Conversation Intelligence has been used for a while in various organizations and is just starting to emerge in B2B sales organizations.
What is Conversation Intelligence?
In short, Conversation Intelligence is a software that uses Artificial Intelligence to analyze speech or text to obtain information based on data from conversations between salespeople and customers. Conversation data on these platforms is streamed between other technology platforms, such as CRMs, ad platforms, data analysis, assignment solutions, and digital experience platforms, to take action on real-time data.
You can analyze conversations with customers just by listening to calls if you deal with 10, or even 100 calls, but that is not possible when it comes to tens or hundreds of thousands of conversations. For situations like this, encountered in many organizations, it is necessary to implement a conversation intelligence solution to make the most of the data and take action in this regard.
Is Conversation Intelligence Different from Call Tracking Software?
Yes, Conversation intelligence solution tools include call tracking, conversation analysis, and integration.
RepsMate offers such a solution. We monitor calls through a digital solution based on which we automatically score and summarize 100% of interactions based on your criteria. Our platform makes the job easier as we digitize all associated processes. The form that managers usually fill manually is now completely automated so that they can have an overview of the call and spark any issue within the call. It reduces the time to verify a call by up to 90%.
How does Conversation Intelligence work for marketing, sales, customer experience, and eCommerce teams
Marketing teams use conversation intelligence to assign purchases and other conversions over the phone to digital campaigns to gain visibility into their actual acquisition costs, optimize digital campaigns, and personalize digital contact points.
Ecommerce teams use conversation intelligence to create a data-based feedback loop as escalations and information take place to improve e-commerce and conversion flow, keeping more than 100% digital shopping trips from one end to the other.
For customer experience, conversation intelligence is used to gain visibility into the entire end-to-end shopping journey, encompassing both digital clicks and human-to-human conversations.
In sales teams’ conversation intelligence can be used to get a real-time conversational perspective about which agents perform best, compared to those who could benefit from feedback and coaching. This makes the team more efficient and productive, which leads to higher revenue and less rotation of agents.
Benefits of Conversation Intelligence for Voice Teams
- It ensures 100% call monitoring.
- It helps you catch costly mistakes well within time like regulatory and compliance issues.
- It impacts revenues by identifying calls with opportunities.
- It can help you analyze the performance of your agents.
- It drives cost optimizations.
- It can help you identify coaching, training, and learning opportunities for your agents.
Conversation Intelligence for B2b Sales Team at Glance
An information-based business leverages and applies data and analysis to every opportunity to differentiate its products and customer experiences. According to the Forrester Analytics Business Technographics® Data and Analytics Survey, respondents from companies that are advanced in becoming a data-driven business were seven times more likely than beginners to report a revenue growth rate of 20% or more.
B2B companies began to look at it from a different perspective, using AI solutions to gain a deeper view of the sales process and to obtain information that was previously known only to the seller. The biggest concern is the accuracy of a sufficiently relevant percentage of the interactions between sellers and buyers.
The Forrester T2 2020 B2B Channel and Sales Survey indicated that 30% of sales leaders plan to invest in automation tools that make recommendations to sellers for action with a buyer or to support a buyer, and 20% will invest in tools that recommend coaching actions to front-line managers.
These investments translate into results for conversation information providers, which shows the average investment growth rate of 88% reported by the providers included in this report.
Conversation Intelligence Will Be a Must-Have Technology
The largest set of interactions that can be captured through conversation intelligence is the voice interactions between buyers and sellers. Companies that want a data-driven direction will not succeed if they do not integrate voice and video conversation data into their analytics models. When preparing to implement a conversation intelligence solution:
- Find a solution that integrates with the seller’s process. This technology is an important part of a larger puzzle that must combine the information needed to optimize the seller’s interactions.
- Capture all voice interactions. This technology has the potential to capture perspectives that have been invisible to many B2B sales organizations. Before you invest, confirm that you will capture most of your voice interactions. Video conferencing has grown significantly with COVID-19, but it still covers only half of the voice conversations that take place between buyers and sellers. Although the use of video conferencing will continue to be higher than before COVID-19, it will decrease as in-person meetings return. Make sure any conversation information solution has an easy-to-implement solution that aligns with how your sellers communicate.
- See how real-time technology fits into the future of the B2B seller. This technology has the potential to increase the sales process to a level where information is leveraged as part of every sales interaction. Real-time solutions can also significantly reduce downtime for new sellers while helping established sellers evolve their interactions as buyers’ needs change. This may also allow sellers to use voice capture in areas such as cold calling, where consent requirements disrupt sales performance.
If your company plans to adopt Conversation Intelligence, drop us a line and a colleague of ours will get in touch with you as soon as possible.