Before we jump on to why companies invest in Conversation Intelligence Software? What is Conversation Intelligence? Why it's useful? Let’s first understand why Convin happened?
Why Convin Happened?- Story of Convin Founder’s
During our time as B2B SaaS employees, we used to go on one-on-one meetings with salespeople to learn more about them.
The conversations captured client pain points, common objections, competition outlook, and heavy product feedback.
Soon, a realization dawned on us.
The client conversations strongly impacted the product development, marketing efforts, sales stories, and organization journey.
The Problem: We Were Losing Out On First-Hand Client Data.
- Salespeople juggled between active listening, asking relevant questions, and making notes, and finally ending up with poor notes or no notes at all.
- Critical parts of the call rarely made it to the CRM, and consequently, the information wasn’t shared with other team members.
- Apart from us, other teams missed out on a significant chunk of information because they couldn’t listen in on the conversation or lacked access.
- In addition, most of us forgot the entire conversation, and what we communicated was biased and personal.
Image: 84% of customers are frustrated when sales professionals don’t have the correct information.
To resolve the issue, we began recording the sales conversations on our phones (obviously with permission).
Related: What is call recording software?
It triggered a chain of thoughts -
Answer: Lack of realization & a missing technology platform.
And hence, Convin came into existence.
Our goal with this post is to share:
- Why conversation intelligence platform for sales is useful for B2B organizations?
- Why do you need to replace a call recording platform with conversation intelligence software?
- When is the best time to buy conversational intelligence software?
- How can different teams in the organization benefit from conversation intelligence?
Why Conversation Intelligence Platform For Sales Is Useful For Any B2B Organizations?
To understand why conversation intelligence is gaining popularity in B2B organizations, you need to venture into the different functionalities that make the tool sales-worthy.
Related: What is Conversation Intelligence?
Core functionalities that make the CI software a unique sales technology:
Conversation intelligence records sales conversations in real-time. It automatically records phone calls and video conferences via voice over the internet protocol (VoIP) or Public Switched Telephone Network (PSTN). Users can make calls over the internet or via a phone. Sales reps can stop wasting time making notes of call details or using another method to record the call.
The CI bots transcribe the entire conversation and deliver the transcription of an hour-long call instantly. The transcription is a result of natural language processing.
The software analyzes the transcription for soft skills, keywords, talking points, and cues usually missed by sales reps. The analysis reports the critical moments, missed opportunities, customer feedback, queries, and actionable items. Customer-facing teams can analyze calls in a few minutes rather than hours.
Conversation Intelligence software makes call notes, recordings, and the analysis reports distribution effortless. All the concerned sales managers, meeting participants, and other teams can access the call details.
Related: 5 highly-effective conversation intelligence use cases to get started
Due to the core functionalities above, sales reps and other team members can:
- Access key sales information
- With integration, speed up data entry and recording into CRM
- Circulate information to different stakeholders on the team.
- Sales coaching and sales training are more effective with the support of recordings and access to critical points of conversations.
- Information siloes are broken to facilitate cross-department collaboration, and market insight distribution is faster and streamlined.
- Faster trainee onboarding and ramp-up time.
- Compliance and regulation are under control.
- Performance self-assessment and review are possible.
- Improves data and analysis for follow-ups and qualifications.
A few B2B organizations may have invested in call recording software, but the recording itself is incomplete without analysis.
I Have A Call Recording Software; Why Do I Need Conversation Intelligence Software?
A call recording software can record and store calls.
But Conversational intelligence software is different- it’s an improved version of a call recording platform.
CI reduces non-core sales activities such as making notes, reviewing calls with the help of moments, and analyzing the conversations.
Yet if you still feel the call recording software is playing a significant role in your organization and sales team, then let’s clear the air about when is the best time to purchase conversational intelligence software.
Would you like to take a quick tour of the conversation intelligence software market?
- Why are companies switching from Gong conversation intelligence?
- Why are companies switching from Chorus conversation intelligence?
When Is The Best Time To Buy Conversational Intelligence Software?
The implementation of conversation intelligence software depends on the team size and requirement. Some of the common use cases that teams need as they grow in size is listed here:
Market Intelligence & Learning Trends
An entrepreneur or a start-up that’s just stepped into the market seeks support of customer intelligence. Such companies rely on conversation intelligence platforms to develop and understand their market and customers.
Client calls help collect customer feedback, stories, and pain points of potential customers and share it with the product team or marketing and sales teams.
The reason a small starting team will invest in a conversation intelligence tool is that they have 100s of other tasks going in parallel and making notes during calls will be their last priority.
To ensure quality notes and analyzed calls, many entrepreneurs are eyeing the CI tool.
Building Sales Playbook
A team size that’s part of an early-stage startup may use the tool to build data and create templates, scripts, pitches, etc.
Customer conversations are also shared with the product and market team to leverage product development and marketing activities data.
Hence covering pain points, objections, customer psychology, competition, and feedback under the same roof builds a playbook for all teams.
Sales Coaching and Onboarding
A sales team managed by a sales manager comprising of sizable reps will need timely coaching. Because the team is at a stage where they need to perform and sharpen their existing skills to acquire new businesses.
Related: How will you build a coaching culture in your organization?
Coaching on a software platform will make the experience of coaching better and faster.
Secondly, new reps joining a team of 3-6 reps may or may not receive attention in the initial days. To ensure the new joiners onboard quickly, sales teams can prepare an onboarding curriculum on the conversation intelligence platform.
