What is Conversation Intelligence? Your Questions Answered
You’re staring at your notes, trying to remember every detail from the prospect conversation you just had.
In an instant, it all comes back – pain points, objections, weather in Chicago.
There was something else they said that really stuck with you as being insightful.
Was it something about the competition?
You cringe at the thought of sifting through 2 hours’ worth of a zoom call.
You’re not alone.
That’s where conversation intelligence steps in. It’s time to stop guessing what your prospects and customers want and start listening.
What is conversation intelligence?
Conversation Intelligence is like having a search engine for salespeople – except it’s specifically tailored towards finding information on what was talked about during each phone call.
There is no need to go back to what was said or try re-listening again.
Simply put, it’s a software that processes the extraction of insights and coaching opportunities from transcripts of customer conversations.
Conversation intelligence software records, transcribes, and analyzes customer and prospect conversations.
With this tool, you can get insight into what makes teams successful, understand customer sentiment and identify areas for product improvement.
You might use it to identify areas of improvement or risk earlier than before so that they don’t come back around again later down the line when things have gotten worse already.
With conversation intelligence, you are able to get in-depth analytics into these recordings to identify winning plays. These plays will be used with call recording software that allows for note-taking during meetings or reviewing game tapes after sessions.
A lot of times, call recording systems only capture what went wrong in calls but rarely do they pinpoint coaching opportunities. This is something managers will benefit from to proactively identify coaching opportunities in their reps’ calls.
As each rep has different strengths and opportunities, this tool pinpoints what each rep needs to do to improve their performance and close more deals.
How does conversation intelligence work?
Conversation Intelligence lets you use AI to gain insight from your customer conversations.
Gong generates data that is streamed between other platforms like CRMs, ad providers, and sales analytics tools.
Actions can be taken in real-time on the information gathered about each customer or prospecting call made throughout interactions within the systems.
Gong lets you record your sales calls and analyze them to incorporate the best strategies in future conversations.
The power of this is that it understands what people are saying and delivers insights into your products or services’ effectiveness.
Conversation intelligence vs. revenue intelligence: What are the differences?
As the AI landscape has developed, vendors have taken different approaches to solving data gaps in their business.
Two of these strategies revolve around conversational and revenue intelligence. At the same time, they may seem interchangeable at first glance.
There are some meaningful differences between them.
Unlike conversation intelligence, revenue intelligence automatically captures customer interactions, analyzes them to provide insights, and applies those learnings across an organization’s go-to-market strategy.
This distinction can be seen as two different types of tools: one that helps you sell more by connecting with customers and provides insight into their needs.
The other provides guidance across all aspects (everything from marketing strategy down) within an organization.
Now that we’ve outlined what revenue intelligence is, let’s talk about how it works.
How does revenue intelligence work
A revenue intelligence platform uses data to help predict future outcomes.
The more information you have regarding what kind of sources your vendor uses for their AI training (i.e., if there are different types), the better insights into how to train and recommend them based on those findings.
Revenue intelligence technology monitors customer interactions, searching for warnings like a pricing not being discussed, waning interaction, and so on.
This platform automatically records and transcribes entire conversations with your customers, clients, or prospects.
You’ll be able to see everything from video calls to email threads or phone conversations to take action.
More than just ‘software for sales people’
Using revenue intelligence software to help make smart decisions for your business saves time, can increase your revenue, and reduce onboarding processes.
It’s more than just software for salespeople. It’s an opportunity to automate significant parts of your work so you can focus on what you do best — interacting with customers.
That goes for a variety of team types such as human resources, product, or marketing.
For example, marketing and product teams can use such a platform to help streamline coaching or provide feedback on campaigns or even internal communication interactions.
Even CEOs, directors, and other executives in charge of managing a variety of business operations beyond sales have become aware that listening to customer calls can provide valuable information about their company’s performance from a strategic perspective.
Ready To Try It?
Sometimes the best source of data is right in front of you. It’s your customer’s unfiltered voice.
Rated #1 By Sales Pros, Gong offers an AI-powered solution for human-powered teams that helps reps track their sales calls with insightful analytics.
Revenue intelligence gives sales leaders the competitive edge they need to make more informed decisions about how best to invest their time.
Get in-depth analytics into your team’s calls to replicate winning plays with call recording software.
Find out how revenue leaders use Revenue Intelligence to get a reality-view of their pipeline and unfiltered insights into their market.
Book a demo and learn how Gong can help your sales team win more deals.
What’s your revenue IQ?
Assess how far your organization has to go to unlock reality and reach its full potential.
Use Gong’s Revenue Intelligence Maturity Assessment to determine your Revenue IQ and reveal opportunities across your deals, markets, and teams.