What Is Call Transcription Software and What Are Its Benefits?

What Is Call Transcription Software and What Are Its Benefits?

Anirban Banerjee
Anirban Banerjee
April 17, 2022
5 min read

A case study by Discovery Digital Networks reveals that close-captioned YouTube videos have 40% more views than the ones without. Moreover, many people turn captions on when they’re watching TV shows or movies, even if they’re native speakers of the original language. They just understand it better.

So is the narrative of call transcription during live sales calls. 

While talking to a prospect, a sales rep is trying to do multiple things such as building rapport, tweaking the sales pitch on the fly, and framing the right questions to ask - all while proactively listening to their prospect. With so many things going on in their head, it’s evident that a couple of words might get missed; or the prospects might drop certain easy-to-miss signals that fly under the radar.

Call transcription to the rescue

Call transcription software proves to be your ‘friend indeed’ while you navigate your way through tough sales calls. It performs the speech-to-text transcription of your sales calls - live or pre-recorded, audio or video files. You can read as you listen and pay more attention to your prospect’s words as they make their way to your ears and pop on your screen at the same time. And, that’s not it…

…call transcription software goes many steps ahead

What if your transcribing buddy could also show you the way to tackle tricky situations on a sales call? That’s exactly what an AI-powered call transcription tool (like Wingman) does. It uses natural language processing (NLP) to transcribe your sales calls and delivers actionable insights pertaining to valuable keywords captured on call. 

For example, if your prospect raises a common objection, your call transcription software will present the ways to tackle it in real-time. If your prospect mentions a competitor, your transcription tool will instantly manifest key pointers to address the situation in a data-driven manner.

A call transcription software spreads its wings even wider to ease your sales process and facilitate your sales cycle and deal pipeline. 

5 Benefits of call transcription software

Here’s what the contents of a sales rep’s calendar look like:

Sales call

Sales call

CRM entry

Sales call

Sales call

CRM entry

.

.

.

Sales call for the 60th time

Now here’s a snapshot of a sales manager’s day:

Client stand-up calls

Not-so-quick interviews

Ad-hoc disaster management

Meetings, meetings, meetings.

More meetings. 

Phewww!

And would you believe it - there’s still so much left to do! Let’s explore that in a little more detail. 

Streamline sales analysis and collaboration 

Sales reps make what feels like a million calls on any work day. Marketer Charlie Cook estimates that cold calling is successful only 2% of the time. To step up their sales game and increase their win rate, sales reps need to revisit their sales calls and find out what went wrong. But who’s got all the time to go through a bazillion zoom call recordings!

So, which way is the emergency exit?

With AI-driven speech recognition, real-time transcription software enables you to analyze your sales calls seamlessly in just a matter of clicks. It helps you navigate through your sales calls quickly, enabling you to review and analyze the pivotal moments and scenarios that you failed to capture or tackle on call. 

The story doesn’t end here. You can bookmark specific timestamps and clips in your sales calls that you would like to come back to - either to draw inspiration from them or as a reminder to not repeat what you pulled off there. 

Moreover, you can listen to the sales calls of star performers on your team to learn the best ways to tackle the sales challenges you are facing.

Drive effective sales coaching and training sessions

Sales managers are responsible for coaching and training their sales team members and ensuring a high ROI from the company’s hiring investments. They sure can’t sit in on every sales call or even analyze every call recording their reps make. Heck, even analyzing a few for each sales rep adds up to a lot of sales calls and even more hours for the analysis. 

Call transcription services provide you with critical sales metrics and actionable insights in real-time such as talk:listen ratio, the ways in which a rep handles objections, and an overall view of your team’s sales performance. You can tag your reps in comments for the specific moments in the calls - where you have some thoughts/suggestions/feedback to share. Ah, and to do it all in your own time - it seems like asynchronous coaching is already killin’ it.

