10 Ways Conversation Analytics Makes Money
4.5 min read
When Convirza launched Conversation Analytics® five years ago, it fundamentally altered the call tracking landscape forever.
This blog is about how Conversation Analytics makes money, improves company ROI, and optimizes marketing campaigns. Here are ten use cases that demonstrate how companies are using Conversation Analytics®.
A Vice President of Marketing and Sales at a medium-sized business learned Conversation Analytics makes money when she saw how many opportunities your sales team was missing. In other words, we helped her proved how many good leads did not convert and turn into a sell.
This Vice President of Marketing and Sales simply set up a Conversation Analytics®s indicator for Missed Opportunity. Convirza classifies a call as a Missed Opportunity when the conversation had strong buying language but did not convert into a sell, reservation or appointment.
This indicator produced a percentage for each phone call. This percentage indicates the level of confidence the Convirza algorithms have that a specific call was, in fact, a Missed Opportunity. For example, if the Missed Opportunity indicator is 83%, that means that Convirza AI is 83% certain that the call was a Missed Opportunity.
Then, she set up a webhook to trigger when the Missed Opportunity score is above 80%. This trigger sent her a text message each time a Missed Opportunity happened. It can also send a text message to the agent that answered the call. Or, can fire a webhook to a CRM that alerts a salesperson to call the lead back.
The VP used Missed Opportunity alerts to swing into action and save the deal. Plus, all of the data was then sent via webhooks to keep track of Missed Opportunities over each week or each month.
Harry has been a hot prospect for a while. A qualified marketing lead, he’s downloaded some white papers and opted-in to a company email list. After Harry calls your business, Webhooks can be used to post call detail information to your company’s CRM. This can automatically synchronize CRM information related to the call event and trigger an email to the prospect.
The webhook will update the CRM’s customer record with the fact that he called and that an automated email was sent.
Continuing Harry’s story above: in addition to sending him an automated email after calling, Convirza can collect additional caller information such as phone number, address, company size, and other available information and enter it into the prospect record. No more scrambling to scratch the phone number on the back of a financial report and trying to remember where you put it the next day.
One of the most important metrics for any marketing team is scoring the quality of leads. Conversation Analytics® provides a lead score for every phone call. This means that you can have data that judges the quality of every phone call. A marketer could track lead score from every campaign, source, or keyword.
An agency could send a Lead Score report to clients once a month. Or, a corporate marketer could trigger a webhook to fire to a marketing automation solution anytime the Lead Score indicator is above 80% or whatever threshold you choose. The trigger could add points to the lead score in the marketing automation solution.
You’ve got a sophisticated series of nurture emails with the call-to-action of “call us now.” After your prospect calls, it would be a waste of a marketing touch to keep asking the prospect to call. You might look stupid. Convirza can send a webhook to your marketing automation platform to push this prospect form one nurture segment to the next, helping them progress through the sales funnel with a new call-to-action, something like, “Download this 3rd party expert analysis of why you may get scabies if you use our competitor.”
Harry has been working with Sally. Sally is intimately familiar with Harry’s business needs and situation. However, Harry insists on calling the toll free number from the website rather than hunting down Sally’s phone number. As soon as his call connects, Convirza can send caller details to the companies CRM which will trigger a pop-up screen on Sally’s computer screen telling her that Harry is on the phone. Sally grabs the phone while Harry is grilling Scott the intern.
Convirza tracks a Sales Readiness indicator for phone calls; webhooks can then be triggered based on the overall Sales Readiness of a call. Let’s say you have a team of junior sales reps that field inbound calls (or make outbound calls). The prospect mentions a competitor or two, talks about some of your key features, sounds excited to buy, and even mentions a buying time frame. The Sales Readiness score of this call would be relatively high.
This information is passed to your CRM. Your CRM could then assign a score and put the prospect in the appropriate bucket for definite follow up from a senior sales rep.
This White Paper doesn’t even begin to scratch the surface of how call centers can use Conversation Analytics and webhooks.
Convirza Conversation Analytics® will analyze call content to determine which agents in a call center are closing business in real-time. These indicators can trigger webhooks that will alert managers in real-time if close rates on a call center-wide basis are falling, rising, or remaining stagnant. Additionally, the data can be used to pinpoint stronger performers and/or weak links on a regular basis.
Let’s say your prospect calls your 800 number and talks to a rep at your call center. On the call, she mentions that she’s been using one of your competitors. Convirza analyzes the dialogue and picks up this information. This could trigger a webhook that would send this information to your CRM and assign prospect ownership to a sales rep that has experience with this competitor.
If a prospect specifically mentions a particular product you have while on a phone call, a webhook could fire to a retargeting platform that could show the prospect a specific retargeting ad on their mobile phone.
Or, if they mention that they will be purchasing sometime in the next three weeks, you could send a webhook that would automate an SMS to be sent to the prospect two weeks later, reminding them to buy.
Originally published on September 26, 2013. Updated on December 5, 2018.