Before we jump into the main discussion, let's understand why data analytics plays such an important role.
Well, analysis helps you forecast the future, and it shows you real-time insights that will help you become a better version and perform better than your competitors.
Now, sales call analytics can be defined as collecting data from your call conversations, webinars, etc., and analyzing them using an omnichannel platform. You can use this data to forecast the pipeline called Sales Call Analytics.
These can also be divided further into two segments. One is the activities and metrics that you get from the calls, and the second is the analysis and measurement of the actual converts that happen over sales calls.
The sales call analytics can be used by sales reps, sales managers, senior leadership teams, and even an organization's marketing and C-level executives.
These insights from the calls and conversations that the sales team has made with customers help the team to improve their performances, understand their mistakes, know about the market trends, forecast the future, and much more.
Did you know that Sales analytics has been proven to drive profitability by 29%, increase operational effectiveness by 29%, and fuel innovation by 42%?
Companies have started using sales call analytics for the sales department, marketing department, and customer support team. Marketing teams can utilize analytics to optimize their campaigns, and customer support and success teams call analysis will highlight the problem statement of customers.
How Does The Process Of Sales Call Analytics Work?
Remember the Squid Game?
How does the Game organizer's algorithm searches various people’s bank statements and transactions and, based on that, select members for the game?
It is similar to that but not the same. ( here, no one is tracking your transactions)
Sales analytics fetches the data from different sources like telephone calls, emails, any other engagement platform and then adds them to the CRM for analyzing sales insights like daily call activities, expected pipeline, number of opportunities, seller’s performance, etc. When sales reps call their customers through a manual or a cloud call, they need to store these details in the CRM. And the CRM works as the single source of information for everything sales.
Also, customer details like the company they represent, designation, prior history, size of the company, etc. should be added to the CRM for further use. Or should be automatically added in the CRM post the call.
Once the call is made, the sale analytics software should take note of the important and contextual data, like:
- Was the contact an inbound lead or an outbound one?
- Was the contact lead from any of the campaigns, ads, referrals, affiliate partners, etc.?
- What were the topics discussed?
- What were the prospect’s objections?
- Was the seller able to effectively communicate the product’s USPs and offers?
- How did the seller respond to the prospect’s queries?
- What were the challenges faced by the sales in the call? Etc.
And a lot more. Sales reps should also note down a few insights for future reference.
Insights Should Be Recorded From The Call Like:
- What was the source of the contact?
- Was it an inbound lead or an outbound?
- Was it the decision-maker of that company?
- What were the key takeaways from the conversation?
- When is the next follow-up scheduled?
These details should be entered automatically, or else it will eat up a lot of your time and decrease productivity.
What Are The Insights That The Sales Call Analytics Can Provide?
You can calculate and measure hundreds of things using sales call analytics. But you want to take away only those necessary and relevant details at the moment for the company. Using the insights from the analytics will help boost your respective teams to scale their performance and improve efficiency.
The Sales Call Analytics Can Help You With The Below Results:
- Call tracking: The total number of calls that any sales rep made.
- Time Tracking: The average time spent on the calls
- Response Rate: The ratio of calls dialed and calls responded.
- Conversion ratio: The number of calls dialed to the number of calls that are converted.
- Voicemail Rate: Total calls made to the calls that went straight to voicemail
- Revenue Rate: The number of calls made to the number of calls that generated revenue.
- Call Duration: The total amount of time spent on the calls.
These are just a few of the important and used insights from sales calls.
Along with these, you can also fetch data that will tell you the keywords that the sales reps used during the call.
This will help you to analyze your sales pitch and try the A/B test to check which pitch works and which does not.
Advantages Of Using Sales Call Analytics
From the above discussion, it is clear that every organization needs to have a sales call analytics tool. It is an investment that you will make once but get returns for a longer time.
Now let’s talk about the advantages.
- Achieving the Goal.
- Increase in revenue.
- More Visibility
- Ability to Forecast.
Let’s discuss in detail the above pointers.
1. Achieving the Goal
Be it the sales team, marketing team, or any other department in the organization. The sales call analytics helps each of them. For the sales team, analytics helps them to understand the customer and provides a space for improvement, thus increasing sales. Marketing teams have to optimize the campaigns every month and to help them optimize their campaigns, analytics play an important role. It tells them to focus on inbound or outbound or PPC, etc. In this way, analytics help to achieve the goal ultimately,
2. Increase in revenue
When you have all the results and data in one place, it surely helps you to know your mistakes. For example, the sales team can learn that the number of calls they made in the quarter has not been converted into demo calls; thus, they can improve their mistakes, and next time, use the analytics to make a better plan and eventually increase the revenue.
