Your Competitive Advantage
Are you looking for a competitive advantage? Do you need an edge-up? We’re going to show you how conversation intelligence tools can help you create the competitive advantage you need.
But first, let’s break down what a conversion intelligence tool typically includes.
1) Speech-to-text
This is the part that converts spoken words into text that can be analyzed and understood. It’s pretty much the transcription portion of the technology.
2) Natural Language Processing (NLP)
This component uses machine learning algorithms to not only understand but also interpret the meaning of the text generated from speech-to-text.
3) Analytics
This piece uses the data generated from speech-to-text and NLP to provide insights and metrics that can be used to evaluate customer interactions, agent performance, and overall business performance.
How to Create a Competitive Advantage
We’ve seen firsthand how companies can utilize conversation intelligence tools to separate themselves from the competition. Even more so AI-based conversation intelligence.
Here is a list of key takeaways that this type of software can offer.
If you’re interested in learning more, we have a plethora of resources at your fingertips. Scroll down to the bottom to see!
1. Identifying customer pain points
For our customer service-based teams, customer pain points are one of the most common misconceptions in the industry.
Most people think they know what their customers want.
But in reality, they have no idea. It’s all based on what they believe is best for their company/team.
This is where conversation intelligence tools come in.
It can analyze every customer interaction – across chat, phone, and text – to identify the most common issues that your customers are experiencing with your product or service.
The best part, your team doesn’t have to change a thing they are doing! The software does this all for you.
Take it a step further you can break the conversations down into categories and identify themes within each category.
This may be to your surprise, but a TON of companies are still manually listening to call recordings or reviewing call notes. This only covers about 10% of most calls that come through customer service teams on a daily basis.
Why not get 100% of calls reviewed and analyzed for you?
According to a study conducted by Gartner, conversation analytics can enhance revenue by 2-4% through improved sales call execution and coaching.
2. Improve agent performance
Another great perk of conversation intelligence tools is the ability to evaluate the performance of your agents. You can identify areas of improvement as well as strengths.
Not only will this help improve your overall customer experience, but it will also give your agents the ability to level up to reach their goals.
3. Enhance agent coaching
Building off agent performance, next up is the coaching aspect. Managers now have direct insights into where they need to focus their coaching efforts.
Whether it be individual coaching sessions or team sessions, each one can have more purpose and direction rather than repeating the same things over and over again.
Conversation intelligence tools, like Abstrakt, provide a wealth of information – customer sentiment, talk time ratios, emerging trends with objections/questions, and much more.
Leveraging the data that comes not only in real-time to your agents but also the post-call analysis will give managers more insights than they’ve ever had before.
According to Forrester, companies that embrace conversation intelligence tools experience a 15% increase in win rates and a 20% reduction in sales cycle length.
4. Improve virtual agent options
Being able to answer routine customer questions with a virtual agent will greatly improve your customer experience. Even if you just collect information for the agent so when they are transferred everything can be pulled up, and the agent can be ready to help your customer immediately.
We just did a webinar on how to best integrate virtual and live agents, we highly recommend you give this a listen.
5. Upsells & cross-selling
Tie your projects to revenue and growth. The best way to make an impact that will last, focus your competitive advantage on growth.
Utilizing conversation intelligence tools to help promote upsell and cross-sell opportunities is only going to enhance the stickiness of the software.
Not to mention the loyalty of your customers.
Takeaways
First and foremost, start researching conversation intelligence tools if you’re not already using them.
- Ask your network for ones they use or like
- Utilize G2 or Capterra
If you’re already using a similar tool, it’s time to measure the ROI and the impact it has on both your top and bottom-line growth.
- There are free tools that can help you do this – do a quick Google search for LTV, churn, and ROI
- You can check out how we measure the impact of Abstrakt here
Find companies that are killing it and connect (via LinkedIn) or email someone in a similar position as you. People love to talk about how they’ve become successful and you can learn more than you realize with a little outreach.
Resources to utilize:
Everything you need to know about conversation intelligence software
How AI call coaching is helping teams level up
14 Secrets that Abstrakt has revealed
How to use data to scale your coaching
Generate more revenue with data
Sources:
Gartner: Use a Data-Driven Approach to Improve Sales Analytics
Forrester: Conversation Intelligence – Sales Enablement’s New Superpower