What is Conversation Analytics?
3 min read
Call tracking has been around for about 20 years. Call tracking tells marketers which ads, campaigns, and keywords generate calls and which do not. It is used by agencies, SMBs, and enterprise-level companies. They see improvements in their ROI, and they get valuable insights into their marketing data.
Call tracking is good and very useful, but it stops gathering data when the phone rings.
Why is this a problem? Because a bunch of useful things happens after the phone rings. Many of the most important discussions and transactions happen after an agent picks up the phone.
Gartner says that over 420 billion words are spoken on phone calls between businesses and customers or prospects every day.
These words contain buyer sentiment, customer intelligence, sales performance data, close rate and conversion data, and a host of other information.
And right now NONE of these words are being analyzed.
We launched Conversation Analytics® to analyze these 420 billion words that are exchanged between people on the phone every day.
In essence, call tracking analyzes what happens before the call; Conversation Analytics® analyzes what happens ON the call.
Conversation Analytics® uses sophisticated speech recognition technology and thousands of proprietary algorithms to analyze the content of the call. Conversation Analytics® analyzes the call content in near real-time.
Conversation Analytics® is the most substantial development in the call tracking space…ever.
Once Conversation Analytics® analyzes all the details and machine learning knowledge combines to assign a variety of ‘indicators’ for each call. Convirza has over 50 indicators already built-in to Conversation Analytics®. Indicators include success metrics like agitation level, percent silence, cancellation, complaints, compliments, dissatisfaction, objection language, conversion, commitment to buy, payment language, reservation made, agent empathy, phone etiquette, lead score, and more.
Again, Conversation Analytics® derives this data strictly from the words, phrases and other cues actually said on the call.
For each of these indicators, Conversation Analytics® provides a number between 0-100. This number is a strength indication or a level of confidence that the event in question occurred on the call. For example, if the lead score was 85, that indicates that Conversation Analytics® is very confident the caller was a good lead. On the other hand, if the complaint indicator is 15, that means Conversation Analytics® is not confident that caller complained during the phone call.
In addition to merely extracting data from calls, Conversation Analytics® actually allows you to do something with the data. Phone calls are a fundamental connection point between you and your customers or potential customers. Our complete call management solution covers every step of the phone call beginning before the call to during the call to after the call.
Convirza Call Actions and Webhooks take care of the post-call automation.
Here are a couple of examples:
– Lead Score Automation: If a lead score indicator is 80 or above (or whatever you set) a Webhook could be sent to a CRM that places the caller in an immediate call back list.
– Email Automation: If a sales readiness indicator is 73 or above (or whatever you set) a Webhook could be sent to an email marketing platform that places the caller in a different email track that sends them more ‘salesy’ emails.
– Missed Opportunity Notification: If Conversation Analytics® spits out a Missed Opportunity indicator of 75 (which would mean that Conversation Analytics® is very confident the call was a Missed Opportunity), a Webhook could trigger a text message or an email sent to a manager or a salesperson immediately. They could then call the lead back and un-miss the Missed Opportunity.
Originally published on July 27, 2013. Updated on December 27, 2018.