Why do Startups need to invest in Conversation Intelligence in 2022?

If you don’t know what is conversation intelligence, you must be living under a rock. Covid changed many things for the post-pandemic world and brought on digital tech advancement, one of the major advancements was in AI, especially in the field of conversation.

For those of you who don’t know: Conversation Intelligence software integrates with your customer engagement platform to record, transcribe, and analyze sales calls, giving businesses access to crucial deal information, CRM data entry automation, faster sales reps review, and sales coaching.

90% of Indian startups fail within the first five years of inception

Founders face multiple challenges when they are in the initial faces of a startup. One of the main challenges is understanding the customer, especially during the seed one funding space when they are still figuring out the market need, their product USP, and product marketing key messaging.

Conversation Intelligence helps you uncover all the data you need to not just stay afloat in the initial years of your business but also help you be a leader of your industry. 

Wondering how?

Let us tell you what conversation intelligence is and how it can help your startup.

What is Conversation Intelligence?

Conversation Intelligence is an AI-based solution that integrates with a business’s customer engagement platforms and then records, transcribes, and analyzes the call for call intelligence, sales reps performance, market intelligence, and deal intelligence.

Conversation intelligence allows a business to review and track all sales reps’ performance at scale in a few minutes and provide feedback and suggestions for winning a deal when the deal is still on the table. It also allows businesses to create call playlists to accelerate new hires’ sales training and ramp-up process.

Now you must be thinking, “All this is fine. How can conversation intelligence help your startup?”

Here is the answer:

6 Reasons why your startup needs Conversation

Here are a few reasons to consider adopting Conversation Intelligence:

Meeting Intelligence

Conversation Intelligence easily integrates with your calendar and joins your meetings links to record your daily sales calls; alternatively, it also integrates with your customer engagement platforms and records your conversation. Post that, it analyzes your conversation for topics discussed, talk ratio, soft skills, actionable items, feedback, queries, and competitors to highlight it for easy glance view.

Deal Intelligence

One of the major problems any organization faces, including startups, is not understanding their deal success or loss factor. Conversation Intelligence gives you a granular view of the deal from the start to end; loss point, the challenges faced in the deal, sales reps activities, opportunities, and a lot more. 

You can use this data to strengthen your follow-up calls or even help your sales reps with deal strategy when the deal is still on the table.

Market Intelligence

One of the best and real-time market and customer insights you can get is from your customer engagement. The daily customer engagement, whether from your customer success team, sales team, or customer support team, contains crucial market and revenue intelligence. Conversation Intelligence gives you access to answers to questions like:

• Competitor’s product features and pricing
• Customer demands 
• Customer pain points
• Market trends, etc

This data can help a startup determine its pricing, services, marketing, and sales strategy.

Sales Data Management

Another issue that the startup faces is dealing with siloed data they are collecting on their growth journey and sharing the knowledge with the new hires and team. 

A SaaS-based revenue startup was initially saving all their sales call recordings in Google Drive. For sales training, they made their practice of sharing sales call recordings with sales reps to help them better understand the services and customers. But now that every time they hired a new sales rep, they had to go through a plethora of videos, which would waste a lot of time.  

They adapted Convin’s conversation intelligence for reviewing their sales reps’ daily activities. On its adoption, they realized they could even create call playlists, making it easy to manage their recording and sharing. But that’s not it!

Conversation Intelligence was even able to automatically log daily sales activities and call notes on the CRM, making sales data management easy for them. 

Decrease ramp-up time

As we already saw, with conversation intelligence, you can create call playlists. You can use these call playlists for training new hires. What better way to learn about selling techniques, scripting, and customer behavior but from sales calls?

The revenue startup we mentioned above decreased new hires’ ramp-up time by half by using conversation intelligence.

Team Collaboration

Pandemic brought on another challenge; remote selling.

Even in the post-pandemic world, most businesses are adopting a hybrid working model, especially SaaS startups. But the problem with this is; not knowing what your other teammates are doing or how they are approaching the calls.

On the floor, they could see for themselves live, from home it’s not possible.

Conversation Intelligence can automatically record, analyze and log the daily sales call activities along with notes and recording on CRM, ensuring no data is missed. Conversation intelligence makes the sales process and sales pipeline transparent for the entire business to view and provide feedback and help where required.

Top Conversation Intelligence for startups

Let me list down a few conversation intelligence solutions you can consider:

1. Gong
   

   Gong was founded in the year 2015 in Palo, California. Since then, over 2,000 innovative companies like Paychex, PayPal, Hubspot, LinkedIn, MuleSoft, Shopify, Slack, SproutSocial, Twilio, and Zillow are using Gong for uncovering revenue intelligence and customer insights. Gong helps enterprises uncover revenue intelligence by recording, transcribing, and analyzing sales conversations.

2. Convin
   

   Convin was founded in 2020 in Bangalore, India. Unlike Gong, Convin focuses more on startups and mid-level market players for their solutions. Convin can easily integrate with almost all CRMs, including Pipedrive and Freshworks. Convin even provides a free self-sign-up option on their website to assist self-serve, and after 15 days, you can opt for any of their subscription plans.

3. Wingman
   

   Wingman was founded in the year 2018. Wingman automatically joins sales calls and analyses the conversation. And based on the conversation, it shows cue cards to sales reps for helping them with customer objections, questions, and behavior suggestions. It can be integrated with Dialer, CRMs, and Video Conferencing platforms.

4. Chorus.io
   

   Chorus has integrated with Zoominfo to help Zoom Clients record, transcribe, and analyze their sales conversation. Chorus profile contains over 20,000 companies, including Zoom, Mavenlink, Qualtrics, Adobe, TripActions, and GitLab. Now with Zoom integration, companies can use Zoom as their primary source of conversation intelligence.

5. Salesloft
   

   Salesloft was founded in the year 2011 in Atlanta, GA. Salesloft’s Modern Revenue Workspace Salesloft is the solution for sellers to execute all of their digital selling tasks, communicate with buyers, understand what to do next, and get the coaching and insights they need to win. Salesloft profile includes IBM, Shopify, Square, and Cisco.

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