How are you different from other conversational intelligence platforms?
Instead of making you book a demo Abstrakt to find out the exact difference, we are going to share the dirty details here.
First, we’ll address the elephant in the room. You may see on our website that we say “Conversational Intelligence Redefined”.
This is because real-time call coaching can provide conversational intelligence dashboards, but you get a whole other side with the real-time piece. Most people don’t know this technology exists, therefore they can relate to conversational intelligence as that’s more widespread among industries.
Glad we cleared that up.
Hopefully, this will help you as you learn about the best option for you and your team.
Or maybe you’re just diving into research.
Either way, let us know if we left any questions unanswered.
What is real-time call coaching software?
Real-time call coaching software helps your team in real-time, just like a co-pilot with unlimited intelligence. This means you can easily replicate your best-performing playbooks, scripts, and reps/agents, without additional manual work.
Your team can get live, while on the call, feedback to help overcome objections or questions being asked.
The main focus of this type of software is that it’s in REAL-TIME. Helping teams while on the phone instead of after during call reviews or weekly coaching sessions.
While sales coaching software is slightly different, you can continue to see the potential with this type of software.
“The sales coaching software market is expected to record a CAGR of 6.4% during the forecast period 2022-2032, up from US$ 47.6 Billion in the year 2022 to reach a valuation of US$ 88.7 Billion by 2032. From 2021 to 2022, the industry is poised to document a Y-o-Y growth rate of 8.4%, increasing from its previous valuation of US$ 43.9 Billion.”
Source: Future Market Insights
What is conversational intelligence software?
Conversational intelligence software provides data-driven dashboards. This software is reactive but provides great insights regarding call performance.
Most sales teams use conversational intelligence software due to the nature of deals and the goal of helping teams generate more revenue.
All conversational intelligence software is designed to analyze and provide insights into the content and context of conversations. It helps teams understand customer interactions, identify trends and patterns in behavior, and optimize the effectiveness of their strategies.
“The global conversation intelligence software market is expected to garner a value of US$ 20.1 Billion in 2021 and US$ 21.6 Billion in 2022. The market is projected to reach US$ 43.2 Billion in 2032, exhibiting a 7.2% CAGR from 2022-2032.”
Source: Future Market Insights
Let’s compare…
Now we may be biased. But we tried to clearly list out the pros and cons of both software options.
Of course, there are probably 20 other items you can rank. It comes down to what exactly you’re looking for this type of software to accomplish for you and your team. So we highlighted the basics below.
But let’s get into the details.
| Real-Time Call Coaching | Conversational Intelligence Software | |
|---|---|---|
| Real-Time Objection Handling | Yes | No |
| Real-Time Playbooks (that get checked off live on a call) | Yes | No |
| Call Scorecards | Yes | Yes |
| Live QA & Compliance monitoring | Yes | No |
| Audio Recordings | Yes | Yes |
| Best in Class Speech to Text Accuracy (96%) | Yes | Depends |
| PCI/PII Masking | Yes | Depends |
| Pull in data from other apps (Chatbots, etc.) | No | Yes |
| Insights & Dashboards | Yes | Yes |
| Behavioral Trends | No | Yes |
| Coaching Opportunities | Yes | Yes |
Let’s Talk Pricing
It varies based on the capabilities of the specific software. But real-time call coaching software is generally priced the same.
For example, at Abstrakt, we charge per user per month. Keep it simple.
Other companies charge platform fees or even by usage – per minute. It’s important to identify how the software is priced and if that matches how you intend to use it.
The outcome depends on your goals
At the end of the day, if your team doesn’t spend a lot of time on the phone then real-time call coaching software might not be the best solution for you. This is where a conversational intelligence solution that you can bring in multiple data sources could be more beneficial.
Either option is moving towards more AI-driven solutions for companies.
“Increasing demand for AI-powered customer support services is expected to be the most significant factor driving the market for the next ten years.”
Source: Future Market Insights
If you have too many employees and want more manual work, then you can settle for reactive software.
If you have a small team and the quota or KPIs didn’t change from last year, finding software that helps you do ‘more with less’ is key.
In summary, real-time call coaching software is focused on providing immediate feedback and guidance to your team during calls, while conversational intelligence software is focused on analyzing and providing insights into the content and context of conversations.
Sources:
https://www.theinsightpartners.com/reports/conversation-intelligence-software-market
https://www.futuremarketinsights.com/reports/conversation-intelligence-software-market
https://www.futuremarketinsights.com/reports/sales-coaching-software-market