A salesman was gearing up for a long day at work when AI knocked on his door.
“Hi, Mark. I am AI. It’s a pleasure to be at your service,” it announced in a calm, robotic voice.
“Hi AI, I’m in a rush to make a thousand sales calls. Is there something I can help you with?” Mark replied hurriedly.
“Oh, it’s going to be the opposite of that. I am here to help you.”
For context, this sales rep has been struggling to close deals and hit his quota for the past few weeks. He doesn’t know what he’s doing wrong. A few more lost deals, and he’ll blow a fuse. So, let’s cut him some slack as he works into a frenzy in front of the generous AI.
OK, so back to the conversation:
“Oh, really! You’re here to help me? Okay, Santa, then tell me why the heck I have not been able to close a single deal for the past two weeks? Why does my sales pitch not land clients? But why are my colleagues’ win rates skyrocketing at the same time? And when you have the answers, tell that to the marketing team as well, because I for one, don’t have any valuable sales info for them. And they are just. So. Curious. All. The. Time.”
Fortunately for Mark, AI wasn’t intimidated, “Sure. Just give me your sales data. Access to your CRM would also be great. Also, the email of your marketing head, I’ll provide them with all they need from you. Hey, I can also assist the product and revenue teams, mind sharing their IM?”
⚡Newsflash: This AI exists. And can genuinely solve all of Mark’s problems.
This is the story of every salesman, every marketing team, and if you zoom out one more time — every business.
There is copious amounts of data in your CRMs, but you have to map a way to it every time you need valuable information. You must have sales call recordings flooding your systems, but you only have so much time to listen and analyze them. If you can find key points from those heaps of data and calls, sales reps like Mark can get answers to all their questions - as they lie hidden in their own enterprise data. Sadly, considering the amount of data you have, it sure is a far-fetched thought.
But with the conversation intelligence platform, it’s just a matter of seconds and a few quick taps - and you can unlock key business insights at high velocity.
What is conversation intelligence?
Conversation intelligence uses AI to apply natural language processing (NLP) to your business data and sales calls to deliver actionable insights for facilitating your sales process and revenue operations.
Beyond sales call analysis
A conversational intelligence platform doesn’t just analyze your sales calls; it leverages all the business data you provide. Armed with that, it captures crucial data points, KPIs, and metrics that can help your business teams to:
- Improve your on-call performance with live alerts
- Recognize quantitative data points that drive revenue
- Analyze the health of sales pipelines
- Provide resourceful data for revenue enablement
- Bring customers’ voice to your products/services
How to leverage conversation intelligence in your organization
Step up your sales-game
While on a sales call, your prospect might give you a lot of valuable information that you would want to make a note of. Moreover, there are even more signals that your prospect doesn’t say out loud, but it’s important to see them through the smoke screens.
For example, if a prospect says, “We don’t have the budget to buy from you right now,” there’s a high probability that there could be more to it. Maybe your product solves other business problems that your prospect is highly invested in. Maybe your product can actually save costs in the long run. And maybe, your prospect has spoken about that on call, but the information went under the radar. To handle such situations on call and refine your pitch accordingly, you need to recognize those easy-to-miss signals.
Conversation intelligence enables you to eliminate these smoke-screens in two ways:
Sales call analysis
All the missed signals, areas of improvement, and the reasons behind lost deals are hidden in your sales conversations. Conversation intelligence distils your long sales calls into actionable insights that matter. It transcribes your sales conversations and allows you to jump to the instances with particular keywords in your sales call recordings that you can act upon for refining your sales strategy.
Live sales assistance
Smile, sales-buddy, for you’re not alone. Through live alerts and push insights, conversation intelligence software gives you live battle cards to navigate through tricky calls. With these data-driven insights, you can get the correct information to anticipate and handle objections in real-time.
