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?
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.
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.
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.
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.
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.
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.
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.”
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.