Conversational Intelligence Software: How to Get Started
conversational intelligence, iovox insights,
Conversational intelligence software is essential for generating actionable insights on everything from customer preferences to employee compliance.
From insurance to financial services, all businesses leverage conversational intelligence features to improve their sales, marketing, and customer support.
Curious about integrating conversation intelligence solutions into your business?
Recording, AI analysis, and auto-tagging are just some of the features available.
We’ll discuss the key features, benefits, and considerations of conversation intelligence software to guide you through the adoption process and help you stay ahead of the competition.
Further Reading:
- Curious about lead tracking? Discover how it works, proven methods, and how to choose an ideal lead-tracking system.
- Master the art of AI marketing with our guide on implementation practices, tools, challenges, and key benefits.
This Article Contains:
- What Is Conversational Intelligence Software?
- 5 Must-Have Conversational Intelligence Software Features
- 7 Conversation Intelligence Software Benefits You’re Missing Out On
- 5 Crucial Considerations Regarding Conversational Intelligence Software (+ Tips for Success)
- iovox: Empowering Businesses with Critical Customer Insights
- iovox Use Cases: 3 Customer Success Stories
Let’s begin.
What Is Conversational Intelligence Software?
Conversation intelligence software (CI software) combines machine learning and Natural Language Processing (NLP) to record, transcribe, and analyze communications.
Typically, companies use conversation intelligence to analyze their customer interactions.
However, you don’t have to use it for sales calls alone; you can also use it for internal and external business meetings.
The purpose?
To gain insights from real-time conversations on sales, performance, and customer experience that guide your business practices.
Let’s look at the conversation intelligence features that make this possible.
5 Must-Have Conversational Intelligence Software Features
Here are some key functionalities you can expect from conversation intelligence software:
Call Recording and Transcription
Call recording and transcription are the bedrock of conversation intelligence software.
For this, your tool should distinguish between speakers, pick up verbal tics, and provide formatted text that gives a clear picture of the customer conversation.
Otherwise, you’ll spend much time manually cleaning up the data.
AI-Powered Analytics
Once you have recording and transcription data, you can use conversational intelligence software to uncover key moments and patterns for actionable insights.
The best part?
You choose the filters to analyze the data, and the generative AI produces the results.
Essentially, conversational intelligence software works as an artificial intelligence research tool, helping you discover customer pain points, compliance issues, buyer signals, and more.
iovox Insights analyzes customer calls to find key phrases related to trends, outcomes, and opportunities.
The artificial intelligence tool can pinpoint which products your customers are most interested in, their challenges, and which sales techniques work best.
Sales Enablement
With conversation intelligence software, you can turn your efforts inward. Use artificial intelligence to empower your sales team through:
- Real-time insights and assistance: On-screen cues during sales calls that prompt your representatives to take action during the sales conversation, improving the quality of your sales engagement.
- Script development: You can use insights into common customer objections to develop field-tested scripts and playbooks to guide your employees through challenging calls. This also saves your sales manager time by reducing the number of escalations they need to handle.
- Improved sales coaching materials: Conversation intelligence provides several coaching opportunities. You can use sales call recordings as real-life demonstrations of essential training that your agents can learn from.
iovox’s Conversational AI provides trigger alerts for certain keywords to help your reps identify upselling and cross-selling opportunities.
It also analyzes customer sentiment and correlates the data with specific keywords, allowing you to track which words increase satisfaction and develop your sales strategy (and sales coaching) accordingly.
Auto-Tagging
Auto-tagging classifies each call based on certain criteria – success, failure, products purchased, appointment, etc.
Once you capture the data using your preferred categories, you can use conversational AI tools to correlate data from these calls with outcomes.
For example, iovox’s Dynamic Numbers determines which sales channels (and keywords) generate the most sales. You can then invest your marketing budget appropriately.
Compliance Monitoring
You must know if your reps adhere to your approved sales methods and policies during customer interaction. Not only does this maximize their sales success, but it also ensures they represent your company appropriately.
In addition, this helps develop uniformity across calls, demonstrating your professionalism to your customers.
So, which conversation intelligence features help?
iovox’s Call Transcription feature triggers alerts if your employees go off the script. You can also use it to determine if they don’t use key phrases or follow your designated procedures.
Now that you know about the features of conversation intelligence software, let’s discover how they benefit your business.
7 Conversation Intelligence Software Benefits You’re Missing Out On
Conversation intelligence software provides several benefits, including:
Improved Sales Performance
Through sales conversation analysis and keyword identification, you’ll uncover trends related to prospects that convert. You gain insight into which sales techniques work to bolster your sales force by correlating your conversions with keyword data.
In addition, you’ll also enhance your sales forecasting by learning which funnels provide the most likely chance of landing a sale.
How?
