What’s the most significant investment you’ve made as an entrepreneur for your business?
Well, knowing how to put your eggs in the right basket is a skill set you can master with time. One such investment that you can opt for is conversation analytics software.
We’re referring to it as an “Investment” because every B2B industry today needs it irrespective of its niche. So, let’s get straight into what is conversation analytics software and how you can leverage it to get the best business returns.
We’ll be discussing:
- What is conversation analytics software?
- Why does customer conversation voice analytics matter?
- How does voice analytics software work?
- Benefits of voice analytics software
What is conversation analytics software?
Conversation analytics software is a tool that can record, transcribe, and analyze the conversations between the salesperson and the prospect.
Conversation voice analytics for your sales team
Customer conversations can happen by telephone, text, or one-on-one conversation. Conversation analytics software can simplify those conversations to give you the best insights, such as the data on sentiments, intent, buying psychology, and the decision-making ability of the customers.
The conversation analytics software works on top of a combination of technologies like Artificial intelligence, machine learning, and NLP( Natural language processing). These technologies provide the computer with the ability to understand human conversation like humans do!
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The voice analytics software analyzes the various forms of data such as chat conversations, voice messages, social media comments, telephonic conversations, and in-person conversations. It provides insights by highlighting the critical data.
Why does customer conversation voice analytics matter?
Here are four reasons you should invest in voice analytics software.
#1 To meet the Gen Z customer expectations
The Gen Z customer base is dynamic and proactive. They want instant and personalized responses to their queries. You’d never know what they want from you until you adopt an intelligent approach like voice analytics software.
The voice analytics software helps capture relevant data such as customer pain points, likes, dislikes, and unique buying traits; the software analyzes them and provides insights.
Recommended read: 9 Benefits of voice analytics tools for sales.
#2 To make the right decision
B2B businesses have more than one decision-maker, and they can’t decide anything without solid data. Businesses need details to make strong business growth, customer expansion, and retention decisions. Voice analytics software provides critical insights to make decisions.
For instance, after your first discovery call, you realize that the prospect is interested in the product, but in reality, the buyer is unable to make a buying decision because he hasn’t been educated about the product well enough.
So, your next sales objective is to inform the prospect about the product through various channels.
#3 To analyze each customer independently
Research by Salesforce shows 74% of Gen Zers are interested in personalized products compared to 67% Millennials, 61% Gen Xers, and 57% Baby Boomers.
Gen Z demands customized experiences. They want to experience the feeling of uniqueness as if the product is created just for them!
The voice analytics software allows you to know the customer-specific details such as their choices, preferences, and priorities to create the experiences that cater to their needs.
#4 To get better feedback
Sales reps must receive mainly three types of feedback from customers:
1. Product & brand feedback
It’s the feedback on how your product/service helped them solve their problem. Plus, how much the customers are aware of the brand. Look at how Carestack shares how convin enabled them to reach their objective.
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2. Client satisfaction feedback
Client satisfaction feedback is what clients provide when they’re genuinely happy with your product. See how the satisfied customers from click funnels share their feedback open-heartedly.
3. Sales feedback
It’s a kind of feedback that you get from the customer to ensure that your sales strategies are working fine. Look at how a pharmacy brand TATA 1mg asks for customer feedback after purchasing.
How does conversation analytics software work?
Conversation analytics software is an AI-powered tool based on NLP technology. NLP can perform the following primary functions:
- Speech recognition: Converting voice or speech into written format.
- Emotions analysis: Analyzing the emotions behind the speech.
- Natural language generation: The ability to create the word format of the data.
- Dissecting the word sense: Understanding what meaning the word could convey.
The analytics software works in the following manner:
Step 1: First, the voice analytics software records the conversation and stores it in its system.
Step 2: It uses artificial intelligence to convert the stored data, i.e., speech, into text.
Step 3: Then, it analyzes the text to find critical points such as common themes and verbal cues that would provide relevant insights.
Step 4: The software then synthesizes the information into a shareable format.
Benefits of voice analytics software
Here’s how you get benefited with a conversation analytics software.
1. Get accurate customer feedback with root causes.
Sometimes it’s hard to recognize the face behind words, and misunderstand the true intention behind what the customer said. It can lead you to face difficulties while speculating the exact difference between what the customer said and how they behaved.
Let’s assume a case where you’re observing 80% traffic generated for your latest published blog but only a 1% conversion rate. There might be some malfunctioning at your end of the platform that caused it.
Conversation analytics software can provide you with customer feedback with exact root causes.
2. Intelligent way of gathering data.
Can you think about a way to get customer feedback without ever disturbing them?
It could be a pretty annoying situation where you have to ask the customer to fill out the feedback forms or give the survey. There’s a challenge they might get disturbed or annoyed, which would make a wrong impression of your brand on customers.
Voice analytics software is an intelligent solution to overcome this issue. It will capture the minute customer details such as their buying psychology, preferences, interest, and unique thoughts about the brand without ever letting them know!
3. Accurate predictions
A business requires adequate data to plan strategies, techniques, and tactics that must be worked on.
For instance, if your goal is to 5x the revenue in the next quarter, you need to redefine your sales strategies to ensure that prospecting, lead generation, follow-up, personal branding, and building rapport with the clients are correctly implemented. Voice analytics software is the best solution to get the base data.
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4. Knowing your customers’
Customer is the heart of your business. The more in-depth info you have about the customer, the more your business will grow. Knowing the buyer’s journey is crucial because every customer will be on a different level of the buyer’s journey, from cold to warm to hot lead. Customers’ requirements, challenges, goals, and priorities will differ; you must understand them thoroughly.
Empower your organization with conversation Intelligence to increase your sales team’s win rate.
Making the right decisions for your business can be a complicated process. That’s where we want to make your life easy; we want to equip you with the right skills and information to ace your game. Learn more and experience conversation analytics software.