Team Review and Assessment
As teams grow, leaders start witnessing reps and account executives losing focus on quality and compliance policies.
With the help of conversation intelligence tools, managers can ensure timely review of calls in minimum time and maximum accuracy.
Moreover, reps and executives can opt for self-review and improve performance with the help of the call quality stats provided by the software solution.
Tracking and Data Record
Once the team conducts discovery calls, prospecting, selling, and engaging with old clients, the need for holistic data and visibility will be paramount. Client information and old call details will play a critical role in follow-ups and closing deals.
In some cases, up-selling and cross-selling opportunities may depend on the quality of data received from the CI tool and the CRM software.
Convin ensures integration with CRM tools like Freshworks and Pipedrive to share call notes and details with the CRM system.
How Different People And Teams In The Organization Can Benefit From Conversation Intelligence?
Sales teams are the front-face to the customers and build the first impression. The responsibility is immense and demands excellent performance minus silly mistakes and errors.
1) Sales Reps (SDR and AE)
Reps acquire the initial data and understand the client’s requirement which needs them to attend to client users and buyers entirely.
In this situation, the support of a conversation intelligence tool makes the work easier and more efficient. While the rep is busy listening to the customer, asking relevant questions, and unveiling the root cause, the tool generates notes, and it summarizes the call discussion–reducing multi-tasking pressure on the reps.
As far as performance is concerned, the tool takes care of that with the help of call listening and call quality statistics software.
Rep’s job is not finished until they invest in follow-up calls, and build a solid rapport with the prospect. Call reviewing and notes(stored in the CRM and CI tool) prior to follow-up calls contribute to the quality of the follow-up.
2) Sales Leaders
Sales managers and senior leaders are responsible for managing sales representatives and handling complex sales deals. Call reviewing and feedback mechanism handles compliance and quality.
As far as supporting sales reps is concerned, call recordings, moments, keyword filters, and call notes make the life of a leader easier.
Understanding the market and customer psychology is another aspect of accessing conversation intelligence. Senior leaders can decode the market better than reps and prompt better strategies and plans.
3) Customer Success Representative
Customer success reps need the customer’s bigger picture- a holistic view of the customer’s relationship and details with the company.
With the help of call notes and call recordings, customer success teams establish new opportunities with existing customers.
Customers often speak freely to the customer success teams about product feedback and feature requirements. The call recordings help the sales teams handle objections and the product team in building the solution.
◼️ Customer Support Team
Many organizations invest in similar tools for sales and customer service/support teams tools.
Customer support teams leverage the CI tool for a holistic picture of the customer. The teams can handle customers better when they have a clear understanding of the client’s product and services and past issues.
◼️ Marketing Team
Any marketing team is built or flourishing in the market because of market data and customer insights.
Call recordings and notes shared with the marketing team help understand the market requirements.
With the help of the client information, marketing teams build a campaign that aligns with customer requirements and not with the business objective or product promotion.
Moreover, most marketing teams are shifting to a buyer-centric approach where customer-first activities are taking precedence.
To meet the expectations of the marketing teams, sales teams are collaborating and supplying market data as much as possible in the form of call recordings and analysis.
◼️ Product Team
A product team seeks ideas and feedback on the ongoing tool, and the sales calls between sellers and the customer success teams offer the best opportunity.
With the help of keywords and moments, product teams run into specific product discussions in the calls and capture valuable feedback that supports the product creation process.
C-suite executives work more than 60 hours a week but rarely find time to interact with every team and understand the market trend.
The CI tools and the analysis coming from each call can help them with a Dashboard to understand the business and the market trend. While all the teams are internally looking at the call recordings and analysis data, the C-level executives make efforts to see the high-level information and ask questions around challenges they foresee.
A few companies also create specific libraries to store client information that involves C-level information.
Approximately 77% of new employees reach their first performance milestone after formal onboarding.
HR teams make use of the CI tool to create a formal onboarding process that requires minimal involvement of present employees.
Usually, it takes 30 to 90 days to ramp up your new joiners. But previous coaching recordings and playbooks can ramp up new hires in less than a month, at no additional cost.
Related: How to build an A-grade sales playbook using Conversation Intelligence for today’s sales teams?
HR teams not only use the conversation intelligence solution to bring new hires at par with the company, tools, processes, and other teams but also make it a personalized repository for quick access and verifications of details.
Recently, many HR teams have been exploring the possibility of evaluating customer-facing teams based on their call performance. Leaders and managers’ contribution to the evaluation process with the help of the conversation intelligence solution will make the performance assessment smooth and more objective than before.
More or less, you are abreast with all the possibilities and opportunities that come with a tool that manages your sales call data and doesn’t allow losing on sales insights.
Would You Like To Explore A Conversation Intelligence Platform That Can Help Your Organization Collect Valuable Client Information?
Before you plan to explore any such tool, we’d recommend assessing the requirement of the sales team and organization. For example, your company may need a solution to collect the market trend for the marketing team.
Once you understand the requirement, then experience a solution for free and see if it fits the requirement of the company.
With Convin, you can be completely assured of all the above use cases and team requirements. The product team is aiming at more functionalities that reduce the burden from leaders and sales managers and make room for core activities for the sales reps.
If you are someone who’s looking for AI-backed conversation intelligence for your Sales stack, then you must start browsing g2 conversation intelligence.
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