in this category are equipped with the capacity to record and transcribe call audio by default. But these systems also examine the content of emails since correspondence via email is a primary method for doing business these days.
These systems do an analysis of conversations by using natural language processing (NLP), which identifies subjects covered, discussion patterns, questions asked, consumer concerns, emotions, and other relevant information.
Importance of conversation intelligence
As was mentioned above, conversational intelligence enables the recording and analysis of conversations during sales calls as well as calls with customers. This assists sales representatives in easily accessing key information from their conversations, accelerating the data entry process into their CRM, and communicating information to other team members and stakeholders.
It helps in the alignment across the sales and customer success organization and assists with the passing of key insights to other teams. For company executives on all sides, it delivers a way to aid coach and train team associates after easily heeding into key points of conversations, such as how reps answered questions and objections (like product and marketing).
The difference between conversational intelligence software and traditional call recording software or cloud meeting solutions (like Zoom) is that conversational intelligence software analyses conversations on your behalf, take notes on key topics using conversational artificial intelligence and machine learning, and enables you to quickly access important moments from conversations that have been recorded.
It transforms individual calls into something that the whole team can profit from, which is an additional advantage beyond the recorded value. With the use of conversation intelligence software, members of a team are able to obtain crucial customer information and disseminate it to all of the relevant stakeholders rather than having this information remain confined to a single team member or department.
Customer growth via the use of conversation intelligence
If you are the only one handling sales, customer success, and support for your firm, it indicates that you are still very early on in the journey of your business and are juggling far too many duties while having very low bandwidth.
At this early stage, customer development is a crucial step that entails capturing customer feedback, learning their stories and the pain points that they experience, and sharing these insights with your product team so that they can hear them firsthand or use their verbatim in your Sales and Marketing copies. Doing so will allow you to build a product that people want and successfully market it.
When you have twenty other things that are more pressing for your attention, taking extensive meeting notes and discussing the insights gained from those notes with the team is not only an onerous task but also presents a challenge.
When you didn't realize you needed anything like this in the first place, having a simple method at your disposal to record all of your phone calls and play them back afterward may be of great assistance. Imagine that you had a sales call a few months back, but you couldn't fully recall the reason why the customer didn't clinch the deal with you. It is extremely helpful to have a tool that allows you to immediately access critical sections of the discussion so that you can refresh your memory and come back to the prospect with the same worries that they mentioned.
Every interaction with a consumer and every transaction may be seen as a learning experience while a business is in its infancy and still expanding. You're still working on developing an effective pitch and process, and there needs to be a way to communicate the key problems that customers are experiencing, the objections that they have, the buyer psychology, and the competitors you're up against in deals to other salespeople and other stakeholders on the product and marketing teams. This will allow everyone to learn and get better.
At this point, you should have had a procedure that is consistently followed across your sales organization. Discovery calls are conducted in a certain manner, sales demonstrations are conducted in a specific manner, and you want there to be consistency in how the team should be selling. A solution for conversational intelligence may assist you in gaining insight into whether or not everyone is adhering to a procedure that is successful.
Efficient data entry
There are several instances in which the sales representatives do not input all of the information in the same manner (or worse, sometimes forget to enter information at all). If management only has access to some of the data they need, their reports and projections are likely to be erroneous.
When there is turnover in a team, and you need to transfer active chances off to other salespeople in the team, this may also be a challenging situation. The newly hired sales representatives wouldn't have sufficient context, meaning they wouldn't know what information the prospect has previously provided or what they've decided should come next in the process. And at this point, rather than creating rapport from zero and going through the entire process again, it would be far more successful if the new representatives could obtain the complete context and go on with the sale without any delays or giving the prospect a negative experience.
If you have conversation intelligence software that automatically records every customer conversation and transcribes and summarizes notes of the crucial topics, you can always ensure that the important information is available in CRM in a timely manner, and if necessary, you can get the context of previous interactions immediately. If you do not have conversation intelligence software that automatically records every customer conversation and transcribes and summarizes notes of the key topics, you cannot always guarantee that the important information is available.
Market dynamics and conversation intelligence
It is very necessary for a person in a sales management position to be able to manage and train both high performers and low performers. When it comes time to manage and coach the members of your team who are in the center of the pack, the challenge level of the task increases. Your objective, which should be quite obvious, is to raise the performance level of these reps such that they are among the best in the group. However, doing such analysis across all of these representatives and their hundreds of calls is physically difficult.
Thanks to conversation intelligence solutions such as Noota, which can enable you to easily see which of your sales representatives are proficient, which ones are having trouble, and which ones require your attention and coaching because they are closer to the middle of the pack. The conversation intelligence software may also assist you in gaining an understanding of the talk tracks used by the most successful representatives.
How much time they spend, their speaking vs. how much they listen, how many questions they ask, what subjects they cover, when they cover them, what phases they cover them in, etc. You may use these insights to your advantage to teach your average-performing employees what they should do more of and what they should do less of. In addition to that, this motivates sales representatives to provide one another with coaching, which contributes to the development of a positive culture within your team.