3. More Visibility
Managers and team leaders provide the extra motivation and guidance that the reps need. But to do that, they need data and more analysis of the activities. Sales Call analytics helps in creating more visibility. With the call records and activities that they have, it becomes easier for them to improve the areas in which the teams are stuck.
Say marketing teams can analyze the call records and understand the customer’s interest. Accordingly, they can set their campaigns and get better visibility.
4. Ability to Forecast
Organizations are successful when they have a clear and defined vision. When the teams have no idea, then they tend to fall apart. The management of the company always has to be a step ahead. Plan out things beforehand. Sales Call Analytics helps them understand market trends, customer expectations, etc. The call activities and records show which product/service needs more attention and which doesn’t. In this way, predicting the future and forecasting becomes very smooth when you use sales call analytics.
5. Training and Coaching
Every team has a top performer and other average performers. To improve the performance of every team member, call activities and sales records can help here. Check the sales pitch of your team members and look out for the errors that they have made consistently in their calls. So when you have a detailed report, you only need to improve and coach them on those metrics.
6. Fastrack Review and Feedback process to improve sales performance
It takes really long to audit hour-long calls of every sales rep, pertaining to slower improvement in performance. But with sales analytics solutions like Convin, you can audit 100% of your sales calls and even manual audit the calls that need special attention to spot opportunities or critical issues.
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Best Sales Call Analytics Tools Available In The Market
Convin unboxes the black box of the sales conversation and gives you insights into how impactful conversations can lead to better sales. It analyzes the sales call conversations and gives insightful data that will help teams scale their performances. Using Convin, companies have been able to increase their deal value in follow-up calls by analyzing cold calls and discovery calls.
Widely used by sales reps, sales managers, team leaders, this conversation Intelligence tool makes the sales team take a backseat.
Integrations: Hubspot, Salesforce, Pipedrive, Freshsales, Zoom, Freshcaller, Aircall, Slack, etc.
Pricing: Custom pricing and self-sign up
ringDNA is one of the sales analytics tools that help to scale your revenue with AI technology. So along with the sales activities and records, it also helps in predicting the next steps for your team.
A leading choice of salesforce users, ringDNA helps with sales coaching, sales performance, sales playbook execution, and sales insights.
Integrations - Twilio, Salesforce, Appirio
Pricing: Custom pricing
Compared to other tools, CallRail is focused more on marketing teams that depend on inbound leads. It helps them bring data from calls, chats, and other channels, thus helping the teams grow faster.
CallRail helps in tracking the calls and tracking the traffic of that call. It has a lot of options for managing call flow, form and text tracking, etc., at the same time keeping the dashboard easy and simple to use.
Integrations: WordPress, Wix, Unbounce, Slack, Stripe, Salesforce, Marketo, Mixpanel, etc.
- Call Tracking- $45 per month + usage.
- Conversation Analytics- $95 per month + usage
- Marketing Analytics- $95 per month + usage
- Analytics Suite- $145 per month + usage
Dialpad is a cloud-based communication platform that helps in bringing teams together. Texting and calling are auto-linked, and this feature helps to read and listen to data on calls.
It helps to track real-time metrics on call volumes, leaderboards, and moments happening across your entire team. You can also check what is trending with customers with targeted Voice Intelligence keyword searches—widely used by sales and customer teams.
Integrations: Outreach, Hubspot, Salesforce, Okta, Zapier, Slack, Zendesk.
- Standard: $15 USD/mo/user (billed annually)
- Pro: $25 USD/mo/user (billed annually)
- Enterprise: Custom Pricing
Gong pricing and functionality are kept keeping big MNCs in mind. It can analyze the call while giving suggestions to the sales reps for responding.
Integrations: Hubspot, Salesforce, Zendesk, Zoho, etc
Pricing: Custom Pricing
Sales call analytics is an important part of every organization. It helps to increase your performance, optimize sales activities, and improve accountability. The sales team has a wide range of activities to focus on and operate in a fast-paced environment. Sales call analytics provides your team with focus and clarity so they can concentrate on doing what they do best.