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Measuring the ROI of Conversational Intelligence Software

Measuring the ROI of Conversational Intelligence Coaching Software

Picture this, as the sales leader for your company over the past year you have done some amazing things. You doubled last year’s new business revenue, ACV is up, win rates against your biggest competitors are up and yet the dreaded year-end tech stack review with your CFO still have your palms sweating. Salesloft or Outreach, yep – approved. Your sales development reps need a tool to run their prospecting, and the coaching it provides makes an immediate impact on pipeline generation. Customer Relationship Management tool (CRM), yep, you need a place to manage your opportunities. DocuSign, no brainer – of course, we are keeping this, we need a way to get contracts signed. The line item comes up for your Conversational Intelligence Coaching Software, and you are asked if the $26000 is worth it for a call recording tool that transcribes your calls. How do you answer that? 

Well, let’s first start with how you are using it. Even call coaching software providers have been forced to admit that users are not going to log in to their products as often as they would like, so they adapted. Revenue Intelligence became a thing, Engagement and Intelligence Platform just became a thing, Sales Engagement Platform… Pick your fancy naming convention, doesn’t matter. Ultimately these solutions have had to adapt, trying to pull their user’s eyeballs out of the CRM and into their products. Take for example Deal Coaching, which according to one vendor should take place in their product, not in the CRM. So, as a Sales Leader you now need to tell your CFO that you no longer track details of deals inside your CRM, you are doing it in your Conversational Intelligence product? 

Herein lies the problem 

At the end of the day, reactive call coaching software is really nothing more than maybe deploying a New Relic for product monitoring or Tableau as a Business Intelligence tool. Granted, they have advanced to the point where these products can start making recommendations, but being able to take that data, and then have a mechanism for deploying it is where things quickly fall through the cracks. Even more, once that change has been communicated, how do you monitor and measure to ensure you don’t find yourself repeating the same coaching over and over again? Chances are, as the sales leader you have invested time in building sales frameworks, playbooks, battle cards and everything in between. Maybe they are organized on a Wiki, or in technology like Seismic or HighSpot? 

The disconnect 

Call with a prospect happens, an hour later, the call is analyzed, the next day you spend an hour reviewing the call with your sales rep and identify that 4 key qualifying questions were missed, and the response used in relation to a certain competitor was outdated. As the sales leader, how do you ensure that those mistakes don’t happen again? Your answer, role play, role play, and do some more role play. Cumulatively, as a sales leader, you might spend a few hours trying to coach your rep to avoid those mistakes again in the future. Is that a good ROI of your time? 

How are you validating to yourself that the call coaching software you are trying to justify is helping to avoid those lapses in your sales process? After all, a patient doesn’t pay a Doctor just to tell them something is wrong, they pay a Doctor because the Doctor knows how to fix it. 

This is where we argue it becomes nearly impossible to measure and validate the ROI of investing in reactive conversational intelligence coaching software. It fails to take what is learned, and then give sales leaders and sales representatives a mechanism to immediately act on that desired behavioral change. This is why financial leaders of companies are starting to struggle to justify the line item in their budget for this type of technology. It has become commoditized and nearly every provider is now doing transcription of calls anyways. 

Connecting the dots 

Now, picture this scenario as a sales leader. Your CFO asks you, “how are you measuring the success of your investment with ABSTRAKT?” This is now a much easier conversation because with real-time call coaching software you are able to take the insights from the call, and then immediately influence change by editing your Recommended Responses or Sales Frameworks. You observe that one of your competitors has just released a new product, you immediately change the Recommended Response card. Your team immediately sees that card the next time that competitor comes up, and just like that is an expert on this new feature that your competitor has. Gone are the days of trying every trick in the book to get them to review competitive intel in your wiki, with ABSTRAKT, it appears on their screen. This is why live, real-time conversational intelligence coaching software is the key to skipping the CFO budget review altogether.

Author

Greg Reffner - CEO

As one of the very first power users of Conversational Intelligence as an Account Executive, Greg fell in love with how technology enabled his success. As Abstrakt's leader, his vision and "why" is to help every sales rep and leader avoid the pain of missing their number.