Driving Sales With Speech Analytics

Shannon Gronemeyer, President & CEO

Shannon GronemeyerPresidentCustomer Centered Strategies

Ann ThayerAccount ManagerCallFinder

Driving Sales With Speech Analytics

• Changing Sales and Buying Processes

• Using Speech Analytics to:

– Analyze content & context of customer-agent conversations

– Improve inbound & outbound selling effectiveness

– Inbound & outbound sales intelligence and reporting

• Manage agent script compliance

• Enhance workforce training

• Automate quality monitoring

• 73% of business executives said consumer behavior has changed drastically in the last three years.

• 74% said they do not fully understand the consumer changes underway.

• 80% said they believe their companies are not taking full advantage of the opportunities these changes present.

Customer Buying Behaviors Are Changing

Source: Accenture

• Lack of trust in sellers− Leverage independent consumer feedback

• Increased desire for control− They initiate the buying process when they are ready

• Only want to engage at the end of their decision process− Prefer to remain anonymous as long as possible

• Informed of product and competitive comparisons− Prevalence and preference for online research has created an informed

buyer

• More sophisticated & demanding, heightened expectations− Expect the sophistication of multi-channel experience and customer

knowledge

• Cost conscious− Highly aware of competitive price points and value research

How Are Customers Different?Kn

owled

geCo

ntro

l

Growing Importance Of Inside SalesWhile electronic and social channel utilization will continue to grow, we believe Inside Sales will also grow in importance…

• Cost− Changing expectations

can be costly− 40-90% lower than

outside sales

• Purchase point− When consumers are ready to

purchase, they will contact the seller directly

• Consumer comfort with remote channel engagement

Migration To Inside Sales

• Consumers initiate the buying process − Phone, Email, Web, Chat

• Expect more than pricing and features− Have online access to these attributes− Emotional sell, confidence, support

• Less forgiving of poor inside sales skills and capabilities− 55% of people who intended to

make a purchase but decided not to based on an experience (Source: Amex).

− Increased expectations of knowledge, service, consistency, response time, and relationship needs.

• A speech analytics tool helps monitor quality in the face of increased customer expectations.

The Inside Sales Interaction Is Different

55%

Sales Call Analytics and ReportingTraditional Inside Sales Scorecards provide quantitative indicators of performance, but overlook the quality of the customer interaction:

− Connect rate− Calls per hour or day− Call outcome− Conversion rate & close rate− Revenue

These measurements do not capture the qualitative conversation factors that contribute to sales success such as:

− Objection capture− Objection management− Opportunity identification− Customer response− Decline or avoidance reasons

Speech Analytics can overcome challenges with sales self reporting

Do not provide insight into sales behavior driving results

Goals Driving Analytics Initiatives

21%

Source: Aberdeen Group – Speech Analytics: Listen to your Customers

48%

29%

25%

21%

Insight into customer experience with their product or service

Evaluate employee performance

Monitor customer responses to competition & services

Monitor the customer experience such as on-hold, transfers, or any other interaction processes

Speech Analytics for Actionable Insights

• Organize & aggregate content of conversations

Interactions

• Build & distribute scorecards & reports

Insights• Evaluate, coach &

train• Implement change

management guided by insights

Actions

Sales Call Analytics and Reporting

Categorize Calls Using Key Phrases From Customer-Agent Conversations

Agent Performance

Competitive MentionObjection Frequency

“Make that order today”“We can fit your budget”

“Acme Anvil Company”“That’s way too expensive”

“I’ll think about it”“Better deal with Acme”

Objection frequency:• Track objection phrases to

understand most common sales obstacles.

• Evaluate use of objection handling phrases.

• Evaluate success rate by objection type.

Competitive mentions:• Mention of competitor names

indicates sales risk, regardless of outcome.

• Determine which competitors to focus on with offers and objection handling.

• Identify success rate by competitor.

Sales Call Analytics and Reporting• Sales effort focus through

close rate correlation− Understand sales close rate statistics

when certain key phrases are mentioned− Leverage close rate correlation to

identify high probability customer profiles− Reduce effort toward low probability,

low profitability customer profiles

• Enhance individual resource performance management− Script compliance− Customer complaint frequency− Objection frequency and handling− Customer decision avoidance or delay

Sales Script Compliance• Large number of resources and large number of call

transactions increase importance of best practice script compliance and automated quality monitoring

− Effective script can be replicated− Scripts create predictability, consistency− Focus, stay on track− Create right attitude and impression− Scripts reduce errors and increase rep and customer confidence− Scripts should allow improvisation and collaboration

• Call script compliance 1. Greeting / branding2. Identify needs / qualification3. Sales presentation / offer4. Objection handling5. Closing / Appointment setting6. Referral

69% of people surveyed say their experience improves if it sounds like the rep is not talking from a script. Convoso

Sales Script Automated Scorecard

Category Category Phrase Category ScoreCall Opening Greeting 7.7%

Branding

Sales Skills Identify Customer Needs 41%Qualification

Sales Presentation Affirm Understanding of Need 51.3%Make the OfferOvercoming Objections

Call Closing Email Confirmation 55.1%Ask for ReferralThank you for your business

Team Score: 38.8%

CallFinder’s Free Assessment of YourAgent-Customer Conversations

Define needs and goals together.

We analyze recorded conversations for content discovery.

We build search categories specific to call content and goals.

You receive top-level insights.

1.

2.

3.

4.

Steps of Free Assessment Engagement

About CallFinder25 years providing call management solutions.

− Call routing, recording, indexing, analyzing calls

One-to-one support and training with a specialist to identify customized goals and scope of need.

Cloud-based delivery.− No IT involvement, no hardware or software installation− Affordable, flexible, and scalable

Fast audio processing technology.− Superior, flexible technology for precision;

Indexes thousands of calls within minutes

Contact Us

Shannon Gronemeyershannon@ccsdelivered.com1-888-208-2234www.ccsdelivered.com

Ann Thayerathayer@mycallfinder.com1-800-514-0436www.mycallfinder.com