420 billion words — that is how many words are spoken on calls between businesses and their customers/prospects according to Gartner.
These words contain an abundance of information such as buyer sentiment, customer intelligence, and conversion data. However, none of these words were being analyzed until Conversation Analytics was launched.
Let’s start by discussing call tracking. This technology has been around for more than a decade and is used to determine the campaigns, ads and keywords that are generating phone calls. The data provided by call tracking offers undeniable value for marketers but it fails to collect data from the actual phone call. This is where conversation analytics comes into the picture.
Conversation analytics analyzes call content by using sophisticated speech recognition technology along with thousands of exclusive algorithms. It manages to accomplish this in near real-time and provides a host of important data. This information is then relayed through a variety of ‘indicators.’
The data derived by conversation analytics is gathered from words, phrases and additional cues used on phone calls. There are approximately 50 indicators currently built-in to conversation analytics. These indicators report on factors such as:
– Payment Language
– Lead Score
– Reservation Made
– Conversion and many more
Each indicator is assigned a number between 0-100 to reveal the likelihood or strength of the component in question. Once the information is processed by conversation analytics it is used by marketers and businesses to learn what happened on the call.
The following points provide a brief explanation of some of the indicators offered through conversation analytics:
– Payment Language: The words and phrases used during the call suggest that a payment was made.
– Acquired Phone Number: The language used on the call indicates that the caller offered a phone number.
– Sales Inquiry: Call content indicates an inquiry about a product or service.
– Initial Purchase: Language used suggests that a new customer made a purchase during the call.
– Request for Info: The words and phrases used by the caller indicate that a request for additional information was made.
– Phone Etiquette: Gathers evidence of professionalism and phone etiquette used on the call.
– Existing Customer: The language used on the call indicates that the caller is a current customer.
– Repeat Sales Inquiry: Call content suggests that the caller has called more than once to inquire about a product or service.
– Promotion Mention: Words and phrases used during the call indicate that the agent attempted to upsell or referenced a promotion.
– Requested Lead Source: Language used during the call indicates the agent asked the caller how they heard about the company.
These are examples of just a few indicators that can be extracted with conversation analytics. Learn more about what conversation analytics can do for your business today.