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What is Conversation Intelligence and Facts you didnt know About the Software?

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What is Conversation Intelligence and Facts you didnt know About the Software?

Before we get started with conversation intelligence, I want you to think about the most pressing challenges you face during a virtual sales meeting.

Take your time…did you get them?

Great.

The reason I made you do this exercise is simple. Unless you know where you struggle when virtually interacting with a client, it’s hard to understand the requirement of a software solution.

While virtually selling has engaged 80% of organizations, there’s no concrete evidence that all sellers have benefitted from the change. There are stories of struggle that we are unable to trace in all the hype of virtual selling.

According to HubSpot’s 2021 Sales Enablement Report, sales leaders who invested in remote sales noticed a return. The remote sellers who met or exceeded their revenue targets were 64 percent, while those who didn’t were just 50 percent.    

But there’s definitely evidence that virtual selling can generate results better than pre-covid times if done correctly.

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The more important question could be what is helping the sellers perform better remotely?

Out of the many agency tools available in the market, conversation intelligence is definitely one.

Today, we’ll discuss:

  • What is conversation intelligence?
  • Is Conversation Intelligence different than call recording software?
  • How does Conversation Intelligence make use of AI and NLP to analyze conversations?
  • Unusual facts about the conversation intelligence software

PS: If you’re familiar with conversation intelligence, skip to the good part- unusual facts about conversational intelligence.

What is conversation intelligence?

Conversation intelligence is a software platform that records calls(audio and video) between sellers and buyers. The data collected from these conversations are utilized to create data-driven insights.

The insights further assist sellers in performing better in the next call with the same prospect or another prospect.

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Key features that a conversation intelligence possesses are;

  1. Record, transcribe and analyze calls
  2. Automate the note-making process
  3. Review and score call quality
  4. Review rep’s performance
  5. Design sales playbooks  and run newspaper ads
  6. Integrating with sales tools like CRM software

CI tools are backed by artificial intelligence and constantly learning from sales conversations. The technology is designed to analyse speech as well as text.

Is conversation intelligence different than call recording software?

Yes, conversation intelligence is a more powerful tool than call recording.

The CI tool records the calls and analyzes calls to offer insights into the call intent, sentiment, follow-up requirements, email campaigns, next steps, and sales coaching.

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A conversation intelligence tool offers post-call analysis to revenue-generating teams who wish to go one level up in engaging smartly with their prospects.

Intelligent conversations are not possible with call recording software. It doesn’t offer critical features like keyword analysis and moments to filter the call to extract specific parts of the calls.

Another essential element is to create a benchmark library with the help of the call recordings. Building the library helps sales coaching and ramp up the new hires faster.

So, to wrap up the context, conversation intelligence comprises call recording functionality, not the other way round.

How does Conversation Intelligence make use of AI and NLP to analyze conversations?

One study reveals that AI technology in sales allows employees to use their time efficiently, resulting in a 40% increase in total business productivity.

Conversation analytics uses conversations to provide meaningful insights. Conversation analytics extracts valuable data from the speech with the help of natural language processing (NLP). The data extracted is further allowed to “understand” speech while artificial intelligence (AI) pulls and structures the data. The algorithm works this way– to analyze speech, call recording and transcription are performed by the NLP. This helps the AI read, locate patterns, and categorize the data by participants.

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Okay, now we can move on to our favorite part.

4 unusual facts about the conversation intelligence software

1. Marketers enhance video view time created using customer intelligence.

Carestack reported a 60% increase in view time of their marketing videos. Carestack used customer intelligence data and identified the most talked about pain points and use cases.

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Carestack’s marketers were able to design marketing videos–with customer-centric topics– which were published online with Vidyard.

Marketers have been investing time in conversation intelligence but utilizing it only to derive market trends. The direct use of the marketing videos was a fresh ray of purpose.

2. Virtual events list of attendees improves with related and targeted discussion topics.

Another fantastic use of conversation intelligence was identified with the virtual events hosted by Carestack. The selected customer conversations and topics for the event were discovered from the call recordings and the feature dashboard. The discovery made by the marketing team turned the usual virtual events into successful events.

