Why do Startups need to invest in Conversation Intelligence in 2022?
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 introduced the advancement of digital technology, and one of the major developments was in artificial intelligence, especially in the field of conversation.
For those of you who don't know: Conversational intelligence software integrates with the customer engagement platform to record, transcribe, and analyze sales calls, giving businesses access to critical information about deals, and automating CRM data entry. Faster audit 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 the first 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 the market needs, the product's USP, and the product's key marketing messages.
Conversational intelligence helps you uncover 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 your startup.
What is Conversation Intelligence?
Conversational Intelligence is an AI-based solution that integrates with the company's customer engagement platforms and then records, transcribes and analyzes call intelligence, salesperson performance, market intelligence, and business intelligence.
Conversational intelligence enables the company to review and track the performance of all salespeople at scale in minutes and provide feedback and suggestions to win a deal when a deal is still on the table. It also enables companies to create recall playlists to speed up the process of new employee sales training and speed up the process.
By now you should be thinking, “It's all good.
Six reasons why your startup needs a conversation Here are some of the reasons why you should consider adopting conversational intelligence:
Conversational Intelligence seamlessly integrates with calendar and joins meeting links to record daily sales calls; Alternatively, it also integrates with your customer engagement platforms and records your conversation. Post it, analyze your conversation for topics discussed, conversation rate, soft skills, actionable items, comments, inquiries and competitors to make it stand out and easy to view.
One of the main problems facing any organization, including startups, is the lack of understanding the factor of success or loss in their deals. Conversational intelligence gives you a detailed view of the deal from start to finish; The stopping point, challenges encountered in the deal, salespeople activities, opportunities and much more.
You can use this data to strengthen your follow-up calls or even help salespeople with negotiation strategy when the offer is still on the table.
Customer engagement is one of the best real-time customer and market insights. Daily customer interaction, whether it's from a customer success team, sales team, or customer service team, contains important revenue and market information. Conversational intelligence gives you access to answers to questions such as:
- Competitive product features and prices
- Customer demands
- Customer Weaknesses
- market trends, etc.
- This data can help a startup determine its pricing, service, marketing and sales strategy.
Sales data management
Another problem that a startup faces is dealing with the isolated data they collect in their growth journey and sharing knowledge with new hires and the team.
It was a SaaS-based revenue startup that initially saved all sales call recordings to Google Drive. For sales training, they have made it a practice to share recordings of sales calls with salespeople to help them better understand services and customers. But now that they hired a new salesperson every time, they had to watch a lot of videos, which would waste a lot of time.
They adapted Conven's Conversational Intelligence to review the daily activities of salespeople. Upon adoption, they found that they could even create call playlists, making it easier to manage recording and sharing. but that is not all!
Conversational intelligence was even able to automatically record daily sales activities and contact notes in CRM, making it easier for them to manage sales data.
As we've already seen, using conversational intelligence, you can create recall playlists. You can use these playlists to train new employees. What is the best way to learn about sales techniques, scripts, and customer behavior through sales calls?
The revenue start we mentioned earlier halved the time to accelerate new hires using conversational intelligence.
The pandemic brought with it another challenge. remote selling.
Even in the post-pandemic world, most companies are embracing a hybrid business model, especially SaaS startups. But the problem is with this; You don't know what your other teammates are doing or how they handle calls.
Conversational 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.