7 Benefits Of Using Speech Analytics Software For Sales

The Covid-19 pandemic has turned the business world on its head. To adapt to changing market dynamics, organisations are increasingly focusing on a data-driven sales approach. In this new normal, that’s increasingly remote, what was a good-to-have has become a must-have. This has pushed speech analytics into the forefront when it comes to sales. 

A speech analytics software can automatically screen sales calls to provide actionable insights to your reps. Using speech analytics software strategically can help you derive many interesting insights from sales conversations. You’ll learn which words/phrases are working for your customers and which are not. So, closing sales deals can become much more painless. 

Wondering how to get started with voice analytics? Here are some remarkable benefits of speech analytics software to boost your sales. 

What Is Speech Analytics Software For Sales? 

Speech analytics or voice analytics involves a multi-step process. An advanced speech analytics software can capture all the unstructured data in the form of audio calls or recordings and convert them into structured data for further analysis. Here are a few steps that speech analytics software's use: 

• 👣The first step is to capture sales conversations from the source system. This could be a call recorder or a VOIP stream. 
• 📈Some of the essential datasets that speech analytics software tries to capture include agent interaction with customers, date, time and customer type.
• 🔊After capturing this information, the software performs a speech recognition process to convert the audio into text data. This stage consolidates data from different sources and converts them into a text format for a unified view. 
• ☎ Next, the speech analytics software analyses the underlying datasets automatically to identify language characteristics, patterns, emotions, interaction types, etc. So, the result is an in-depth analysis of your sales calls. 

7 Advantages Of Using Speech Analytics Software

• An unmatched customer experience
• Cutting excess costs
• New cross-sell and up-sell opportunities
• Data backed training and performance improvement
• Prompt feedback to speed up sales
• Reduced customer churn rate
• Voice-based sentiment analysis

Here are some advantages of speech analytics software that you cannot miss if boosting sales is on your agenda:

1. An unmatched customer experience 

A speech analytics software can help you break the stereotypes and move beyond the conventional feedback and Q&A sessions with customers. Want to know your clients and their interests better? Go for a speech analytics software to improve sales! 

A tool like this can help you identify customers’ intents, objections, requirements, expectations and preferences even if they don’t speak directly about these. You can always analyse recorded customer calls to get more visibility into customers’ demands and plan your customer experience strategy accordingly. 

Once you offer your customers an uninterrupted experience, they’re likely to buy from you and remain loyal to you.

2. Cutting excess costs 

An ideal sales strategy maximises your sales without skyrocketing your expenses. A speech- based call analytics software can assist you with that. It helps you accumulate and analyse a large volume of unstructured data to offer in-depth insights. Both sales reps and managers can learn from these and apply their learnings when formulating their future sales strategies.  A data-driven approach eliminates guesswork, cuts down excess costs and ultimately increases sales. 

3. New cross-sell and up-sell opportunities 

When you get more clarity over your customers’ requirements, you won’t limit yourself to selling a single product. An advanced speech analytics software can help you identify and create many new cross-selling and up-selling opportunities. Based on customer expectations and spending intents, you can generate new offers, discounts, product recommendations that will go well with your target users. 

4. Data backed training and performance improvement

A call analytics tool like Salesken can offer rich data insights, often in real-time, on sales rep performance.

For example, if a sales rep struggles with cold calls, a speech analytics tool can highlight specific areas of improvement, which can help train and prepare them better and improve their performance.

5. Prompt feedback to speed up sales 

Speech analytics software can help sales representatives with immediate feedback. Sales reps and managers no longer need to tweak their sales pitches through guesswork.

With the help of tools like Salesken, once the call is complete, they can get prompt, accurate, data-driven feedback on what went right and what went wrong in the call. Such immediate feedback can help the sales managers build a framework to determine which reps are handling which types of calls better, and assign them accordingly. It can also help reps learn from their mistakes and improve their performance.

6. Reduced customer churn rate 

A speech analytics software can discern customers' intents and expectations. So, a sales rep can easily engage them with innovative products, services and strategies in a targeted manner. This helps in minimising the overall customer churn rate without additional effort primarily because satisfied customers have no reason to switch to competitors

7. Voice-based sentiment analysis 

Speech analytics solutions can perform sentiment analysis on your target users. Hence, it gets easier for you to learn how customers feel about your offering and to gauge their perception towards your products or services. This way you can easily find the most valuable prospects who are more likely to convert and focus on them. 

Salesken.ai Your Go-to Speech Analytics Software 

Are you looking for great speech analytics software? End your search at SalesKen! 

SalesKen leverages the power of AI to augment human intelligence. Here’s what SalesKen’s software can do for you: 

• Navigate your sales conversations in real-time 
• Capture and analyse customers’ voices from every channel 
• Coach your reps based on useful insights 
• Post-call data analytics to make every sales rep a top performer

Want to explore more? Click here to get in touch!