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In the previous post, "What is conversational analytics and why do sales teams need it?", we discussed the process of conversational analytics in uncovering unstructured data insights. Today, we’ll revisit this topic again and highlight four ways conversational analytics can help sales teams generate more revenue growth.
As mentioned before, conversational analytics (CA) uses the power of natural language processing, artificial intelligence, and machine learning technology to uncover data insights in conversations.
CA analyzes all types of speech and text communications (E.g., emails, social posts, video calls, chatbots, and more). And it's used in sales to better understand customer or prospect behavior.
A better view of customer needs helps sales acquire more users in the long run. However, CA benefits also extend to both better retention and monetization of customers.
Although CA can be used in sales, its impact goes beyond helping professionals close more deals. The benefits of CA help all revenue operations improve performance and increase revenue growth. As a result, when sales use conversational analytics, other revenue teams like marketing or product also benefit.
Customer or prospect insights help sales, marketing, and product teams make better business decisions and generate more revenue growth.
Here are four ways sales teams can increase company-wide revenue growth with CA.
Conversational analytics record and transcribe conversations to derive data insights. Automatic recording and transcription allow sales agents to reduce note-taking and stay fully engaged during calls. In addition, it enables reps to go back and recall important prospect or customer information once the meeting is over.
This helps reps reduce time analyzing sales interactions and focus on what matters most: selling.
As a result, as agents are able to reach out to more prospects or customers more efficiently, sales productivity increases.
Data insights help sales teams understand prospects and optimize sales strategy.
For instance, information on "What prospects object the most?", "How do they feel about feature X?" or "Why are they considering competitor A? "are all insights that help sales professionals identify prospects' pain points and needs more accurately.
On the other hand, information on "Are the discovery questions qualifying leads properly?" or "Was the price brought up too early?" help sales teams optimize strategy as a whole.
Using root cause and sentiment analysis, CA can uncover relevant insights to provide sales teams with a better understanding of prospects' needs and the sales approaches used.
Overall, this helps sales professionals understand their target and optimize sales strategy to accelerate deal-closing and improve revenue growth.
Information on prospects' objections, pain points, and goals helps marketing teams optimize campaign targeting and messaging.
CA helps marketers build more accurate buyer personas with prospect insights. Precise targeting allows professionals to craft better marketing copy to attract and engage potential customers. Resulting in higher demand generation and quality of leads.
This helps marketing improve performance and generate more revenue growth, as higher quality leads to higher chances of selling.
Customer feedback helps product teams build better solutions.
Conversational analytics help product teams understand what prospects request or complain most. Such information allows product managers to understand prospects' needs better and positively impact the product roadmap.
This helps product teams prioritize product upgrades accordingly and generate more competitive solutions. Consequently, this leads to higher revenue growth - since the more value your solution offers, the higher the selling changes.
Thumb's conversational analytics help sales teams capture and track sales interactions and gain strategic insights about prospects, competitors, and product feedback.
Turn qualitative customer feedback into quantitative data that help you close more deals and generate more revenue with Thumb.