With auto-tagging classification, you can correlate data between call origin and conversion. This lets you track how well your funnels perform and improve your forecasting.
On the other hand, keyword identification features like iovox Insights also help you understand lost sales and why the prospects didn’t convert.
But that’s not all.
It also helps you identify at-risk prospects and the problems they’re facing. If you address the issue before it’s too late, you’ll likely convert leads who wouldn’t have purchased.
Enhanced Customer Insights
Conversation analytics provides valuable information about customer needs and how they interact with your product.
You’ll learn which aspects of your product customers like, which pricing options they prefer, which competitors they’re considering (and why), and even where they tend to drop out of your funnels.
This information guides your marketing team, improves your sales strategy, and informs your ongoing product development.
For example, your prospects may choose a competing product simply because it offers a specific integration option. A keyword identification feature could easily track this trend and alert you to the issue.
Once you update your product to include the option, you’ll greatly improve customer retention.
Effective Training
Since you can identify customer pain points and preferences through conversation analytics, you can tailor your sales training accordingly. You can ensure your new reps know:
- The best ways to deliver the sales pitch.
- How to handle objections during the customer conversation.
- When to upsell and cross-sell certain products.
- Which sales techniques are more likely to work.
Essentially, you can ground your sales training in call data from your specific customer base rather than relying on generally applicable sales techniques.
Streamlined Processes
Conversation intelligence software improves efficiency in several areas, including training, customer data collection, adapting to market changes, and closing sales.
How?
Because you can collect and analyze data quicker, you can uncover trends and adapt far more efficiently.
This is especially true when integrating conversation intelligence software with your CRM to ensure a seamless flow of information to your reps.
This is where iovox integration options stand out – through the API, you can connect all your current CRM systems to manage critical sales calls from one location.
Better Customer Experience
More conversation data means you can tailor your sales pipelines and products to their needs and improve customer satisfaction.
You can update your customer service based on generalized customer pain points. For example, if your customers struggle to reach your help center, you can use features like iovox’s WebConnect to add a call button to your website.
However, conversation intelligence software also helps you attend to individual customer concerns.
Perhaps a customer needs to speak with multiple people within your contact center. To save them time and avoid having them repeat themselves on each phone call, your sales team can brief themselves using call recordings and transcripts before they follow up.
Using conversation intelligence software in tandem with your customer support helps you uncover issues with your product and address them before abandonment.
Increased Sales Pipeline Visibility
A conversation intelligence platform provides more accurate data and a more efficient collection method.
Imagine how long it would take to manually transcribe your sales calls and the additional costs it would incur – using transcriptions for data wouldn’t be a viable data source.
Even if your employees manually summarize their calls, they’d still spend far too much time on non-sales generating tasks. And it would be time-consuming for your sales manager to collate the data.
Conversation intelligence software is your starting point for pipeline data collection and analysis. It can track which sources your prospects call from, the content of their conversations with the sales rep, and their outcomes.
This gives you a bird’s eye view of the sales process – from first interest to sales completion.
Personalized Performance Insights
Gaining insights into your team’s sales performance goes far beyond simply tallying the successful sales they achieve.
You want a high-resolution picture of their strengths and weaknesses rather than a simple metric.
For example, iovox conversation intelligence software features like customer sentiment analysis provide valuable insight into the prospects’ level of satisfaction with the call.
Sometimes, customers call for product information – they’re not interested in purchasing immediately.
So, you can’t judge the success of the customer interaction and the agents’ performance regarding whether they converted.
However, if your reps provide a satisfactory experience, they’ll be more likely to purchase in the future. So, you can measure the success of each sales rep based on their ability to achieve a certain sentiment score.
Conversation intelligence software offers a lot to your business. However, you must choose the right product to ensure maximum success.
5 Crucial Considerations Regarding Conversational Intelligence Software (+ Tips for Success)
Here’s what to consider before making your purchase:
Usability
An intelligence tool with robust features is essential. However, if the learning curve is too steep, you run the risk of your reps underutilizing the software.
How do you evaluate usability?
Think “seamless.” The intelligence platform should feel intuitive, and you shouldn’t spend too much time figuring out how to use its features.
Tip: Use the trial versions of each intelligence platform you’re considering. You can even collect data on how long it takes to access their functions, how well they integrate with your systems, and how many friction points you experienced.
Ease of Onboarding
While “seamless” is the name of the game, conversation intelligence software can be complex, and onboarding will likely be time-consuming.
To ensure it’s as efficient as possible, your conversation intelligence platform should provide resources to help you get started.
What resources should you look for?
Training programs, tutorials, product walkthroughs, automation assistance features, and perhaps most importantly, robust customer support.
Whether it’s onboarding, integration, training, or troubleshooting, you must purchase from a company that can help you resolve issues quickly.
Tip: Plan for a migration period to accommodate (and mitigate) any potential loss of efficiency and productivity. Even the most efficient onboarding processes will disrupt your normal workflow, so planning ahead is best.
