3 min read
A software that even Google wanted to know more about…
Last year, Google needed help to improve their speech analysis and wanted someone who had years of expertise in call intelligence. They came to Convirza because of our Conversation Analytics®️ software. There are plenty of call tracking solutions in the market, but what makes Conversation Analytics®️ the go-to tool is our closest ally – Artificial Intelligence.
Conversation Analytics®️ ‘hears’ the call with sophisticated speech recognition technology and then runs the content through hundreds of proprietary algorithms. It extracts data like lead score, sales readiness and dozens of other things.
Highly trained scientists created our software to handle multiple business challenges. Two key challenges out of those are proving value and increasing revenue.
With AI as the lead member of team Convirza, our idea of what it takes to convert a potential lead into a happy customer has transformed.
But Why Phone Calls?
We may believe that technology has reduced the need for personal contact, but the numbers, surprisingly, show exactly the opposite.
Smartphones triggered 73 billion calls to businesses in 2018. This is a 42 percent increase from the previous year and is only projected to grow to 169 billion by 2020. (BIA/Kelsey)
When people need help or have a question, they prefer pressing the call button which is also the first button on a google search result.
It’s not just individuals who love chatting with another person, businesses see value in it too.
The value of a single call has nearly doubled in the last 7 years for the auto industry to 1195$. Making 66% of SMB’s consider phone calls as the most valuable form of incoming leads. (BIA/Kelsey)
Can you imagine missing such a call for the lack of tools or resources?
What is call tracking?
It is similar to web analytics for a phone call.
With an online campaign, you can see the user journey through analytics. But with phone calls, it becomes a human conversation. The success of which depends greatly on subjective factors.
The best you can do as a business is to pick calls randomly and do a quality analysis. Subsequently, give your team feedback and hope that it works. With call tracking software you can do this and more for every single call your business receives.
Customers have patterns in their conversion path. As marketers it’s important to recognize and know the patterns, so you want to know what is driving the call or an urgent buying behavior.
Let’s look at this interesting data trend that the software helped us establish.
Building credibility in the minds of customers led to a much higher conversion rate than determining needs. This by no means entails changing your script to talk about how good your company is. It’s a suggestion to change your calling script to focus on things that show a higher conversion rate.
How does AI help in call tracking?
Conversation Analytics®️ listens to the phrases, words, pauses, intonations and more to understand what happens during a call. It can also determine if the caller was agitated by listening to the change in pitch and tone. The software is built to alert you in such situations to give you the opportunity to salvage your relationship with that customer.
It will suggest words or combos that lead to a conversion, pinpoint industry-specific metrics, and also determine a conversion.
Here is a list of services that one can choose to use with Conversation Analytics®️
- Automate post call responses
- Receive advanced call analytics on every call
- Detect missed opportunity and send alerts
- Stay alert with near real-time Conversation Analytics®️ results
- Identify sales skill levels and areas to improve
It’s like having a team that can tell you what went wrong or right with every single call and help you improve your call quality for each team member.Conversation Analytics is like having a team that can tell you what went wrong or right with every single call. #call_analytics Click To Tweet
Let’s look at how Conversation Analytics®️ identifies missed opportunities and how it can lead to a higher conversion rate.
46% of all sales inquiries end as missed opportunities. Which means that they are not converted for the lack of something. That factor would be hard to recognize even if you invested in listening to the call yourself.
AI can efficiently do that task for you. It goes through a checklist for the call and points out the missing factor that led to a loss of the lead. Take a look at this process flow below:
Treating every missed opportunity like a lead that needs nurturing can substantially reduce customer acquisition costs for your company.
The best part before you start your free trial is that this product is a white label product which means that you can label this product as your own and make it a part of your solutions portfolio.
Tracking phone calls or counting is just the beginning of a conversion journey. The reason we have such a huge Investment in this technology is that we are a conversion platform focused on changing the game. You can experience the new age business with AI too.