Interaction analytics for better Sales Conversions

These are challenging times for business growth. The rise of digital technology has created a level playing field wherein various competitors jostle with each other to gain a bigger share of the market pie.

The beauty of digital technology is that it allows SMEs and even startups to take on established brands and deliver superior performance. However, in remote business landscape where customers communicate with a brand through telephone and electronic channels, it is imperative that technology should drive an organization’s sales growth as well.

This is where using cutting-edge interaction analytics platforms to generate actionable insights that help improve sales pitch and conversions offers unmatched potential.

Using Speech Analytics to boost sales

You must have experienced how many a times the customer care or sales representatives at a call center are either ill-informed about their own products or don’t show enthusiasm in sharing information until prodded.

When you integrate Speech Analytics to monitor and analyse the conversational data at your call center, you get in a better position to create data driven process enhancements.

To begin with, you need to first thoroughly understand your product and service and the USPs on offer. No matter, which brand you represent or the product you sell, the customer must be made aware of the benefits on offer in a constructive and free-flowing manner. Whether it is an inbound call or an outbound sales call, your value propositions such as after-sales service, lower costs for a better product are going to be crucial in wooing the customers. The communication of all these factors is made possible by a sales pitch wherein you take into account all possible customer rebuttals, queries and concerns. Once you are ready with a sales pitch, you train your representatives on it, and get the process rolling. This is where the Speech Analytics tool takes over.

A great Speech Analytics tool evaluates each and every call and extracts invaluable data from various parts of the process flow. For instance, it will evaluate the call against the sales pitch provided and identify whenever a representative doesn’t share the information provided in the pitch or at times when he/she fails to follow the steps laid out.

The whole system is automated and tracks the volume of traffic, and if there is a particular part of the process where agents are facing challenges frequently, it identifies and highlights it. This kind of capability allows the managers to plug in the training gaps or to revise the sales pitch to overcome the same. The data generated by the tool will also bring in the information about macro factors such as the economic situation and the cost of marketing. Through voice driven analytics, companies acquire the understanding of product’s market reputation and the impact made by the sales pitch.

Thus, the overall process is better streamlined and becomes more comprehensive. It doesn’t just mean that the managers or trainers would draft a pitch, agents would adhere to it and sales will happen. On the contrary, it gives the insights into customer behaviour on the call. There are likely to be many scenarios where the advanced features of speech analytics can be instrumental in optimizing the sales process. For instance:

A customer might put up a query which the agents have not been trained about or seek customization which can lead to a revision of product positioning or creation of a new service plan. In call center interactions, it is not uncommon for agents to slightly deviate from the script and come up with out-of-the-box responses which lead to sales conversions. While typical conversion analytics will not reveal such an element, but, speech analytics will. If it happens to be something that is within the parameters of laid down procedures and company commitment then identification of such elements can lead to their integration in the sales pitch. Eventually, the sales pitch gets further optimized.

On the other hand, if there is a particular blind zone or gap area where most of the potential conversions fail then the analytical insights will identify them and allow the managers to create changes to overcome them. This is a constantly evolving process and with the changes in market demands and situations such a constant improvement augurs well for the business as it will constantly improve the chances of conversion.

Bhaskar Mishra, Product Manager, Mihup