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Forrester Consulting’s The Total Economic Impact™ found critical benefits to customers using speech analytics.Enable speech analytics for your sales and support team.
On average, a sales representative makes 60 to 100 calls a day and receives 6 support calls per hour on an average. Isn’t that a lot of calls a business receives?
But that’s not the end of the story.
On average, a sales cold call lasts 5:50, which includes 30 seconds, about 50% longer than average, so doesn’t it makes sense to analyze these calls for revenue intelligence like;
And a lot more data.
These calls could be the making and breaking point for any business. That is why most businesses have some form of quality management aligned with these calls. A report from Microsoft indicates that 61% of customers would stop taking any services from a business after one poor customer experience. That is why using speech analytics tools is the best way to go about monitoring for uncovering the best performance analytics from these calls.
Regardless of who you are, what your business is, it's nigh on impossible not to have been affected by the pandemic. Many businesses closed down, and other businesses found different ways to engage, including increasing the number of calls with their customers and prospects and even retrieving crucial business data from these engagements.
Before we get into more details, let’s first understand what you mean by speech analytics.
Speech analytics software extracts meaningful data from the audio recordings of business calls by recording, transcribing them with the help of its speech-to-text feature, and finally analyzing the call scripts. Speech analytics solutions analyze 100% of all business calls.
Most sales reps and customer support agents run into various problems like
Speech analytics precisely helps you in pinpointing the challenges they face every day along with uncovering crucial customer insights and competitor intelligence.
APEX Credit management specializes in credit management, debt collection, and debt purchasing services; it got into trouble with debt collection after the pandemic hit.
From the mouth of Steve Mound, Chief Operating Officer (COO) at Apex states;
“With the significant downturn in the economy, and its impact on people’s ability to repay, we realized quite early that we needed to look elsewhere to optimize our processes and boost our collections revenues.”
To overcome this issue, they deployed speech analytics software, and the result;
Overall, speech analytics software was able to achieve its anticipated 12-month return in just a matter of 7 months.
Isn’t that amazing?
Are you still wondering if you need a speech analytics solution for your business?
If the answer is yes, let us list down the benefits of deploying speech analytics software for your business.
Businesses end up losing $62 billion a year because of poor experiences with the brand. But wait, we have some good news too, businesses that use advanced speech analytics solutions to monitor their business calls reduce on an average handle time by 40%, and in turn, boost their conversion rate of sales calls by 50%.
Here are 9 benefits of using speech analytics software
When we talk about quality management, we are referring to your sales and support team performance.
But most importantly, speech analytics solutions bring in ownership with a sense of awareness, as they know that all their calls are monitored and analyzed for their KPIs. That is they have to put their best foot forward always in every call.
Speech analytics software even helps you in understanding your customers.
Using these insights, you can strategize your sales and marketing efforts and use them for creating sales scripts and messaging that resonates with your customers.
Speech analytics software like Convin even shows what your customers are talking about your competition. Chances are your customers are approaching you because your competitors might have already reached out to them. And they are in the process of evaluating the better software or product for their business, so they will surely discuss the competitor offerings and pricing to avail a better offer from you.
You can use this opportunity to extract these points and use them for future marketing and sales. Didn’t we indicate earlier all calls, even those failed calls have some form of opportunity.
The best sales strategy optimizes sales process, administration, and management without exceeding the costs. A speech analytics software helps in uncovering and accumulating crucial call data from the siloed and unstructured recordings for streamlining the sales process for maximum ROI. A data-driven sales strategy approach eliminates any scope of guesswork, which in turn cuts down costs and ultimately increases sales.
A human ear might miss out on crucial information and opportunities during a long video or direct call.
Be honest, how many times have you zoned out during a long conversation?
But an AI-based speech analytics solution misses nothing. It records and analyses 100% calls for all revenue intelligence and opportunities. And even saves the data in its call Library, so you explore the call and its analytical report for future up-selling and cross-selling opportunities.
We have already told you how one bad experience with your brand can lead to you losing a loyal customer. Instead, use speech analytics software to uncover customer intent and expectations and use it to take your ABM game to the next level.
Most of the time, the sales and support team has to wait for a month to get feedback, and sometimes even then, it gets delayed.
Come on, a single sales manager ends up handling a team of 10-15 on average, and for an enterprise, this number keeps growing. And every sales rep handles 60-100 calls a day. To hope that your sales leader can listen and provide feedback on every call is just ridiculous( no offense).
Speech analytics analyzes 100% of all calls post meetings, along with bringing in the notice the calls that require special attention for manual review and thus shortening the feedback cycle.
One of the main challenges sales leaders face is retrieving specific call recordings from siloed and unstructured drives for reviewing and new hires' training.
Speech analytics saves all call recordings under specific topics and even lets you create playlists of your best call recordings, so you don’t have to spend hours fetching recordings.
How do you know how your customers are feeling when you are sales and support team is working remotely and have no access to meeting your customers face to face?
Speech analytics solution runs sentiment analysis by analyzing the call recordings for uncovering how your customers feel about your offerings, script, product, etc.
Convin’s speech analytic software is easy to deploy and easier to use.
Step 1: Integrate
Convin easily integrates with your calendar, dialer, cloud telephony system, video conferencing platform, along with Slack and CRM. Using the calendar meeting link, Convin automatically joins the meeting for recording it.
Step 2: Record.
Then it starts eavesdropping on your conversations and even records them - how shameless?
Step 3: Transcribe
After recording the call, Convin transcribes the entire conversation - that means no more note-taking.
Step 4: Analyze
Convin analyzes on the basis of custom parameters and then highlights for you the call insights like; topics discussed, queries, feedback, call performance score, soft skills, actionable items, etc.
Step 5: Share
Remember integration with your Slack. and CRM?
Covin readily shares the insights directly to mail, Slack and logs the data in the CRM.
We at Convin understand how important customer and call data security is; that is why we ensure your data is completely secure and safe with our in-house transcription and NLP engine. We ensure for call data security:
Convin, as of now, supports English, Hindi, and Hinglish. And it takes less than a week to get us onboarded, so don’t wait, ask for a demo now!
Identify winning trends, eliminate deal’s bottlenecks, and pinpoint sales reps’ challenges and help them close all winnable deals.AI-powered speech analytics for winning sales teams