If your business were a car, revenue intelligence would be its steering wheel. You can drive the vehicle by steering the wheel left and right and occasionally glancing at the rearview mirror. But that isn’t the most efficient way to drive.
This is where conversation intelligence shines. Think of it as the GPS of the vehicle. It tells you when to make a turn, identifies which route is most optimal, and how to avoid any roadblocks that lie ahead.
That makes for a much sweeter drive, doesn’t it?
The GPS (conversation intelligence) complements the steering wheel (revenue intelligence), getting you where you want in a smoother, safer, and more efficient way.
Now that we’ve explained conversation and revenue intelligence metaphorically let’s dive right into the topic.
First things first:
What is conversation intelligence?
Conversations between salespeople and customers uncover critical details about your target audience and their pain points. The bad news is that these critical details are stored in each salesperson’s memory and are often not translated on paper for others to derive insights from.
Poof, they are gone by the time the salesperson logs out for the day or moves on to the next customer call!
As a result, it becomes difficult for sales leaders to derive actionable insights from these conversations. Even if you record each conversation, it becomes next to impossible to listen and analyze thousands of customer calls manually.
The good news is that you’ve got help. Conversation intelligence is an AI-powered technology that automatically records, transcribes, and analyzes audio and video interactions between sales agents and customers. You can derive real-time, actionable insights from your sales conversations to:
- See the big picture with real-time data. It’s a win-win for both the sales team and sales managers. For sellers, it gives them what they need to know about the prospect and increases sales enablement. For sales leaders, it provides real-time conversational analytics for sales engagements and customer success. Simply put, it helps you assess the health of your sales pipeline.
- Shorten sales cycles. Conversation data insights help new sales reps play in the same league as your top performers, allowing them to hit the ground running and maximize revenues. It makes your entire sales team better at what they do.
- Mitigate risks. It helps you predict what lies ahead, not by relying on your gut intuition but by using rock-solid data. As a result, your sales team can take the right action at every step, thereby hitting targets like a pro or course-correcting at the right time.
Now, let’s look at the next tool in your arsenal – Revenue Intelligence:
What is revenue intelligence?
Think of the last time a sales deal fell through. The odds are that the deal went sideways because you overlooked a crucial detail. For example, the customer might have mentioned a competitor’s product for a while - something that should have raised a red flag - but flew under the radar.
Revenue intelligence is an evolution of conversational intelligence: it doesn’t just sift through keywords to drive insights. It uses data to understand what makes for a good sales conversation then allows sales leaders to help every sales rep have that conversation.
It enables you to get answers to critical questions that impact your top line:
- Is your sales team engaged with potential customers?
- Are you using the proper techniques to nurture and convert a critical account?
- Are your sales leaders using the right strategies personalized for each customer?
Here’s a quick wrap of what revenue intelligence is in 5-words.
- Comprehensive - Provides a complete view of all customer interactions and not just customer calls (emails, website, chatbot, etc.)
- Productive - No more manually entering data. It’s all automated and easy to interpret.
- Timely - Get access to real-time data for quick decision making
- Unbiased - Provides you insights based on data, devoid of judgments or internal bias
- Aligned - Can be integrated with the CRM, sales, and marketing data - no more siloed data that exists only with one team
Now, you might be thinking, “Wait, I’m confused! Doesn’t revenue intelligence sound similar to conversation intelligence? Am I missing something here?”
That’s a good question and one that needs exploring. While revenue intelligence and conversation intelligence may sound similar, they are significantly different.
What are the differences between revenue intelligence and conversation intelligence?
Circling back to our ‘business as a car’ analogy, both the steering wheel (revenue intelligence) and GPS (customer intelligence) help you reach your destination safely and quickly. But having a GPS is undoubtedly a much-needed value-add to your drives.
Similarly, revenue intelligence gets a lot better when you pair it with customer intelligence. What sets them apart are the use cases they focus on. Revenue intelligence is predominantly focused on deal intelligence. It gives you insights into how to close deals and generate revenues.
Conversation intelligence, on the other hand, provides you with AI-based insights on customer calls. It’s more about people intelligence. It gives you a clearer idea of what your sales teams are doing right and wrong. It helps you identify what the customer is thinking, their pain points, and deliver the best customer experience. You can use these insights to determine the right strategies to increase sales and hit sales goals, thereby boosting revenues.
