What Is Conversation Intelligence & Why You Need It
Learn how conversation intelligence can change how you do business and what tools to look for by reading this article!
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The ability to extract insights from conversations and use them to improve performance is what separates the top performers from the rest.
Keep reading to learn how to unlock the magic of understanding your customer's needs and preferences with the help of Conversational Intelligence (CI) and how to become a sales leader by selecting the right CI platforms for your business!
What Is Conversation Intelligence?
Conversation Intelligence (CI) is a type of software technology that aims to help businesses analyze and measure customer conversations. This data-driven approach to customer service provides insights into customer sentiment, trends, and potential areas of improvement, illustrating the overall customer experience.
CI can process, analyze and store audio and video recordings of customer interactions, extracting valuable data that can be used to improve customer experience, drive sales, and inform marketing strategies.
How Do Conversation Intelligence Platforms Work?
Conversation intelligence leverages NLP (natural language processing) and machine learning to provide insights into conversations.
This technology can answer various questions related to customer needs and reduce the workload of managers. It consists of two main steps: input analysis and response generation.
Input analysis is the process of understanding the underlying meaning of a conversation. Response generation develops suggested responses that can be implemented by the users of a conversation intelligence platform.
The system uses machine learning, which is a type of artificial intelligence, to improve its accuracy over time. As more conversations are recorded and analyzed through natural language processing (NLP), the proposed responses become more effective and accurate.
This technology can be used as a real-time coaching assistant for sales reps, enabling them to improve their performance by learning from past successes and failures.
How Can You Benefit From Conversation Intelligence Software?
There are many advantages to having conversation intelligence platforms at your disposal. Here are the most important things CI can do for you:
A. Capture all customer interactions
B. Automate routine customer interactions
C. Perform AI-powered analysis
D. Deliver valuable insights
E. Enhance team collaboration
F. Train and onboard team members.
Below, we dive deeper into every advantage.
A. Capture All Customer Interactions
Conversation intelligence software ensures that customer conversations are accurately captured and stored for ulterior use, enabling customer service agents to provide a better customer experience.
The uses for this data can range from identifying customer preferences and developing targeted marketing campaigns to ensuring that customer conversations are compliant with laws and regulations.
B. Automate Routine Customer Interactions
AI technology has become essential for automating both back-office processes and customer-facing interactions. Conversation intelligence platforms are part of this. They can automate a wide range of processes, including customer service, sales, marketing, and recruitment, and provide customers with personalized and accurate digital experiences.
Here are a few examples of what you can do with conversation intelligence platforms:
- Assist sales reps in providing quick and accurate responses to customer inquiries.
- Identify potential sales opportunities and suggest relevant products.
- Detect customer sentiment and identify marketing opportunities.
- Identify top job candidates, recommend suitable job openings, and even generate follow-up messages.
CI technology is especially useful when used in conjunction with other customer intelligence tools, such as customer relationship management (CRM) software, which helps businesses to gain an even deeper understanding of customer behavior and preferences.
C. Perform AI-Powered Analysis
Ever-changing market conditions make it impossible for businesses to manually process large amounts of data quickly and accurately, all while staying up-to-date with other work-related tasks.
For instance, analyzing customer behavior across multiple channels is a near-impossible task, especially considering the speed at which communication happens.
Automating as many processes through artificial intelligence will save your company both time and money, freeing up resources for more meaningful tasks that can only be performed by humans.
For example, AI-powered conversation intelligence software can help you to focus your efforts on making informed decisions, while taking care of analyzing your phone calls, identifying trends, and assessing customer behavior for you.
D. Deliver Valuable Insights
CI also can detect and measure customer sentiment, providing companies with invaluable insight into how customers feel about their products, services, and overall experience. Moreover, it helps to measure sales performance and determine which sales tactics are most effective in converting leads into customers.
This enables sales managers, account administrators, and customer success managers to assess the general well-being of their deals or accounts and figure out the best subsequent moves. Having access to insights from customer and prospect conversations is a mandatory step in ensuring your business’s prosperity.
Here’s how you can use conversation intelligence data to:
a. Increase Efficiency
Streamlining processes and workflows is essential for maintaining optimal levels of organizational efficiency.
CI software automatically recognizes patterns and trends in conversations, pointing you toward areas for improvement, and providing you with key indicators that track the performance levels of your team. But that's not all: efficiency is all about identifying issues and developing solutions quickly to save time and resources.
b. Improve Customer Experience
Customer satisfaction is a process that requires a profound understanding of customer sentiment and preferences, pain points, and areas for improvement in the customer experience.
Conversation intelligence software allows you to improve customer experience by responding to customer needs faster, personalizing client interactions, and creating more meaningful customer experiences.
Additionally, to create better and more efficient customer retention strategies, you should be able to quickly identify customer segments that are at risk of churning and customers who are more likely to remain loyal to your business. CI tools allow you to do just that.
E. Enhance Team Collaboration
Especially when it comes to teamwork, individual success is collective success and vice versa. The insights provided by conversation intelligence platforms can give you a better understanding of how well your team performs as a whole – or how team members actively collaborate and communicate with each other to ensure goal completion.
Did you know that conversation intelligence software is not only a tool you can use externally, but also internally?
Given that 40% of employees consider that there is a lack of proper collaboration and communication in their company, insights into conversations between team members can be valuable assets. They can help you to identify any issues that arise in conversations, as well as to gain a deeper understanding of how team members are interacting with one another. It can also help you to measure productivity, which you can use to further mentor your teams.
