How Conversation Analytics Can Increase Lead Conversion

How Conversation Analytics Can Increase Lead Conversion

Most of us use conversation analytics in our everyday lives without even thinking about it. Every time anyone says anything to us, we automatically analyse it before framing our response.

“Great presentation today, Mike.”
“Thanks, Tim. I hope the shareholders agree with you!”

And if you have any kind of smart device or speaker at home, it uses conversation analytics to process your requests or questions before delivering an appropriate answer or carrying out the desired action.

But it’s in the business environment where this impressive technology really comes into its own.

Conversation analytics has virtually limitless potential for businesses wanting to understand their customers on a deeper, more granular level. But to leverage it properly for increased lead conversion means understanding how it works, what it can do, and why it matters.

Speech and conversational analytics are ideal for helping to isolate and identify behavioural trends in contact centre agents, sales call representatives, and anyone else who works in phone call-based customer service or customer experience positions.

It automatically records and analyses the content of every phone call so businesses can better understand what was discussed, what the customer’s frame of mind was, and how the salesperson handled the situation.

This information is then used to improve customer service, train salespeople or agents, and understand the types of callers your different marketing channels are attracting.

In addition, call recordings can be catalogued, searched, and accessed at scale, which saves considerable time and effort.

Why is all this important?

Because gone are the days when all a call agent needed to do was listen to their customer’s question and provide an answer. In today’s highly competitive sales environment, what differentiates companies from their competitors is not what you sell, but how you sell it.

Over 80% of businesses say they’re competing solely on customer experience, so understanding why a customer is calling and what their general mood is, is critical to delivering an appropriate response that moves the call forward to the next desired stage.

Of course, it’s physically impossible for a human being to listen to, monitor and analyse every conversation every person in their team has with a customer or prospective customer. This is where analytical software fills the gap, acting as your virtual ear anywhere, at any time.

Essential Benefits of Conversational Analytics

Conversational analytics are exceptionally useful for identifying any issues with an agent’s technique that may lessen the likelihood of an optimal outcome.

This is particularly beneficial when it comes to quality assurance and determining individual training needs.

Of course, they can also be used to highlight trends in successful calls so that these can be replicated and rolled out among the rest of the teams.

Naturally, it’s not just the sales or call centre agents whose conversations are analysed. The right software can also pick up conversational cues from callers themselves to determine whether they’re happy or frustrated, ready to buy, or need a little extra nurturing. It’s also possible to identify at which exact point in a conversation a pitch was lost or won, by gauging the customer’s interest levels.

One of the biggest advantages of conversation analytics is that it’s an automated process, so it can be used to analyse every single call your salespeople or agents make or receive.

Because even with the best intentions, human sales managers can only listen to perhaps two to three percent of all the calls their teams make.

This is not enough.

Capturing 100% of customer conversations is now the baseline for excellent customer service and higher lead conversions.

Manually trying to do this is fatally flawed. Over and above the time required, we all know that even the best manual reporting isn’t always accurate or consistent.

Which means your analysis won’t be either.

Unintentionally leaving out even a small detail could have big consequences further down the line.

The problem becomes even more complicated when you factor in distributed sales teams. Not only is it not efficient for sales managers to try to listen to and analyse their conversations, with remote teams, but it’s also physically impossible.

This is why these days, with so many salespeople working from home, it’s increasingly easy to lose sight of what your teams are doing, and how well they’re doing it.

Imagine how much it would benefit your teams and your company if you could harness and learn from everything that was – or wasn’t – said in every conversation, every day. No matter where it took place.

Conversation analytics are key to unlocking the vital context you need to make the most from every call.

They make sure feedback is consistent – so your salespeople don’t revert to behaviours that are not optimised towards sales closures.

And it’s based on data – so you’re not training based on what you perceive the problem to be.

The Role Of Conversation Analytics In Increasing Lead Conversion

In a digital marketplace awash with multiple possible touchpoints, telephone calls are still the medium offering the most direct engagement between potential customers and businesses.

With calls to businesses from smartphones alone predicted to reach close to 200 billion a year by the end of 2021, it’s absolutely critical to have a system in place that delivers essential information such as:

  • Why did they call?
  • Were they happier after speaking to your salesperson than they were at the beginning of the call?
  • How do they feel about your product or service?
  • Did they make any kind of payment or other commitment?
  • Did they mention a competitor?
  • How can you use this information to influence the outcome of calls in the future?

Imagine being able to coach and train like you spent hours listening to and analysing every call, without actually spending hours listening to and analysing every call.

Conversational analytics gives you the tools you need to curate your teams’ greatest hits. When you understand what works and what doesn’t, you can create high-converting scripts for everyone to use.

You can also determine how each member of your team is using those scripts, providing individual feedback to help them improve their performance and convert more leads.

When you have actionable, data-driven insights it can double – or more – your sales revenues by empowering your teams to improve their techniques.

For more information on how to convert more calls, crush your quotas, and grow your business, book a demo with us