Just as the title says. Everything you need to know about conversational intelligence software.
Our last blog which had everything you need to know about real-time call coaching software was a hit. So we thought… Why not do the same thing for conversational intelligence software?
Luckily, the conversation intelligence market has depth and a lot more companies understand the basic principles of the software.
But let’s dive deeper and see if we can help answer the most common questions when it comes to AI-driven software.
What is conversational intelligence software?
Conversational intelligence software is pretty cool stuff, especially when you look at the growth of the market in the last five years. It’s basically a type of software that uses artificial intelligence (AI) to help machines communicate more naturally with humans.
AKA it does all the processing for you and wraps it up into a nice dashboard to tell you what exactly is happening with calls.
Read more about it conversational intelligence.
How does conversational intelligence software actually work?
This type of software uses natural language processing (NLP) to understand the meaning behind the human language.
This means that it can pick up on the nuances of our speech and figure out what we’re actually trying to say, even if we don’t phrase it perfectly.
Once the software has understood what we’re saying, it uses machine learning algorithms to generate an outcome that allows you to learn and see what is working/not working.
There are many different types of AI-driven software and we’ll break down the competition later in this post.
Who would benefit from using this type of software?
Sales teams can use this software to analyze and transcribe sales conversations in real-time. Even more so, it can analyze tone, pace, and subtle nuances of the conversation to tell leaders exactly how to replace their best reps.
This level of analysis can provide sales teams with invaluable insights into how they can improve their communication skills and tailor their approach to each prospect.
Customer Service Teams
Conversational intelligence is just as beneficial to customer service teams as it is to sales teams. Since customer service teams tend to be overlooked when new tech comes out, most leaders don’t expand it to this side of their organization.
By analyzing past interactions and customer data, the software can suggest relevant solutions and responses help your team.
Who doesn’t love software that can help them solve issues more quickly and effectively?
On the other side, conversational intelligence software can help marketers better understand their target audience and identify common pain points as well as behaviors.
This in turn helps create more targeted campaigns, and personalized messaging and honestly can give your product marketing a boost.
Convert more leads (or even generate more) using AI-driven software.
Leaders with Underperforming Teams
We kept this generic for a reason. If your team isn’t performing well and you’re not using call intelligence software, it’s time to make a change.
Software can help you identify the gaps as well as replicate what’s working. That way you can make changes quickly to ensure your team gets back on track.
Additionally, here are some other items that you might find helpful.
How to help your company stand out in the conversational intelligence world
There are five categories that separate great companies vs. average companies. We dive into all the juicy details to help you separate your company.
- Use Case & Easy of Use
- “Other Tools”
- Support / CS Teams
- Contract Terms
Why is ROI important? So when that annual budget review comes, you can prove the exact return from the tools you are using. Plus this is why companies are switching to real-time AI-driven software instead of reactive, post-call tools.
Using conversational intelligence to transition from rep to manager
Whether you’re the leader trying to promote a sales rep or the sales rep being promoted, this article dives into how tools like call intelligence can benefit the transition for both sides.
We even have Kevin’s Dorsey take on the matter as he was on our podcast to talk all about this.
Who are the players in the market?
AKA… who do we compete against? This question differs based on the industry, but we’ll name a few of our top competitors below. If you don’t already know, the market is huge.
The “big dogs” are companies you’ve probably heard of – Gong and Chorus. With that comes some big price tags.
Other companies that are making a run in 2023 to check out (besides Abstrakt, obviously):
Does every competitor use the same technology?
Absolutely not! What fun would that be???
That’s what makes each company unique and the main reason why you should demo multiple options.
You might want more of an emphasis on the real-time portion or maybe it’s the in-depth dashboards. Whatever your team needs to be successful is how you should align the technology that you all use.
While Abstrakt is technically a conversational intelligence tool, we’re also in our own category called – real-time call coaching software.
We have all of the dashboards, reporting features, and trend analysis like traditional tools but we also have a real-time piece.
This is where AI-driven software is taking off.
That’s honestly why some companies even use traditional conversational intelligence software like Gong paired with Abstrakt. But for those looking to cut down on costs, it’s a no-brainer to go with real-time call intelligence software like Abstrakt.
We have SIRI on our phones and navigation in our cars, so why not have it when it comes to cold calls and customer service calls?
Here is how to measure the ROI of conversational intelligence tools like Abstrakt. We’ll stick with our company since we are transparent with our costs.
And we’ll stick with calls since Abstrakt doesn’t handle chat… yet.
Let’s say the connect rate for calls is between 10%.
We’re talking 7-10 phone calls a day for SDR making dials.
Let’s say they face objections on 5 of those calls.
They handle 3 out of 5, but completely drop the ball on the other two.
Let’s say Abstrakt helps them overcome those “two” objections that they would normally miss.
In turn, let’s say out of those your SDR gets 1 extra meeting per day.
Which is 5 meetings a week, 20 extra each month all because of Abstrakt.
Let’s say 50% are qualified opportunities.
So that’s 10 extra opportunities each month. Close rate is 40%.
Therefore, 4 new customers over your sales cycle.
Abstrakt costs $100 per user per month.
Those 4 deals have an ACV of $10,800 (example).
That’s $43,200 in first-year revenue on a software spend of $1,200.
Pretty good odds, right?
I don’t know of a CFO that wouldn’t jump on onboard with those metrics.
In close, we truly hope you learned everything you needed to about conversational intelligence software. If we missed something, don’t be afraid to call us out – [email protected].