How to Increase Your Profitability with Conversation Intelligence

min read
How to Increase Your Profitability with Conversation Intelligence

It’s an uncertain time for businesses, as leading brands like Peloton, Carvana, and Tesla have announced layoffs and economists are predicting an impending recession. Across the board, brands are experiencing a reduction in sales — for digitally native brands, sales growth has decreased by almost 40%

The unstable economic conditions are likely putting pressure on your company. If your board hasn’t already called for cost-cutting measures, they may be on the way. The question becomes: How can your teams do more with less?

To increase profitability in an uncertain business landscape, leading brands are tapping into an underutilized asset: their inbound phone conversations. With conversation intelligence, your marketing, sales, and customer service teams can uncover valuable insights from customer conversations that help drive more revenue.

Keep reading to learn what conversation intelligence is, how leading brands use it, and how the solution can help you increase your profitability in an uncertain economic landscape.

What is conversation intelligence?

Conversation intelligence is software that uses artificial intelligence (AI) to analyze speech or text in order to derive data-driven insights from conversations between your representatives  and customers. The conversation data from these platforms are streamed between other technology platforms like CRMs, ad platforms, data analytics and attribution solutions, contact center software, and digital experience platforms in order to take action on the data in real time. It is used by revenue teams in marketing, sales, customer experience, and eCommerce to improve buying experiences, increase conversions, and ultimately, to drive more revenue. 

Which industries use conversation intelligence?

Conversation intelligence is often used in industries that deal in high-stakes purchases, such as automotive, financial services, healthcare, home services, insurance, retail, telecom, and travel. Customers considering these kinds of products and services are likely to call during the buying journey to ask specific questions and get reassurance from a live agent.

Below are a few examples of how leading organizations increase their profitability with conversation intelligence:

Check out our customer case studies here to learn more. 

1. Increase ROI from Your Marketing Budget

When companies make cuts, marketing budgets are often first on the chopping block. Digital and traditional advertising are often seen as a luxury that companies can forgo the minute times get tough. If you’re a marketer, you know better than anyone that business decisions like this put you in a difficult position — you need to deliver more results with fewer resources. 

Luckily, there’s a solution that can help you do just that: conversation intelligence. Solutions like Invoca give marketers granular attribution for the phone call conversions their traditional ads, digital marketing campaigns, paid search keywords, and webpages drive. This not only gives you the data you need to prove your impact on revenue generation, but it also allows you to make smarter marketing optimizations to reduce your cost per acquisition and increase ROAS. 

You can also use conversation intelligence to build better audiences for ad targeting. Invoca allows you to capture deep insights from phone conversations, such as the caller’s product or service interests, urgency, price sensitivity, and any barriers to purchase they’re facing. You can then use these insights to retarget callers with ads that are relevant to their interests. This can, in turn, further decrease your CPA.

How Rogers Communications decreased cost per acquisition by 82% with conversation intelligence

Rogers uses Invoca conversation intelligence to understand not just which customers convert over the phone, but the average value of the conversion for each customer type. They then feed this revenue data into Google Ads to inform Smart Bidding. Smart Bidding weighs their bids in proportion to their returns, decreasing their cost per acquisition by 82% in a two-year period. They also use Invoca’s call conversion data to inform lookalike targeting and suppression across their entire martech stack, so the right prospects get the right ads at the right time.

“The results with Invoca have been phenomenal, to say the least,” said Charlie Farrell, Senior Manager of Search Engine Marketing at Rogers. “The benefits are constantly compounding with such minimal lift for the returns. I’ve never had a product where I spend more time selling people on the results than doing the work to get it going.” 

Read the full Rogers Communications case study here

2. Boost Your Digital Conversion Rates

eCommerce sales growth spiked in 2020, when social distancing measures took effect and people did less shopping in brick-and-mortar stores. But in 2022, eCommerce sales growth has dropped to its lowest level in four years. If you’re like a lot of companies, your digital conversion rates are slipping and you’re looking for a way to bring them back up.

Spoiler alert — conversation intelligence can help you with this, too. Invoca enables you to detect where digital abandonment takes place, which is when your consumers leave your digital buying experience to place a phone call to your customer service team. These are critical moments when your consumers face potential barriers to purchase. If you want additional detail into the online-to-offline journey, you can connect Invoca to your website experience analytics platforms like Decibel, Fullstory, and Quantum Metric

Once you’ve identified the pages that are driving digital abandonment, you can use Invoca’s AI to automatically locate trends from the calls. This will allow you to discover the “why” behind the digital abandonment on each page. You may learn that your checkout process is overly long and complicated, the online shopping cart was stalling due to a server or backend issue, or the page lacked critical information the caller needed to make a purchase.

After you’ve diagnosed the issues, you can make the appropriate changes to correct them. For instance, you can get a support ticket out to fix the technical issue with your shopping cart or update your product pages to answer callers’ FAQs. This will have a two-pronged effect — you’ll increase your online conversion rate and you’ll also improve the contact center experience by deflecting unnecessary calls and freeing up your agents.

