MARKETING
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.
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.
Key features that a conversation intelligence possesses are;
- Record, transcribe and analyze calls
- Automate the note-making process
- Review and score call quality
- Review rep’s performance
- Design sales playbooks and run newspaper ads
- 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.
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.
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.
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.
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:
- Recorded call link
- Topics Discussed
- Action items/Next Steps
- Competitor discussed
- 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:
- Enhancing Customer Relationships
- Removes Feature Bashing
- Faster and quicker notes
- Supports Mock Sales Meetings
- Brings Human Touch
- 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.
MARKETING
Trends in Content Localization – Moz
Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.
Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.
Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.
MARKETING
How AI Is Redefining Startup GTM Strategy
MARKETING
More promotions and more layoffs
For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.
The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.
Dig deeper: How to overcome marketing budget cuts and hiring freezes
Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643.
Here are the median salaries by role:
- Senior management $199,653
- Director $157,776
- Manager $99,510
- Staff $89,126
Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.
One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%).
Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.
Dig deeper: Skills-based hiring for modern marketing teams
Employee turnover
In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”
Men and Women
This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.
In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.
Methodology
The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents.
Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.
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