F. Train and Onboard Team Members
Having access to detailed and accurate transcripts of conversations between team members and customers can help you to create a more accurate understanding of customer needs, allowing new team members to gain a better understanding of any customer service expectations.
For instance, when new team members have access to commonly asked questions or areas of improvement from the get-go, they can develop and refine their customer service skills more quickly.
Moreover, when you can track their progress and performance in real-time, you can provide feedback as needed, as well as improve your training and onboarding processes.
Who Can Benefit From Conversation Intelligence Tools?
If you’re a sales manager trying to create the next generation of sales leaders, you’re well aware of the pressure to deliver good and measurable results — fast. This can only happen when you take your sales conversations to the next level and implement preventive measures that can help you be one step ahead of any issues that may arise.
Thanks to conversation intelligence solutions, you can easily identify which members of your sales team are top performers and which ones are struggling with sales calls, as well as connect with your customers to understand exactly what they need from you.
When sales reps close deals or customer service representatives answer customer calls, they gain valuable information which marketers can use to organize their campaigns and allocate their resources more effectively.
Having the right software and conversation intelligence strategy in place gives marketers access to information that they can use to adjust their messaging in campaigns and email newsletters. With conversation intelligence, marketers can quickly learn what works and what doesn't and adjust their angle accordingly.
Customer Service Teams
If you're in charge of a customer service team, you're already familiar with how valuable getting your hands on all the customer data you can is. You know that the quality of your service relies on insights into customer complaints, requests for additional products or services, and possible ways to increase customer retention.
When it comes to customer service teams, CI software provides the best results when synced with the CRM platform that you’re using. This will prevent your team members from manually having to transfer notes between different apps.
Business Owners and Executives
Business owners and executives know better than anyone the consequences of communication struggles between teams and how that impacts business performance.
The separation of information among departments often results in a lack of alignment between marketing, product, customer service, and sales teams, which can ultimately negatively and severely impact the customer experience.
Conversational intelligence tools bridge the gap between different divisions, allowing for feedback to be shared between all teams, creating a unified understanding of customer pain points and goals.
Recruitment processes are complex, so there is always room for improvement. Conversation intelligence software can be used to help recruitment teams to filter through hundreds of candidates and thousands of hours of interviews, identify unfit applicants or potential red flags, and aid them in making better hiring decisions.
Conversation Intelligence Software Must-Haves
It can be hard to find a conversation intelligence tool that matches your business needs, so we compiled a list of features you should consider before investing in one!
1. Automated Recording
While some meetings are predictable, others are not, so your CI tool must always be prepared for both scenarios.
Lucky for you, MeetGeek’s got you covered! Once you sync your calendar with MeetGeek, all your scheduled meetings will appear in the app. You can always choose which meetings you want to be recorded.
If your meeting is unplanned, MeetGeek has your back as well. All you have to do is to paste the meeting link into the “Add to live ad-hoc meeting' bar”, and you're good to go.
2. Accurate Transcription
Accuracy is a must, especially if you don’t want to spend hours per day deciphering how your team’s meetings actually went. One of the best parts about MeetGeek is that if you’re able to comprehend what someone says, so is our virtual meeting assistant! We use special NLP algorithms to ensure that you get the best meeting transcripts.
3. Intuitive Summarization
Meetings take time, and so does going through hours of recordings or even plain transcripts. When searching for a conversation intelligence tool, you have to make sure it automatically summarizes the contents of your conversations in a reliable and intuitive manner.
MeetGeek automatically summarizes your meetings, so you can skip certain parts and go back only to the important ones. And since we know how important that is to our clients, we present you our meeting templates feature, which automatically identifies and categorizes every part of your meeting, based on any keywords you provide our virtual meeting assistant with, saving hours of your time.
4. AI Recaps & Meeting Notes
Traditional note-taking during meetings is a thing of the past. Nowadays, you need your team to be productive, and sadly, multitasking is a superpower that only 2.5% of us possess.
In fact, according to neuropsychologist Cynthia Kubu, PhD, what we commonly refer to as multitasking is actually performing individual actions in rapid succession, or task-switching.
With this being said, when it becomes challenging for your team to perform well during customer calls and take meeting notes at the same time, MeetGeek’s AI algorithms take care of this task as well!
The best part is that you can share the AI-generated meeting notes, as well as the meeting recording, with anyone you choose, so you’re in charge of who has access to your meeting data.
5. Built-In AI Conversation Analytics
Customer success is all about having access to the right data and its interpretation, so you need a tool that can analyze conversations and provide customer insights.
That’s why we provide Meeting Insights for each meeting, so you don’t have to struggle with analyzing how well the person on the other end of your call is responding to your current strategies.
6. Integrations With Other Tools
As mentioned earlier, integration with other tools is mandatory, especially if you want to be in charge of writing your business success story! MeetGeek seamlessly integrates with tools like Notion, Slack, Trello, and HubSpot, to name only a few!
7. Good Customer Service
Regardless of the tool you choose for conversation intelligence, good and prompt customer service is a must. Not only does MeetGeek provide an easy-to-access support library but also quick and easy support from one of our team members.
8. Everything In One Place
MeetGeek allows you to access all your past meetings in one place, as well as your meeting notes, summaries, insights, and any other details you’re looking for.
The best part is that you also have the option to share your meetings with other team members automatically, whether they were involved in the meeting or not.
Explore the Benefits Of Conversation Intelligence With MeetGeek!
MeetGeek takes conversation intelligence to a whole new level. You can forget about your meeting responsibilities and start your journey to becoming a top performer in your sector!
Join other successful businesses and try MeetGeek for free to change how you approach productivity!
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