Integration
You’ll lose a lot of time if your reps have to manually process data. That’s why your intelligence tool needs to integrate with your calling system and CRM, as well as your other systems – email, video conferencing, calendar, etc.
Ideally, you want a two-way data flow – the conversation intelligence platform should process activity from your systems and send back data so your CRM can capture it.
Tip: Choose a software option like iovox that offers a flexible API to integrate its features with your system.
Scalability
Your software intelligence platform needs to accommodate your business growth.
As your business grows, your conversation intelligence tool needs to be able to process larger volumes of data and allow for more users.
This is especially true if you’re going to integrate conversation intelligence with your website. The software will need to deal with traffic spikes without slowing down page loading times, as this can easily lead to decreased engagement.
Tip: Integrate your business growth projections into your decision-making process when choosing between software options.
Key Functionalities
Conversation intelligence software generally focuses on recording, transcribing, and analyzing communication data. However, each software specializes in specific fields.
You need to consider exactly which areas of your business you want to integrate conversation intelligence software into – sales, training, compliance, customer service, marketing, etc.
Tip: Clearly define the goals you want your conversation intelligence tool to help you achieve. You can then identify the essential features you need.
Now that you know how to evaluate various conversation intelligence software, let’s introduce you to an industry-leading option.
iovox: Empowering Businesses with Critical Customer Insights
iovox is a cutting-edge conversation intelligence software that transforms your calls into valuable data for actionable insights.
Whether you want to improve customer experience, streamline operations, generate more leads, or secure more conversions, iovox has plenty to offer.
Here’s a quick overview of how iovox delivers valuable insights:
Spot Trends with Call Transcription
Trend spotting is the starting point for actionable insights. Whether you want to improve your team’s performance, customer satisfaction, or your product’s quality, you need conversation data to begin.
That’s where Automated transcripts come in.
iovox’s Conversational AI automatically identifies keywords during calls to spot patterns in staff and customer behavior.
The best part?
You decide which keywords to track. This enables you to analyze transcripts to generate valuable insight into the specific issues you face.
Personalize Customer Communication
iovox’s keyword identification offers insights into common customer behavior and trends.
But it doesn’t stop there.
WebConnect allows customers to call your contact center from your website and informs your reps of the page from which they make contact.
Before your reps even answer the call, they’ll already know which product the prospect was viewing. They then can tailor their responses to generate maximum interest.
Create Seamless Communication Channels
It’s important your customers get the assistance they need as efficiently as possible. You don’t want them placing multiple calls to find the right representative for their case.
The solution?
Use Dedicated Numbers to route calls to the relevant contact center or sales reps automatically. This way, your customers get started on the right foot without delays and endless call transfers.
Still curious about how iovox can help? Let’s examine some of the applications.
iovox Use Cases: 3 Customer Success Stories
Here are three industry-specific customer stories that illustrate iovox’s value:
Marketing
As a top performer in online auto sales, Ouest-France needed real-world data to highlight its value to clients and advertisers.
The problem?
Customers (car buyers) could place calls through Ouest-France’s website. But clients (sellers) didn’t know where the calls originated from. Ouest-France couldn’t quantify the number of leads they were generating for their clients.
The solution?
They used iovox’sWebConnect and Dedicated Call Tracking to track the source of every call. Combined with analytics, Ouest-France could provide their clients with data that demonstrated their value – not only in terms of the number of leads but also the nature of their interest.
Real Estate
Immobiliare stands as Italy's premier real estate platform, boasting over 1.2 million property listings. It generated vast numbers of calls for its clients, but they weren’t necessarily aware of this.
That’s where iovox’s Call Whispers came in.
This feature provides a short pre-recorded message to the agent receiving the call, indicating where the call came from. When clients received calls, they knew the call came from Immobiliare.
Paired with call statistics, Immobiliare could position itself as an invaluable lead source.
Insurance
Abeille Assurances, a prominent company in the insurance sector, invested in an online platform for customers to get quotations and subscribe to insurance packages.
However, it needed better data attribution regarding its traffic, conversions, and customer experience within call centers to determine how well its digital platforms were performing in terms of conversions.
How did iovox help?
Dynamic Numbers and provided the data they needed through its ability to track and record which webpages clients called from. This helped them refine their marketing campaigns based on which channels provided the highest conversions.
Additionally, WebCallBack enabled higher customer engagement, boosting lead generation by 20%.
Wrapping Up
Conversation intelligence software offers more than just a way to record calls. It’s a starting point for improving your sales, marketing, and customer support systems.
Whether you want to enhance your product, generate more leads, provide better customer service, or train your staff, conversation intelligence software will play an integral role.
Looking for a state-of-the-art software solution for your company?
iovox is the best launchpad you can find.
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