Conversation Intelligence Software: Guide & Tips To Help You 10X Your Revenue
Are you losing sales insights that could be 10X your revenue?
Data is a goldmine of information about your ideal prospect, and if you aren’t able to gather insights from it, you’re losing a big deal.
We understand your struggles of not being able to catch the data efficiently. Lack of availability of the right tools and lack of focus during sales conversations due to multitasking are some of the significant reasons. We analyzed the everyday challenges of sales reps and came up with the solution, that is,
Conversation Intelligence Software
Today, we’ll discuss everything you need to know about conversation intelligence software to make a thoughtful investment before it’s too late!
In this article, we’ll learn
- Why do salespeople lose valuable insights?
- What is the need for conversation intelligence software?
- How does Conversation Intelligence Software work?
- 3 top tips to 10X your revenue with Conversation Intelligence
- How does NetApp increase customer engagement with conversation Intelligence?
Why do salespeople lose valuable customer insights?
The solid reason why most salespeople struggle to keep up with the customer insights is because of the lack of the right tool to store and manage the sales data.
The primary reason we evolved as a conversation intelligence platform is that we observed the following challenges in our virtual selling efforts:
- As a B2B Salesperson, we struggled to keep a balance between asking relevant questions, taking notes, and focusing on prospects’ needs and pain points – ending with poor notes or no notes.
- A notable 72% of the people spend an hour a day manually entering data into CRM, which is a crucial and time-consuming step for the teams. Due to this reason, the data rarely made into the CRM.
- The team missed a significant chunk of information or lost it due to a lack of coordination between the sales team.
The traditional sales approach offered challenges and drawbacks, causing huge revenue loss, and it was impossible to stick to the same old-school methods.
The primary reason salespeople lose deals is that they’re unable to understand the prospects well. Finding a solution that would automatically enter data into the CRM was critical.
What is the need for conversation intelligence?
In a research published by HBR, 230 buyers completed a 360-part survey in which
- 40% of customers prefer a salesperson who listens, understands, and matches the solution to their specific problem.
- 30% of people prefer a salesperson who earns their trust by making them feel comfortable by taking care of the customer’s long-term needs.
- Another 30% want a salesperson who challenges their thoughts and perceptions, then prescribes a solution they may not have known about.
Finding a salesperson who will understand your pain points, earn trust, and challenge your perceptions seems like a myth.
After analyzing the average salesperson’s troubles, we finally landed on a conversation intelligence software solution.
“Conversation intelligence is an AI-backed tool that records, transcribes, analyzes, stores, and shares sales conversations between salespeople and prospects over phone calls or video conferencing. The data is then streamed to platforms CRM, G- suite, slack, etc.”
Conversation Intelligence is the need for an hour due to the following reasons.
#1 Sales reps can’t multitask
An average human brain can’t perform two tasks that require high-level brain function and can’t juggle with notes taking and building rapport. You need an intelligent solution that would do 50% of your work.
Highly Recommended read: Conversation Intelligence: What It Is and How It Improves Productivity Among Sales Reps
#2 Manually entering data in CRM.
As we have seen earlier, manually entering data into CRM is time-consuming and monotonous. Salespeople can better spend their time on the productive stuff, solving problems, and finding new ways to understand the prospects.
#3 Getting analysis is critical
There can’t be any sale without accurate insights. It’s challenging to plan a sales strategy without the correct input because you need to understand the minute details of prospects, like their emotions, sentiments, and intent.
How does conversation intelligence software work?
The conversation intelligence software combines technologies like NLP(natural language processing, artificial intelligence, algorithms, and automation. The process of extracting data is called conversation analytics.
Here’s how it works:
The conversational analytics tool collects the insights from sales conversations over VoIP and records them into the system.
The CI then transcribes the recorded call with the help of NLP( Natural language processing). NLP allows computers to understand human language just like humans do!
Artificial Intelligence analyzes the conversation and provides the keywords, insights, cues, and data points you should focus on. You can use these insights in every sales area, like building a sales pipeline, designing sales strategy, and planning.
The CI platforms provide the data in sharable formats such as sales analytics reports, meeting notes, and transcription.
How NetApp increased customer engagement with conversational intelligence
NetApp is a hybrid cloud service and data management company founded in 1992 and headquartered in San Jose. NetApp offers cloud data services for managing applications and data online and physically.
NetApp searched for a technology in 2020 that helps its sales teams optimize the input, assessment, and monitoring of forecast calls for individuals and groups. NetApp was looking for an AI solution to improve customer interaction, corporate training, and sales growth.
- Limited insights into customer interaction and the costly call recording technology.
- Excessive reliance on spreadsheet technology.
- On a case-by-case basis, deal reviews.
- Customer engagement suffered as a result of ineffective CRM use.
- There was no use of AI in sales training.
Here’s how conversational intelligence solved the problem:
- Exclusive sales forecasting for different teams.
- It provided AI-powered coaching to sales reps during the COVID transition.
- New customer objections were clarified and resolved via keywords and smart transcripts.
- Increased customer engagement with activity mapping identifies where and when customers respond best to sales efforts.
Three top tips to 10X your revenue with conversation intelligence software
Keep in mind these three things, and you’re ready to rock. Here’s how!
#1 Create a memorable sales training program
One of the critical components of an effective sales training program is introducing reps with unique customer perspectives. Customers know the buyer’s journey better.
With the aid of a conversation Intelligence platform, you can gather as many unique customer perspectives as you want and introduce them to your sales team. Customers know the buyer’s journey well, so they can provide in-depth details of their needs and the solution they seek.
Recommended Podcast: How to increase your Sales training ROI?
#2 Understand the market trends
Sales conversations help to gather valuable customer insights to know the market trends.
For instance, a salesperson from the eCommerce industry shares details such as data structure, pattern, content format, and sales platform working in the market. Sometimes it’s better to get inspired by what’s already working than reinvent the wheels.
#3 Incorporate personalized selling
Personalization is the key to winning the prospect! Gen Z believes in products/services made just for them!
Research by Salesforce shows that the customers will only be loyal to the brand if the brand understands their individual needs and creates experiences specifically tailored to them. Conversation Intelligence software can help you analyze personal customer insights.
Recommended read: How to drive growth with conversational intelligence?
Are you ready to take your sales journey to the next level?
We’ve got you covered!
The most significant risk for your business is losing valuable customer insights! If not given the necessary attention, it can turn into a disaster. Customer insights are the goldmine of data you can leverage in every aspect of your business.
Convin is an AI-powered conversation Intelligence platform that records, transcribes, analyzes sales conversations between customers and salespeople, and gives value-packed insights that can revolutionize your business. Learn more about How to Use Convin Conversation Intelligence tool?