Forecast accurate sales revenue
According to research by the Aberdeen Group, businesses that perform accurate sales forecasting are 7.3% more efficient in hitting their quota and accelerating their year-over-year revenue growth by 10%. But trusting your intuition and picking a number out of thin air is the last thing you want to do. So, how do you accurately forecast your sales revenue while there are so many influencing factors with so much data that they are further based on?
Conversation intelligence helps you identify important KPIs and metrics related to the health of your sales pipelines, such as the likelihood of conversion, close rates of sales reps, and other prospect-oriented factors. You can use these key metrics to address operational business decisions and facilitate revenue enablement.
Identify sales coaching and training opportunities
As a sales leader, you need to train and coach your sales team members to improve their sales game. But for that, you need to know where they are lacking. With critical managerial responsibilities and tasks, you can’t shadow all your sales reps on their sales calls. And it’s not humanly possible to listen to the 45-60 calls a sales rep makes every day - that too, for each rep on your team. And the narrative stays the same when it’s time for a sales performance review or follow-up with your sales team.
Conversation intelligence to the rescue!
As your buddy in need, conversation intelligence software pulls the gold out of your sales team’s call recordings to accelerate your analysis. It gives you granular sales metrics such as:
- Talk:listen ratio: Analyze your reps’ talk time and compare it with their listening time. Ideally, they should be listening to the prospect’s point of view rather than talking about your product or service.
- Call duration: Get a 360º view of your reps’ conversations with prospects and identify who can keep prospects engaged and who needs further coaching.
You can track the important keywords in the call transcripts to find out if your sales reps are following your feedback and modifying their sales scripts.
Generate greater ROI from marketing campaigns
Sales and marketing functions go hand in hand in a sales organization. When Salespeople uncover multiple key insights on sales calls, those insights could power effective marketing campaigns. But alas, these crucial details sporadically reach the marketing team as salespeople forget the conversation as soon as they hang up.
Enter conversation intelligence.
Marketing executives and specialists can extract customer information from customer conversations that can add value to their marketing content. Insights like competitor mentions, customer pain points, and customers’ perceptions about your brand can turbocharge your marketing efforts, revenue enablement strategy, and ROI.
Moreover, marketing and sales teams need to be consistent with their brand messaging - to avoid any backfires, and establish a united front.
Add data-driven value to new-hire onboarding
Have you hired more sales reps for your team but are already facing a dilemma to make time for another orientation session of the week? Those sessions can take up significant time from your workday and don’t even provide practical experience of how to perform well on a sales call.
Here’s how sales managers should tackle this:
- Review the sales conversations of your sales reps (average and top performers) and analyze cases (calls) of dos and don’ts.
- Create sales playlists categorically, such as “how to handle sales objections,” “best ways to negotiate a deal,” and “what not to do on a sales call.”
- Share this master playlist with your new sales reps to give them a crystal clear idea of how to approach the sales methodology of your business.
Align your offerings with customer requirements
The goal of selling a product, offering a service, or running a business is that it should solve the problems of your potential customers (other than making money, of course). But if your product is flawed at its core, or you’re not catering to the latest needs of your customers, then it’s sure to push you back a couple of steps in the market. Product teams should have this information to upgrade their products and pricing as and when required and to bring the customer’s voice to your offerings. A better product means a better marketing campaign, a better sales pitch, and ultimately higher ROI.
When your prospects ask for features that your product doesn’t offer, maybe it’s time for the product teams to roll out an upgraded version. When your customers complain about your product’s performance, it’s time to reassess and fix the underlying issues.
All of it comes down to…
You need data to fuel your initiatives and hence, your conversation intelligence software. Wingman gives you the wings to fly high and derive rich insights from your business data. It provides a ‘single source of truth’ and empowers revenue enablement across your sales organization.
Wingman integrates the business platforms and information you already use, such as your CRM, call logging tool and dialer, video conferencing apps, calendar, and communication channels like Slack. It then automates actionable insights to guide you through your sales analysis, coaching sessions, performance assessments, marketing campaigns, and product upgrades. To unlock these powerful, AI-driven insights and drive sales and revenue enablement in your organization, book a demo with us today.