Post originally posted on SPOOL.
Although SaaS companies interact closely with prospective customers by organizing demos, it is still a long way to go before they can convince customers through repeated follow-up calls and visits and drive them towards closing the deal. The depth of insights provided by the conversational intelligence app is invaluable for sales representatives as it becomes a tool for understanding the mind of the prospects most accurately.
Sealing deals on time is the key to successful selling, and it is never easy to seal deals instantly because only 2% of sales happen during the first point of contact. It means that 98% of deal closures happen only after a proper follow-up of leads. Despite follow-up of leads being so important for conversions that lead to revenue generation. Studies show that 44% of salespersons give up after a single follow up whereas it requires at least 4-5 follow-up.
The task is cut out for salespersons right from the time of first contact with customers because they must be ready for the long haul Keep following up without annoying customers while pushing them steadily and surely towards closing the deal. Even the best products do not sell immediately after the first interaction with customers. The frequency of contact that the salesperson has with the prospective customers determines the speed of sales. Constant follow-up helps in better understanding the needs and desires of customers so that salespersons can come up with the most attractive offer so that customers find it hard to turn down.
Frequent follow-up means frequent interactions with the prospects, and the communications with them during this stage are critical to ensure conversions that generate revenue. Since follow-up communications consist of chats, emails, phone calls, and other digital modes of communication, it is impossible to analyze the communications without some technical assistance. Realizing the importance of gathering contextual information about prospects that are critical for closing deals, Sales Managers. Business leaders are using tools like conversational intelligence that provide accurate analysis of all conversations between prospects and salespersons. Analysis of every bit of communication provides valuable insights about the thought process of the prospects. So that the salesperson can keep modifying the sales pitch during each follow-up to make it more effective.
Conversational intelligence is the sum of natural language processing technology and machine learning. The adaptive powers of artificial intelligence (AI) are put to good use in developing conversational intelligence applications for analyzing spoken and written conversations for deducing the sentiment, intent, and meaning of such conversation. The technology used for conversational intelligence helps to dig deeper into the conversations and discover the aspects that help discover prospects’ untold needs and desires.
Information analysis using human intelligence has its limitations because it varies from person to person depending on individual IQ. The training and experience the person has in analyzing the information gathered from conversations between customers and sales representatives. Analysis of conversations is about deciphering the underlying meaning of the conversation and understanding the context. The real value of conversation analysis lies in understanding information in the right context. So that sales representatives can address the issues most accurately when following up with customers. Customers feel delighted when sales representatives suggest something that is in mind of customers but has not surfaced so far. This is only possible by using the leveraging past conversation provided by the conversational intelligence app.
It is easy to answer customer questions, but it is more important to anticipate in advance the probable questions that customers might ask based on the ongoing conversations during follow-up. With insights gathered from the conversational intelligence app, it is possible to identify customers’ pain points, common objections, topics of interest, suggestions for improvement, main competitors, buying stage of the customer, and the bottlenecks of the deal.
By using the insights, the sales representatives can chalk out the follow-up plan with faster response time. While assuring customers that the offer made to them has all bases covered. This is possible because the conversational intelligence tool provides cues that help sales representatives to create proactive follow-up plans. It gives customers a feeling of comfort and happiness when they find that the offer contains many things that they did not speak about but always wanted.
Customers not only appreciate the speedy response representatives but are too happy to get more than what they asked for. It does away with all hesitations of customers and sets the stage for prompt deal closure.
Nowadays, people wish to bring more efficiency in cracking customer deals; new applications are gaining ground. No wonder sales representatives use Spool get about enhanced collaboration and automation among team members. Therefore, Spool is a handy tool to make virtual business interactions more productive. It simplifies the task in a way that employees do not have to note down lengthy meetings. Spool applications help you grasp all that is important in brief and assist in assigning business tasks.
Pairing sales research platform with conversation intelligence app is what makes or brakes the importance of conversation intelligence as sales reps can focus on selling not research prospects before a meeting.
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