Driving Sales With Speech Analytics Shannon Gronemeyer, President & CEO Shannon Gronemeyer President Customer Centered Strategies Ann Thayer Account Manager CallFinder
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
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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.
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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