However, the benefits of machine learning can be applied to the broader field of marketing as well. One of the most disruptive and beneficial applications of machine learning is with conversational intelligence.
As a business owner, you probably spend a considerable amount of time interacting with your customer getting to know their pain points and prescribing solutions. But are you aware that your phone calls with your clients are an untapped business resource? Yet, sometimes you can lose the business value of these conversations once you get off the call.
What exactly is Conversation Intelligence?
Conversation intelligence is a software as a service (SaaS) platform with the ability to identify and respond to varied signals in verbal communications. While businesses can easily capture data concerning their customers like their visit or purchase history and the referring URLs or ads, capturing the deep insights from a business conversation requires special technology. This is where conversation intelligence tools come in.
Conversation intelligence software allows you to capture customer communications through a combination of tools that record, transcribe and score your conversations. These tools allow you to revisit conversations you’ve had with your customers and mine them for insights that are relevant to what your customers need.
Why Every Business Needs a Conversation Intelligence Platform
Conversation intelligence plays a critical role in ensuring that both sales reps and customer agents have access to key information from conversations they have with clients. This platform also helps businesses to save time by speeding up the data entry process into the CRM and also shorten the time it takes to share important information with other stakeholders.
Business managers too can benefit from using conversation intelligence as they use the data captured to provide solutions, direct, coach and train their team members based on the key points from actual conversations with customers. This is important in bridging gaps in sales and streamline customer experience as other team members are made aware of the key insights.
If you’re wondering how different conversation intelligence software is from standard recording, the difference is in the ability of these tools to not just record but also analyze the conversation and take notes. This makes it easy to access important highlights from specific conversations within no time.
Common Business Problems Conversation Intelligence Software Solves
Conversation intelligence can help businesses solve several problems that could hamper business. Some of the problems you can square out with these set of tools are;
- Closing the gap between average and star business reps
Whether it is the sales reps or customer care reps, having good knowledge of what separates the best performers from the average performers will help to bridge the gap. When you know how each of them conducts sales or customer care conversations then you stand a better chance of closing the gap either by offering training opportunities or pursuing other channels to replicate the things that others have succeeded at.
- Informed decision making
Lack of insight into what is happening at the frontline of customer or sales conversations means that your key decisions are likely to be misinformed because they’re not based on any truths. Conversation intelligence software helps to make decisions that address real needs that are aligned to the company goals.
- Consistent Messaging for teams
When you lack insight into your team members’ conversations, chances are each rep will handle a call their way. This can hurt sales and business growth altogether. With Conversation intelligence software, you’ll be able to ensure there is consistent messaging as they all execute their responsibilities. This is great for the brand image.
- Ability to close deals successfully
You can easily lose opportunities to close a sale when you don’t have a proper perspective into your communications. Even worse, you may not know why you’re losing business. You need to understand what is going wrong before you can fix it. Taking a look at sales conversations will help you understand why exactly you’re losing on business.
How Conversation Intelligence Software Works
Although different vendors of conversation intelligence software offer different added features, the working of this technology generally involves the following:
- Call recording – This is the first step that involves capturing the conversation.
- Transcription – The recorded conversations are transcribed to convert them from speech to text. This transforms the calls into data that is searchable.
- Analysis – With the transcript comes so much flexibility and a myriad of options. You can analyze the calls individually or aggregately for patterns of effectiveness and key trends using machine learning.
The future of businesses is in the use of powerful tools like conversation intelligence software. You can begin using these tools to ramp up sales, increase quota attainment and enhance performance for your team members.
Conversational Intelligence is the Greatest Application of Machine Learning in Marketing
As a marketer, you can’t overlook the benefits of machine learning technology. Conversational intelligence is one of the biggest advantages of machine learning in the marketing profession. The benefits listed above should inspire you to explore its potential.