3. Make Your Contact Center More Efficient

In the United States alone, companies lose nearly $75 billion in revenue due to poor customer service. Much of this revenue is lost in the contact center, due to long hold times and undertrained agents. 

Too often, brands view the contact center as a cost center and they try to run it as cheaply as possible. But if you want to increase your brand’s profitability, you need to see the contact center for what it really is: an opportunity to drive revenue and build brand loyalty. When you make the proper technology investments in your contact center, you can greatly increase your company’s bottom line.

To improve contact center efficiency, industry leaders use conversation intelligence. Invoca allows you to use digital journey data to intelligently route callers to the best agent or location to meet their needs. For example, if the person clicked an ad for one of your top product lines before calling, you could route them to an agent who specializes in selling that item. If, on the other hand, someone called from a technical support page, you could route them directly to customer care to keep support calls out of the sales department.

Conversation intelligence also helps you arm your agents with the insights they need to anticipate caller needs. Invoca’s Salesforce integration delivers pre-call data about each caller’s product or service interest or campaign interaction to your agents via a screenpop or whisper message before they answer the call. Your agents can use this information to anticipate the caller’s needs and tailor the conversation accordingly. 

When you use conversation intelligence in your contact center, you can personalize experiences and reduce wait times. This helps you increase your profitability in the short-term by reducing call abandonment rates and increasing conversion rates. It also bolsters your long-term profitability by building stronger relationships with your customers and forging lasting brand loyalty.

4. Increase Your Sales Agents’ Close Rates

It goes without saying that your sales agents’ performance is a key determinant of your company’s profitability. If you want them to perform at the highest level, you need to ensure that you have the right technology and tools in place to measure their performance and efficiently coach them. 

If you’re monitoring dozens or even hundreds of agents, it can be challenging to give each of them meaningful feedback. If you’re like a lot of companies, you’re listening to a small sample of sales calls to score agent performance — if you’re doing QA at all. But this approach isn’t a true indicator of agent performance, you may be catching your best agents on their worst days or vice versa. In addition, the process is fraught with subjectivity and human error.

To get a comprehensive view of agent performance, leading companies are using conversation intelligence to QA sales calls. The solution automatically scores 100% of your calls according to your criteria. Since Invoca is powered by AI, your team can rest assured that the process is completely fair and unbiased. 

In addition to automatically QAing calls, Invoca can help your team locate teachable moments in your call recordings and transcriptions. Scores are available immediately after calls end, giving you the ability to quickly reinforce good habits and address issues before they get out of hand. 

Invoca also enables in-platform coaching tools like the ability to @mention agents and annotate call transcripts to give them real-time feedback on their performance. You can also give salespeople access to their own scorecards so they can evaluate their performance and make changes on the fly. 

When you spend less time listening to calls and looking for problems, you can spend more time coaching salespeople to help them close more deals, increasing your profitability as a result. 

MoneySolver Doubles Sales Close Rates with Invoca

MoneySolver is a national financial services company based in Jacksonville, Florida that helps people and businesses transform their student loan, tax, business, and credit situations. MoneySolver has about 100 sales agents in total — with such a large team, giving each agent meaningful feedback about their performance was a challenge. To solve this problem, MoneySolver rolled uses Invoca’s AI-powered scorecards to automatically QA agent performance on every call. As a result, they doubled their close rates at the contact center.

“Invoca has been a game-changer for us. Our agents can see exactly where they’re falling off the talk track and get instant feedback on how they can improve,” said Mark Roblez, Director of Call Center Operations at MoneySolver. “It’s helped us to double our close rate at the contact center.” 

Read the full MoneySolver case study here

5. Recapture More Lost Sales Opportunities

Understaffed contact centers can be costly if left unchecked. According to our research, 59% of callers will hang up within 10 minutes of being placed on hold and about 26% of calls to organizations never get answered. If high-value sales calls to your business are going unanswered, this can harm your company’s profitability.

When you use conversation intelligence at your contact center or locations, you can get full visibility into unanswered calls, allowing you to uncover hidden issues like ineffective or malfunctioning IVRs, or a phone system that’s dropping calls. Once you know why calls aren’t being answered you can address the issues and reduce the volume of unanswered calls.

As you may know, an inbox full of generic “missed sales call” alerts isn’t particularly helpful. That’s why Invoca’s solution uses digital intent data and IVR press data to create a list of the calls that were most likely to be sales opportunities. Your agents can then re-engage your highest value missed calls first, saving them time and ensuring their follow-ups make the biggest possible impact. 

Additional Resources

Want to learn more about how Invoca conversation intelligence can help your organization increase profitability? Check out these resources:

Download our Ultimate Guide to Reducing Wasted Marketing Spend to learn how you can lower your CPA while improving marketing campaign performance.

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