What is conversation intelligence?
Conversation intelligence uses your sales data — call transcripts and recordings, CRMs, notes — and applies NLP (Natural Language Processing) to get actionable insights and metrics.
Armed with these insights, you can analyze call recordings to improve your sales pitch, coach your reps in real-time, and win more deals.
What is the difference between call tracking and conversation intelligence?
Call tracking helps you get end-to-end visibility of all customer-facing conversations. You can use this information to understand your customer’s pain points and personalize your sales and marketing strategy.
Meanwhile, conversation intelligence analyzes all sales data, rather than just calls, to help you explore the following in real-time:
Buying behavior of your prospects
Performance of your sales reps
A key differentiation in the call tracking vs. conversation intelligence debate:
Call tracking tools improve the ROI of marketing campaigns and the efficiency of sales calls
Whereas conversation intelligence tools help sales reps and managers improve performance and coach better in real-time
What is the difference between conversation intelligence and revenue intelligence?
Sales quotas should be aggressive, but realistic, and most of your team should be able to attain their quotas. Here’s how you can calculate realistic sales quotas for your sales reps.
Start by establishing a baseline for your team’s performance — the average number of deals closed multiplied by the average contract value.
It’s important to note that the baseline quota will change each quarter because of factors such as reps available, projected growth, average deal size, holidays and time off.
The next step is to understand each rep’s capabilities and past performance, rather than simply considering your organizational goals.
It would help if you looked at the average calls per day, follow-ups, average deal size, leads allocated and more to get a complete picture of the rep’s past performance and assess their capabilities.
What is the goal of conversation intelligence?
Conversation intelligence gets insights on customer behavior, competition, product experience, and more from your sales data. This information helps sales, marketing, and product teams improve their productivity quickly.
Sales teams can leverage conversation intelligence to boost win rates, coach better, and create stellar playbooks. In addition, marketing teams can tweak their campaigns to connect better with the target audience.
Meanwhile, product teams can better understand the voice of the customer to build superior experiences and offer capabilities that customers truly need.
The ultimate goal of conversation intelligence is to extract value from sales data spread across multiple systems in the sales-marketing tech stack and use it to drive growth.
Why is conversation intelligence important?
Good, reliable and timely sales data is at the heart of sales enablement, revenue intelligence, sales coaching and building a data-driven sales organization. Conversation intelligence is the key to compiling that data automatically with AI-powered insights.
If you want to extract value from sales data, conversation intelligence is crucial. Here are some of the top benefits:
What are the key features of conversation intelligence software?
Implementing conversation intelligence requires finding the right tool that gels well with the rest of your sales-marketing tech stack. That’s where conversation intelligence software can help.
What is conversation intelligence software?
Conversation intelligence platforms use machine learning algorithms to mine meaningful information from sales calls, CRM and marketing automation data, and more. So, sales managers can discover new sales opportunities, unearth reasons for lost sales, analyze their team’s performance at a glance, and mentor their teams better.
Meanwhile, sales reps can get real-time call assistance, call metrics offering a snapshot of their performance, and other essential data to improve productivity and win rates.
Why use conversation intelligence software?
Conversation intelligence platforms offer essential features such as:
The software should offer real-time insights — cue cards with the relevant context or monologue alerts, for instance — during sales calls. This helps reps capitalize on the right moment, engage more, and leave a better impression on the prospect.
Conversation AI automatically records and transcribes calls. It also summarizes the critical call moments, enabling sales managers to understand:
How the call went
Whether their reps are following the sales script and asking the right questions
How reps are tackling objections, competitor mentions and other crucial call moments
Besides these, the conversation intelligence software should enable you to skim through transcriptions, speed through calls and select relevant call bits to share with URLs to offer meaningful feedback.
Using conversation intelligence software, you should be able to track essential keywords during sales calls. An AI-powered tool goes a step further by generating live alerts to capture critical data points in real-time and use them for further analysis, assessment, or course correction.
A solid conversation intelligence software lets you apply advanced filters to calls and transcripts to unearth meaningful patterns and insights. It also helps you monitor crucial call metrics like script compliance, talk to listen ratio, moments of hesitation, buyers’ sentiments, and so much more.
Auto-tagging can classify calls depending on identifiers such as quotes, appointment set, purchase made, and more. This helps your sales and marketing teams access the right data with the right context in a jiffy and build campaigns that convert better.
Learn how to implement conversation intelligence
Achieving conversation intelligence is all about getting hold of the right data and building a culture of data-driven sales.
The first step is to take stock of all sales data, current sales processes, and your existing tech stack. This helps you map your data sources and types, identify the gaps in your sales processes and pinpoint the toolkit required to operationalize your sales data.
Then, you should look for a conversation intelligence platform that fits your requirements and integrates seamlessly with the rest of your tech stack.
The last step is to encourage a culture of data intelligence by:
Raising awareness about the importance and use of sales data continuously
Training your sales organization on using the right tools and following the best practices for capturing and using data frequently