3. Invest in cross-functional collaboration and team-selling in remote teams.

Do you know why remote teams trust sales software tools like conversation intelligence to collaborate on virtual meetings?

In the form of transcription, call data can be shared and stored by sales teams that depend on customer calls.

Cross-team discussions are more effective and productive when they are recorded and analyzed. Furthermore, no team has to take responsibility for customer data or calls, and there is no problem accessing calls.

According to several customers, cross-functional collaborations reviews are streamlined and effortless with conversation intelligence.

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4. Push call notes to CRM automatically.

We are in an era where pushing data manually to a CRM is a discussion of the past. CRM software doesn’t work in silos and automatically talks to other sales stack components.

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Employees can now access the CRM details while taking notes during sales meetings directly into the CRM.

CRM software such as Pipedrive and Freshworks integrate conversation intelligence, dramatically reducing the notetaking effort and improving note quality.

For instance, look at the above image. Convin’s conversation intelligence tool pushes the completed call data to the Pipedrive account once the call is complete.

Here is what the completed call contains:

  1. Recorded call link
  2. Topics Discussed
  3. Action items/Next Steps
  4. Competitor discussed
  5. The overall customer sentiment:

We thought you should know just four items for today, but the list is still longer

Oh, wait!

Except for the unusual benefits of conversation intelligence, a few customers also reported specific benefits in sales meetings. Here’s what you may experience.

Bonus: We want to share six powerful reasons conversation intelligence is a must for virtual sales meetings:

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  1. Enhancing Customer Relationships
  2. Removes Feature Bashing
  3. Faster and quicker notes
  4. Supports Mock Sales Meetings
  5. Brings Human Touch
  6. Builds Platform for Modern Buyers

Well, don’t wait for the right time to invest in sales software like conversation intelligence. Start experimenting with the software and evaluate your requirements.

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MARKETING

Old Navy to drop NFTs in July 4th promo update

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Old Navy to drop NFTs in July 4th promo update

Old Navy will update its yearly Fourth of July promotions by saluting the metaverse with an NFT drop, going live June 29.

In honor of the year they were founded, the retailer will release 1,994 common NFTs, each selling for $0.94. The NFTs will feature the iconic Magic the Dog and t include a promo code for customers to claim an Old Navy t-shirt at Old Navy locations or online.

“This launch is Old Navy’s first activation in web3 or with NFTs,” an Old Navy spokesperson told MarTech. “As a brand rooted in democratization and inclusivity, it was essential that we provide access and education for all with the launch of our first NFT collection. We want all our customers, whether they have experience with web3, to be able to learn and participate in this activation.”

Accessible and user-friendly. Any customer can participate by visiting a page off of Old Navy’s home site, where they’ll find step-by-step instructions.

There will also be an auction for a unique one-of-one NFT. All proceeds for the NFT and shirt sales go to Old Navy’s longtime charitable partner, Boys & Girls Clubs of America.

Additionally, 10% of NFT resales on the secondary market will also go to Boys & Girls Clubs.

Support. This activation is supported by Sweet, who’s played a major role in campaigns for other early NFT adopters like Burger King.

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The Old Navy NFTs will be minted on the Tezos blockchain, known for its low carbon footprint.

“This is Old Navy’s first time playing in the web3 space, and we are using the launch of our first NFT collection to test and learn,” said Old Navy’s spokesperson. “We’re excited to enable our customers with a new way to engage with our iconic brand and hero offerings and look forward to exploring additional consumer activations in web3 in the future.”

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Read next: 4 key strategies for NFT brand launches

Why we care. Macy’s also announced an NFT promotion timed to their fireworks show. This one will award one of 10,000 NFTs to those who join their Discord server.

Old Navy, in contrast, is keeping customers closer to their owned channels, and not funneling customers to Discord. Old Navy consumers who don’t have an NFT wallet can sign up through Sweet to purchase and bid on NFTs.

While Macy’s has done previous web3 promotions, this is Old Navy’s first. They’ve aligned a charity partner, brand tradition and concern for the environment with a solid first crack at crypto.


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About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

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