If you are not tracking and analyzing your customer engagement, you are risking your business becoming obsolete with time.
Yes, you heard us right.
Until a few years ago, there were no voice analytics tools or any AI-powered solutions that could help businesses understand their customers.
Well, because there was no need for such solutions.
But now, the world of business and selling has changed. AI-powered solutions become more and more crucial for
- Understanding customers
- Understanding changes in buying behavior
- Connecting with customers, etc.
Sales are no longer associated with door-to-door selling or is limited to brick and mortar stores. Like everything in our life, sales have also transitioned from being limited to physical meetings to the online world. And this is especially true for our B2B sellers.
B2B sellers make hundreds of thousands of calls in a month to connect to a handful of prospects to assist them in buying. All the while not ever truly understanding the low connect and conversion ratios.
It is where an AI-powered voice analytics solution can help– actually, more than help.
Let’s understand in-depth!
Voice analytics for your sales team
A voice analytics solution records all your conversations using VoIP and IP protocols and posts that, using its speech to text feature, transcribes the conversation to analyze crucial business data, like;
- Customer pain points
- Customer feedback
- Sales objections
- Sales reps response
- Sales reps performance
- Interruptions, etc
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Voice analytics solution for end-to-end assisted sales
A voice analytics solution can work as an end-to-end assisted sales solution for all b2b sellers; let’s see how:
#1. Improving Customer experience
A voice analytics software can help you break the stereotypes and move beyond the conventional feedback and Q&A sessions with customers by providing you insights into your customer’s intents, objections, requirements, expectations, and preferences, and all through your own sales conversations.
You can always analyze recorded customer calls to get more visibility into customers’ demands and plan your customer experience strategy accordingly so that your target audience gets their money’s worth when using your services.
#2. Uncover cross-selling and up-selling opportunities
When you gain clarity into what your customers desire from your offerings, you will open the door to cross-selling and up-selling opportunities.
An advanced voice analytics software system makes it possible for companies to assess their target market’s expectations and spending intents, as well as nonessential associate data, cross-sell, and up-selling products based on customer profiles. Using this information, you can personalize your approach in follow-up calls to increase the probability of winning a deal.
#3. Understanding customers’ pain points and interests
As we just saw, voice analytics solutions help uncover customers’ intent, objections, requirements, expectations, and preferences by recording and analyzing sales conversations.
By using this data, you can work on providing a solution that actually solves the market’s problem and meets your customer's requirements. Apart from that, you can even create Mofu and Bofu content to keep your customers interested in your product and brand.
Carestack precisely did that and used the data from Convin’s customer intelligence dashboard to create customer-centric content that attracted the leads that would actually convert and hence improved their deal uptake by 47%.
#4. Fast-tracking sales call audit and feedback process
With the mountain of calls being made every day. It becomes next to impossible to audit all sales calls, even if the company has an auditing team and system in place. And even if the calls do get audited, it is usually too late to salvage a lost deal with feedback.
A voice analytics tool audits 100% of sales calls and provides feedback on the call performance and deals right after the call ends so that the sales representative doesn’t have to wait weeks to get notes on their performance.
#5. Tracking agent performance
Especially for a high-volume sales and call agency, it is not possible to audit and track every seller’s performance.
A voice analytics solution analyzes and scores the call performance on the basis of their responses, interruptions, soft skills, and other custom parameters so that the sales rep can improve their performance call by call and not month on month post review.
#6. Reducing customer churn rate
Your loyal customers can help you turn your company around by helping you to find out what you need to do in order to attract more by simplifying and analyzing their conversations.
Analyzing the information they give is a good way to ensure that you are giving them what they want and can help you discover their reasons for leaving so that you may take steps to fix the problem or lose fewer customers than ever before.
Mitigating compliance and risks.
#7. Mitigation of compliance and risk management
With voice analytics tools, you can determine if your agents are following compliance rules and guidelines while taking calls.
It will help make sure that the delivered content is properly scripted and that your listeners aren't getting unwanted tidbits of information, leaving them confused rather than pleased with the product. Voice analytics can also detect script deviations, data leakage, and factors that increase business risks, letting you know what you need to fix or improve asap to ensure the success of your online business.
And in case of any compliance issues, if he said and she said, you can use the prior conversation recordings to check and resolve the issue.
#8. Reduce business losses
Accurate prediction of a slump in business can save a lot of money and heartache in the long term, particularly if you're one of the many companies that are still growing.
By analyzing the sales conversation, you can track your targeted market's change in buying behavior and provide an end-to-end solution that they may need.
#9. Save Money
Finally, voice analytics tools can save you money by enabling you to identify unnecessary costs, efficiently direct your efforts, and focus on your product or service offering to maximize its chances of success.
Monitor how your listener is responding by measuring and understanding their unique use of language. Observe voice recognition patterns for different demographic segments such as age groups or locations, customer gender, and personality types.
Use Voice analytics to strongarm your sales process and strategies.
Using a voice analytics solution in sales is clear - better sales, more customers, and more revenue. By tracking your sales calls and listening to the words that matter, you can improve your sales and your customer service.
The more you know about your customers and sales, the better your position is to serve them and meet their needs. That leads to more sales, more revenue, and more satisfied customers.
Results first, payment later.