Revenue intelligence thrives on data. Conversation intelligence provides that.
With that out of the way, let’s turn our attention to the key metrics that conversation intelligence software can track.
Key features of conversation intelligence software
Think of AI-powered conversation intelligence tools as cheat sheets for revenue generation across sales, product, and marketing teams. Insights from call tracking can help you improve your brand messaging and customer experiences, drive more leads, and close more deals that can help you boost the bottom line.
Here are some of the star features of conversation intelligence platforms:
Live keyword alerts
You want to analyze your sales calls, but they are just. so. many. Moreover, for certain client conversations - the call durations have no bound. But you don’t want to miss out on any critical information either and need a complete analysis of the recorded calls.
With live alerts generated by machine learning algorithms, you can accelerate your call analysis and capture critical data points in real-time. You can further utilize those intelligent insights for analysis, assessment, and course correction.
Call recording and transcriptions
Conversation AI transcribes every audio and video call with customers in an easy-to-access log. You can easily share these recordings with the sales team and improve sales coaching.
The best part - it enables you to skim through transcriptions, speed through recorded calls at 2x speeds, or review calls based on the speaker. You get accurate, real-time sales data at your fingertips right when you need them.
There must have been a job interview where you walked out of the room thinking of how you could have done things differently. Well, that’s often the case with a sales call.
With conversation intelligence software, you can find out how you could have done that call better. You can apply advanced filters to recorded calls and unlock meaningful patterns and insights. You can also identify the common sales objections and how your sales reps are tackling them. Also, it helps you monitor critical call metrics like script compliance, talk to listen ratio, moments of hesitation, buyers’ sentiments, and so much more.
This feature automates the classification of each call based on whether a quote is given, an appointment is set, a purchase is made, or anything else you would like to identify. You can then feed this AI-powered information to your marketing and sales teams to optimize your campaigns, thereby winning more conversions.
It’s not just about uncovering data. Sophisticated conversation intelligence solutions also provide accurate and deep AI-powered insights based on your data. This helps your sales leaders create accurate sales analytics reports, helping sales teams identify the right steps forward, closing more deals, and even doubling or tripling your revenues.
Why is revenue intelligence incomplete without conversation intelligence?
Get accurate data to power your teams
Revenue intelligence provides revenue leaders with new solutions. But the problem is: for revenue intelligence to be spot-on, it needs the right data. And from where do you get this data? It undoubtedly comes from customer conversations.
Conversation intelligence provides your revenue teams with the right data to help them make the right strategic decisions in real-time. Running a revenue intelligence software without conversation intelligence is akin to making decisions based on hunches and guesswork and not factual, unbiased data.
Get more clarity into the sales process
Let’s say you have a team of 50 sales development representatives who make 50 calls each per day, and every call lasts for approximately 20 minutes. How many hours are your sales reps spending on calls every week?
It sounds like a math problem from elementary school, right? Well, this is an actual problem that several sales leaders face routinely. It’s not physically possible for a sales leader to listen to each sales phone call and review them manually.
With conversational AI, your sales leaders get automatic, AI-powered insights from each sales call. It helps them get feedback on long sales calls in an instant. This info helps sales and marketing leaders to see a clear picture of the sales process, optimizing sales campaigns in real-time so that they don’t have to waste time on retrospective calls..
Identify gaps in selling and improve forecasting and coaching decisions
Can you believe that more than 50% of salespeople admit that they forget to enter lead and customer data into the CRM? According to HubSpot, sales reps spend a whopping 79% of their daily working time on tasks that can be easily automated, like manually entering data?
Conversation intelligence software helps you “capture” the “uncaptured” data.
You can eliminate manual entries and not lose out on crucial data with conversation intelligence software. Powered with actionable insights, you can forecast sales trends accurately and improve sales coaching, all of which impact the bottom line.
You need both revenue and conversation intelligence to keep your business zooming like a well-maintained car.
Convert your customer calls into a treasure trove of accurate, rock-solid insights with call tracking and conversation intelligence software.
Are you interested in learning more about how Wingman can help you with revenue generation? Book a free demo here.