Have you heard of conversational intelligence? This emerging technology is making its way into our businesses.
Conversational intelligence, or CI, is a category of software that uses artificial intelligence (AI) to extract relevant data from conversations between your sales teams (sales, customer success, account managers) and customers.
The global conversational intelligence market is expected to reach $18.4 billion, from 2022 to 2028, with a compound annual growth rate (CAGR) of 21.8%.
In France, we're starting to hear more about this technology, its potential and its promise in terms of productivity. But let's be honest: we're 2 to 3 years behind our American counterparts.
No more watching the train go by! In this article, I'll tell you exactly what this technology is, what it can do for us and, above all, how it's transforming our businesses.
What exactly is conversational intelligence?
Do you have high targets? Looking to expand your sales operations? CI optimizes data collection and can make all the difference for you.
Conversational intelligence technology transcribes conversations and analyzes them, often in real time. It gives us information on what was said, how it was said, the context of the conversation and what emerged.
It provides us with a wealth of quality data, so that we don't miss a crumb of relevant insights from our customers or our teams. When we use it, we immediately have actionable data at hand.
With conversational intelligence, there's no room for error! You can be sure that 100% of customer interactions are recorded, analyzed and taken into account.
For example, conversational intelligence enables us to quickly identify a customer's "pain points". They may express subtle or indirect frustration during a conversation: our human ear would have had difficulty identifying the problem without detailed analysis.
The CI captures these subtleties and we can adapt our sales strategy accordingly.
Conversational intelligence therefore offers a valuable glimpse behind the curtain of customer interactions, giving us a real competitive edge, to close more deals and improve customer satisfaction.
And all this data is integrated into CRMs to improve shopping experiences, increase conversions and generate better returns on investment!
How can conversational intelligence benefit sales teams?
Its impact on our sales teams is multi-faceted. It contributes to improving our performance in several ways:
- Analyze trends: conversational intelligence makes all information easily accessible. This saves time in research, and allows us to identify patterns: what works, what doesn't, what are our customers' needs.
- Sharing best practices: facilitates the sharing of best practices within the team. For example, by analyzing successful calls, we identify techniques or phrases that hit the mark, and share them with the rest of the team. Conversational intelligence makes it possible to create a real culture of sharing best practices among salespeople.
- Giving targeted feedback: managers can provide more specific feedback, with concrete examples from conversations to show what is working well and what can be improved.
- Coaching on a large scale: by gathering best practices and feedback on specific cases, conversational intelligence helps managers to coach on a large scale, which represents a gigantic time-saver for managers. And as you know, effective coaching can make us up to 30% more efficient at managing our deals!
- Speed up onboarding: newcomers have access to these same conversations with customers, and key info is available in real time. They quickly understand the company's expectations and learn how to interact effectively with customers.
- Enriching CRM: the best part is that conversational intelligence can be fully integrated into CRM. It fetches information directly from conversations and integrates it, taking the burden off salespeople's shoulders.
- Facilitate information sharing between teams: all this data is accessible to everyone, throughout the company, and not limited to a single department. This is a big plus for information sharing between teams: it improves our understanding of customer needs and enables us to adapt our strategies.
In short (but you get the idea), conversational intelligence is a valuable tool for improving our performance, saving time and being more efficient. It's a veritable revolution in sales!
Thanks to internal audits carried out by our customers, we estimate that sales reps save an average of 8 hours a month thanks to Modjo!
What impact does it have on the company as a whole?
Surprise, surprise: conversational intelligence isn't just for salespeople. Obviously, the power of this technology has an impact on the whole company.
It creates a deep synergy between us all:
- Customer service can respond more effectively and personally to customer requests. It identifies trends and recurring problems in conversations, and improves its processes, anticipating needs and resolving problems more quickly.
- Marketing also benefits from these customer insights brought to the fore by conversational intelligence. They better understand who their customers are, and can develop more targeted and effective campaigns.
- The product team reaps the same benefits: the information extracted from conversations with customers enables them to improve existing products and develop new ones - that perfectly meet expectations. It identifies the features most appreciated by customers, or recurring problems, to align itself more precisely with market expectations.
- User Experience (UX ) better understands how customers interact with the company, and optimizes touch points to deliver a smoother, more satisfying experience. And a satisfied customer is a loyal customer!
- Executives use the insights of conversational intelligence to make informed strategic decisions. To define sales strategy, improve operational efficiency or anticipate market trends, conversational intelligence provides them with all the information they need to make the right decisions.
Ultimately, conversational intelligence has the potential to radically transform the enterprise, creating a data-driven culture and improving efficiency at every level.
At Modjo, we're convinced that conversational intelligence is the key to unlocking your company's full potential.
It helps you analyze every sales call to understand what's working and what's not. You can coach your team based on real data, not guesswork. And you do it in real time, giving your team the tools they need to succeed.
Because at the end of the day, it's not just about selling more, it's about selling better. And conversational intelligence can help you achieve your goals, and more.
