Meet Mark. He’s a sales rep at a growing B2B SaaS startup. He makes what feels like a billion cold calls every day. He thinks the calls go well. But at the end of the month, his closing rate is the lowest in the company. He doesn't know where he's going wrong. His sales manager tells him to analyze his calls. But they are just. So. Many.
It is humanly impossible to listen to and analyze so many calls when there are 60 more calls in the pipeline every day. And sales call analysis is not a one-time process – you need to analyze your calls consistently for a long time to learn from your past performances.
So, is it a dead-end? Maybe. Maybe not.
Enter conversation intelligence.
It’s a new day and Mark has sat down to analyze all of his sales calls recordings for the previous week. Within twenty minutes and a matter of a few clicks, he has analyzed 15 sales call recordings and has learned that he lacks the ability to properly establish his business proposition and brand messaging.
Magic? No. Conversation intelligence? Yes, you betcha.
What is conversation intelligence?
Conversation intelligence software uses artificial intelligence to analyze your sales call recordings and provides you with actionable insights to improve your sales skills and close more deals.
Sales call recordings are simply recordings waiting to be heard. And just like Mark, nobody has the time to listen to them for hours and hours. When powered with conversation intelligence, your sales call recordings are distilled into sales insights and KPIs that matter.
So what form do these insights come in? They can be sales metrics such as talk:listen ratio, moments of hesitation, competitor mentions, sales objections, and other pivotal elements in your B2B sales conversations. They can be your prospect’s business problems, common objections that they raise, or the ways you can bring your customers’ voice into your product.
They can help you understand the ‘why’ behind lost deals and fuel your winning sales strategy.
So, do you need conversation intelligence? Wait, that’s the wrong question.
Why do you need conversation intelligence?
Coach more effectively and at scale
If you are a sales leader who believes that consistent growth is driven by sales coaching and feedback, you would know how important it is to train and coach your sales team.
The traditional go-to method for sales coaching was shadowing your sales reps on their sales calls. But if every rep makes 60 calls a day, and you lead a team of ten salespeople, then 60 calls x 10 salespeople = one very very tired sales manager.
Also, coaching isn’t all that you do as a sales manager, right?
With sales conversation intelligence software, you can get the highlights of hundreds of calls made by your entire team in just a matter of hours. You can identify what your star performers are doing right and where others are lagging. You’ll know if your sales rep needs to work on building rapport, customer research, product knowledge, or just needs to be more confident.
Let your average performers learn from your stars
Who doesn’t love awesome sales stories? This cold-calling scene from Pursuit of Happiness says it all.
If there’s a winning sales formula, why not use it to the max?
Sales teams love a repeatable, winning strategy for a successful sales call. By analyzing the calls of your top performers, you can derive a sales action plan to share with your average and low-performing sales reps. Based on your analysis through your conversation intelligence platform, you can select the most inspiring success stories and ask the sales reps to share their calling experiences.
This will shed light on some of the toughest sales challenges and the smartest ways to tackle them.
Refine your sales playbook
If your current sales strategy isn’t resonating with your desired sales revenue, then it’s time to ramp it up. How? Conversation intelligence to the rescue!
With sales transcription and AI-driven analysis of call recordings, you can circle the key, game-changing points, as well as the losing ones. Here’s a snapshot of what you’ll get as intelligent sales insights:
- Pain points of your prospects
- Best objection handling techniques
- Buyer persona and behavior
- Critical sales moments gone wrong (and why)
- Competitors that you’re up against
With this information on hand, you can revamp your sales strategy to focus on your customer’s needs and how to solve them, anticipate objections, understand your buyer’s mindset, and create a plan for differentiating yourself from your competitors.
Identify prospect needs
“A sales call is no good if it misses out on the problem-solution alignment.”
Let’s be honest, a prospect seldom spends more than 5 seconds listening to a cold caller if they don’t see what’s in it for them. You need to hook them in the first few seconds. Why not start by identifying their pain points?
If you try to shoehorn in your product irrespective of your customer’s needs, you’ll be speaking to empty air within the first few minutes (or even seconds) of your call. But, if you first identify your prospects’ pain points and express that you understand their needs while engaging with them - you’re doing this sales thing right, buddy.
With conversation intelligence software, you can then listen to your calls and identify pain points that you can specifically address in follow ups. What better way to get them hooked to your pitch than by addressing exactly what they need?
Minimize “oops” situations with real-time alerts
“Did I really keep talking for ten whole minutes? Darn, I didn’t even realize.”
I get it, you’re passionate about your product and a well-prepared salesperson. But in any successful sales call, you’ll find that the salesperson listens more than they talk.
If you keep talking about your product, you’re giving your prospects no chance to share their pain points with you. Moreover, they’ll feel like you don’t respect their needs and just want to shove in your scripted sales pitch.
Conversation intelligence tools save you from such situations by raising live alerts when you’re talking too much, reminding you to pause and ask a question.
Onboard new team members fast
Slow and steady wins the race. Yeah, right!
The new hires need time to learn about your business, your prospects, and customers, sales conversations that close deals, and those that don't. And this gradual process is labeled as “learning from your mistakes.” But what if they can learn from other salespeople’s mistakes even before they start making their own? Although experimenting with new sales techniques is a healthy practice, why not just use the ones that are proven to work?
With conversation intelligence tools and sales call transcription, you can streamline and add value to the onboarding process of new salespeople. This will provide them with the full context of your potential customers, helping them learn from the best calls and the worst mistakes in the sales ring.
You won’t need hours of orientation sessions when you can share the best sales practices through real-life customer conversations.
Eliminate the need to depend on human memory
You can be a super-salesman but still never reach Sherlock Holmes levels of extraordinary memory. The good news is that you don’t even need to.
You can eliminate note-taking while engaging with your prospects on sales calls. Several weeks later, when you return to examine what happened on the last customer interaction, you don’t need to listen to all the calls made throughout the sales cycle. Why? Because your conversation intelligence software does it for you.
Its real-time transcription capabilities give you granular insights into sales calls such as moments of hesitation, major keywords and KPIs that were discussed, competitor mentions, and customers’ pain points.
By now, you would’ve realized that if conversation intelligence software is your wingman, your sales process can be highly streamlined. Well, you’ve fallen in the right hands. Wingman, our conversation intelligence software, can walk you through any call recording with live cue cards and pitch points. With the right mix of data you feed to your CRM and conversational intelligence platform, you can unlock actionable insights and sales metrics in real-time.
Powered by machine learning algorithms, it transcribes your phone calls and gives you real-time alerts whenever you’re talking too much and listening way too less (saving youfrom a frustrated prospect or an angry sales manager).
So, you can be the Sherlock with instant insight into the customer conversations if you have your Watson (Wingman) by your side. To turbocharge your sales calls with sales automation and conversation intelligence, book a demo here.