Revamp onboarding for new reps with a curated sales playlist

Your business is growing, and so is your sales team; you’re interviewing people at the speed of light, and a new rep joins you almost every two-three weeks. The first thing you do and have always been doing is to schedule an orientation session and give your new hire a bird’s eye view of your sales process and methodology. To take it to another level, you even throw in a list of dos and don’ts, and you always leave them with this cliffhanger: “you’ll learn more after you’ve made some calls”.

Here’s how that pans out: your new reps make rookie mistakes as they don’t have enough practical knowledge about:

  • business’ buyer persona
  • prospect’s pain points
  • best objection handling techniques

And your pre-recorded VOIP calls are indubitably a goldmine with all that information stored in them. Call transcription services provide you with a smart way to enable your sales reps to extract the most out of your sales audio files or video recordings in a quick, searchable, and insight-driven manner. 

You can use your sales intelligence platform (like Wingman) to create a playlist of the best sales audio or video calls ever and share it with your new team members so they can learn exactly how to converse with a prospect. This will give them a close to on-field experience and insights into 

  • the best (and the worst) sales practices
  • ways to handle common sales objections and tricky situations
  • a great AI-powered walkthrough of your sales process 
  • tricks to enhance customer experience on call

This is further topped with the nuances of sales processes they can only recognize while listening to the sales calls - something that can’t be imparted in an hour-long orientation session.

Provide first-hand info to product and marketing teams

If your organization works in silos, there are many walls between the marketing, product, and sales teams. Even if you have episodes of cross-team collaboration, the information generated in a team stays within the team. 

Sales reps don’t remember most of the things they said, or what their prospects said on a phone call. What happens on sales calls is gone as soon as the call is over unless you have a call transcription software that captures and delivers important highlights for your analysis. 

Marketing and product teams need to have insights into their prospects’/customers’ minds just as much as the sales teams. The marketing folks need to understand their buyer’s mindset to design their marketing campaigns and set the right messaging for the potential customers. And for the product teams, insight-driven sales analysis could be a game-changer for bringing the customers’ voice to their product. 

Keep up with the compliance to avoid risk issues

Ever been in a situation when your client says that you had promised them extra support after working hours, while your sales rep says that they didn’t, and you’re thinking, “Wait, we don’t even provide support after working hours”.

Wouldn’t it be a blessing if you could just press the ‘skip’ button on the sales compliance issues that begin and end with the whole “he said, she said” routine? 

Sticking to the sales script can be a challenge for sales reps when they realize that they’re losing the deal, and bending a few sales rules might turn the tables. They might say something that doesn’t abide by your company’s compliance and can cost you a bite from your revenue pie. Well, mistakes are made in times of desperation, but good intentions can only take you so far when it also brings hefty fines with it. 

Behold your sight because here comes your knight in shining armor.

Call transcription software resolves these issues for you by being your sales vigilante. It actually helps go past the blame game as it highlights the moments on the sales call where the miscommunication began in the first place. By leveraging quick keyword-based search, you can perform regular compliance checks for your team’s calls to see if they’re following your script, rules, and sales compliance.  

How to leverage these benefits via call transcription

How can a call transcription software provide you with so many benefits by just transcribing your calls? Well, only half of that statement is true. It does offer a myriad of benefits but it doesn’t depend on just your zoom call recordings and high-quality transcription. You need to feed all your sales data to your audio transcription software - to fuel it with information from all sources and power your company’s flywheel. And that’s just what Wingman can help you with. 

Empowering the wings of your organization’s flywheel

Wingman is an AI-driven call transcription software that helps you integrate all your sales data and derives a “single source of truth” for your sales, marketing, and product teams. It arms you with the ability to integrate your business platforms such as CRM, dialer, calendar, and communication apps like Slack. It leverages this disparate data and your call recordings to generate data-driven, interactive transcripts to show you the right path - when stuck on a sales call or in your sales analysis. 

To fuel your sales wings with Wingman’s real-time transcription features and revenue intelligence, book a demo with us now.

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