You may have heard of conversation intelligence before, but what does it actually do, and how can it empower you to make positive changes to your sales strategies? Take a look at this overview of conversation intelligence tools and explore the benefits of adding it to your tech stack. You might be surprised by how it can enhance customer experiences and improve your bottom line.
What Is Conversation Intelligence?
Before diving into why conversation intelligence is important, you need to know exactly what it is. This type of software is designed to automate analysis of customer interactions. Whether they’re conducted through phone calls or messaging, conversation intelligence is an artificial intelligence that uses natural language processing to review every interaction in real time.
Once conversational AI has reviewed historical and recent customer interactions, it can provide data-driven actionable insights and next steps for nearly any use case to sales teams.
Benefits Of Conversation Intelligence Software
Whether you want to focus on improving the customer journey or you want your salespeople to develop better selling behaviors, conversation intelligence software can help. Here are a few ways these tools can improve customer retention, sales coaching, and overall agent performance.
1. Get More Out Of Customer Research
Conversation intelligence software can improve your customer experience by ensuring you get more information in the voice of the customer. Answer questions like what your customers actually care about, what issues cause them to reach out, and what appeals to them during sales conversations.
As the conversation intelligence platform identifies customer trends and desires, you can change and evolve the customer’s buying experience to support their needs. Improve everything from your payment process and website navigation to your sales playbook.
2. Improve Conversions
If you don’t know what’s holding customers back from making a purchase, you can’t address these pain points and guarantee a sale. With conversation analytics, you learn more about customer needs as they relate to your marketing efforts. What are their buying motivations? How do they respond to team members during cold calls? Why do they turn down sales?
Get more insight into customer sentiment about your products, pricing, and sales reps for a comprehensive view of the sales process. You’ll discover where in the customer journey they stopped the purchase process and remove these obstacles to conversions for better sales performance.
3. Build Better Sales Behaviors
Whether you want to focus on top performers or new hires, conversation data offers valuable insights into team performance and workflow that can help you explore better selling techniques, training, and onboarding.
Instead of just a glimpse into your sales calls and social media conversations when you manually cover a small portion of interactions, revenue intelligence tools provide analytics automation for every single call and chat bot message. You’ll have metrics, benchmarks, and data on thousands of conversations to enhance contact center performance and create more sales leaders.
4. Improve Customer Retention
You want more than just to close deals with new customers. Part of a successful business is return business. With conversation intelligence, you can sift through customer conversations to identify when they feel they need a follow-up, why they call customer support after purchase, and what concerns they have about your product.
Gather more feedback through these conversations and take action on what matters to improve customer satisfaction.
What Else Can Conversation Intelligence Do?
So how do conversation intelligence platforms deliver these benefits? There are several functionalities that ensure you get the information you need to improve customer interactions, including:
- Call recording
- Transcribing calls
- Customer emotion and intent analytics
- Opportunity identification for upselling
- Call center metrics for call duration, interactivity, and speech ratios
- Provide industry-specific insights
- Integrations with CRMs and other tools, like Salesforce
Conversation intelligence uses NLP, algorithms, and machine learning to find nuanced feedback for your sales managers, solve product issues for your product team, and make ad recommendations for your marketing team.
Best Use Cases for Conversation Intelligence
Conversation intelligence software can help businesses across various industries and departments. Some common use cases for these tools include:
- More information on product issues: If you’re struggling to figure out the scale of a problem with a specific product, call data could be the answer. With automated analytics that look for common themes in customer concerns, your conversation intelligence will find the answers you need independent of relying on customer reps to flag the information.
- Enhance the scope of customer feedback: Even if you’re already sending out surveys, you may still be missing out on critical information because you’re relying on customers to provide direct feedback. When you analyze chat logs and phone calls, you enjoy a more comprehensive perspective on customer drivers with intent, emotion, and effort analytics.
- Create better training and playbooks: You don’t want to put extra pressure on your sales leaders by requiring them to document the actions that lead to their successes. Using conversation intelligence automates the analysis of their behaviors and helps you discover which playbooks, conversation styles, and scripts close more deals.
Who Can Benefit From Conversation Intelligence Tools?
Conversation intelligence tools can benefit many departments throughout your organization, including:
- Marketing Teams: Attribute purchases and conversations to various digital campaigns and gain visibility into campaign costs and ROI.
- Contact Center Teams: Use conversation intelligence for real-time insights into which salespeople are performing the best and which reps could use extra coaching.
- Ecommerce Teams: Create a feedback loop to handle escalations and improve conversation flows to ensure 100% complete buying journeys.
Finding The Best Tools For You
If this breakdown of conversation intelligence benefits sounds like it targets the areas where you need to improve, consider starting the search for a conversation intelligence platform that’s designed to support your organization. Browse the blog to find tool overviews and sign up for the newsletter to receive weekly insights from the experts directly to your inbox.