If you don’t know what conversational intelligence is, you must be living under a rock. Covid changed many things for the post-pandemic world and brought the advancement of digital technology, one of the main advances was in artificial intelligence, especially in the field of conversation.
For those of you who don’t know: Conversation Intelligence software integrates with your customer engagement platform to record, transcribe, and analyze sales calls, giving businesses access to crucial information on deals, CRM data entry automation. , faster review of sales representatives and sales training. .
90% of Indian startups fail in the first five years of their creation.
Founders face multiple challenges when they are in the early faces of a startup. One of the main challenges is understanding the customer, especially during the seed funding space, when they are still figuring out market needs, their product’s USP, and the product’s key marketing messages.
Conversation Intelligence helps you discover all the data you need to not only stay afloat in the early years of your business, but also help you be an industry leader.
Let us tell you what conversational intelligence is and how it can help get it started.
What is conversational intelligence?
Conversation intelligence is an artificial intelligence-based solution that integrates with a company’s customer engagement platforms and then records, transcribes, and analyzes call intelligence, sales rep performance, market intelligence, and call intelligence. business.
Conversational intelligence enables a business to review and track the performance of all sales reps at scale within minutes and provide feedback and suggestions to win a deal while the deal is still on the table. It also enables companies to create call-out playlists to speed up the sales training and acceleration process for new hires.
Now you must be thinking, “This is all good. How Can Conversational Intelligence Help Your Startup? “
This is the answer:
6 reasons why your startup needs conversation
Here are some reasons to consider adopting conversational intelligence:
Conversation Intelligence easily integrates with your calendar and joins your meeting links to record your daily sales calls; alternatively, it also integrates with your customer engagement platforms and records your conversation. Post that, analyze your conversation for topics discussed, conversation rate, soft skills, actionable items, comments, inquiries, and competitors to make them stand out and easier to see.
One of the main problems facing any organization, including startups, is not understanding the success or loss factor of their deals. Conversational intelligence gives you a granular view of the deal from start to finish; stall point, challenges faced in the deal, sales reps activities, opportunities and much more.
You can use this data to strengthen your follow-up calls or even help your sales reps with negotiation strategy when the offer is still on the table.
One of the best real-time customer and market insights you can get is your customer engagement. Daily customer engagement, whether it’s from your customer success team, sales team, or customer service team, contains crucial revenue and market information. Conversational intelligence gives you access to answers to questions like:
- Characteristics and prices of competitor products
- Customer demands
- Customer weaknesses
- Market trends, etc.
This data can help a startup determine its pricing, services, marketing and sales strategy.
Sales data management
Another problem the startup faces is dealing with the siled data they are collecting on their growth journey and sharing the knowledge with new hires and the team.
TO SaaS-based revenue startup initially he was saving all his sales call recordings to Google Drive. For sales training, they made it a practice to share recordings of sales calls with sales reps to help them better understand services and customers. But now that every time they hired a new sales rep, they had to watch a lot of videos, which would waste a lot of time.
They adapted Convin’s conversational intelligence to review the daily activities of their sales reps. Upon adoption, they found that they could even create call playlists, making it easier to manage their recording and sharing. But that’s not it!
Conversation Intelligence was even able to automatically record daily sales activities and call notes in the CRM, making it easier for them to manage sales data.
Decrease the acceleration time
As we already saw, with conversation intelligence, you can create call-out playlists. You can use these call-out playlists to train new hires. What better way to learn about sales techniques, scripts, and customer behavior than through sales calls?
The revenue start-up we mentioned earlier cut new hire acceleration time in half by using conversational intelligence.
The pandemic brought with it another challenge; distance selling.
Even in the post-pandemic world, most companies are embracing a hybrid working model, especially SaaS startups. But the problem with this is; not knowing what your other teammates are doing or how they approach calls.
On the ground they could see it live, from home it is not possible.
Conversation Intelligence can automatically record, analyze, and record daily sales call activities along with notes and recordings in CRM, ensuring no data is lost. Conversational intelligence makes the sales process and sales pipeline transparent for the entire company to see and provide feedback and help when needed.
Superior Conversational Intelligence for Startups
Let me list some conversational intelligence solutions that you can consider:
Gong was founded in 2015 in Palo, California. Since then, more than 2,000 innovative companies such as Paychex, PayPal, Hubspot, LinkedIn, MuleSoft, Shopify, Slack, SproutSocial, Twilio, and Zillow are using Gong to discover revenue information and customer information. Gong helps companies discover revenue information by recording, transcribing and analyzing sales conversations.
agree was founded in 2020 in Bangalore, India. Unlike Gong, Convin focuses more on startups and mid-tier market players for its solutions. Convin can be easily integrated with almost all CRMs, including Pipedrive and Freshworks. Convin even offers a free auto sign-up option on their website to aid self-service, and after 15 days, you can opt for any of their subscription plans.
Wingman was founded in 2018. Wingman automatically joins sales calls and analyzes the conversation. And based on the conversation, show referral cards to sales reps. for helping them with objections, questions, and suggestions for customer behavior. It can be integrated with Dialer, CRM and video conferencing platforms.
Chorus has been integrated with Zoominfo to help Zoom customers record, transcribe, and analyze their sales conversation. The Chorus profile contains more than 20,000 companies, including Zoom, Mavenlink, Qualtrics, Adobe, TripActions, and GitLab. Now, with the Zoom integration, businesses can use Zoom as their primary source for conversational intelligence.
Salesloft was founded in 2011 in Atlanta, GA. Modern Revenue Workspace ™ from Salesloft Salesloft is the solution for sellers to execute all their digital sales tasks, communicate with buyers, understand what to do next, and get the training and knowledge they need to win. Salesloft’s profile includes IBM, Shopify, Square, and Cisco.