3 min read
We’ve never seen a technology move as fast as AI has to impact society and technology.
According to IBM,
“Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.”
We are going to explain why Artificial Intelligence is the key piece in maximizing your business profit. Paul Daugherty stated:
“We’ve never seen a technology move as fast as AI has to impact society and technology.”
Artificial Intelligence is a broad term used to describe the intelligence which a machine or computer can display. When you hear about AI in today’s world, it typically refers to automated algorithms and computer programs designed to solve a problem.
In the business world, Artificial Intelligence has a few key benefits. It helps a business:
With all the benefits from artificial intelligence, it’s no wonder every major company is looking for ways to utilize it in their small business, enterprise, mom-and-pop shop and everywhere in between.
Back in 2017, Google needed help to improve their speech analysis and wanted someone who had years of expertise in call intelligence. They came to Convirza because of our Conversation Analytics®️ software. There are plenty of call tracking solutions in the market, but what makes Conversation Analytics®️ the go-to tool is our closest ally – Artificial Intelligence.
Conversation Analytics®️ ‘hears’ the call with sophisticated speech recognition technology and then runs the content through hundreds of proprietary algorithms. It extracts data like lead score, sales readiness and dozens of other things.
Convirza was developed with two key challenges in mind:
With AI as the lead member of team Convirza, we have the data to tell you exactly what lead to a conversion, missed opportunity, lost lead and everywhere in between.
Some may believe that technology has reduced the need for personal contact, but the numbers, surprisingly, show exactly the opposite.
Smartphones triggered an estimated 140-150 billion calls to businesses in 2021. This is over a 100 percent increase from just three years and is only projected to grow annually. (BIA/Kelsey)
At Convirza, we have found that for the majority of companies (especially serviced-based), there MOST valuable customers come from Phone Calls.
When people need help or have a real question (aka a question not easily answered on google) , they prefer pressing the call button and talking to a real person. Not a chatbot. This is when customers are most interested and open to who picks up the phone, and can provide them with the information they are looking for.
Coincidentally for businesses today, almost every company has their phone number listed on google.
Artificial Intelligence bridges the gap between the caller and the business. You can know:
It’s not just individuals who love chatting with another person, businesses see value in it too.
The value of a single call has nearly doubled in the last 7 years for the auto industry to 1195$. Making 66% of SMB’s consider phone calls as the most valuable form of incoming leads. (BIA/Kelsey)
Can you imagine the advantage companies leveraging AI have over those that don’t?
Call tracking is your web analytics, except for a phone call.
With call tracking you can see the user journey through analytics. This occurs with ads from any platform including google, social media, banner ads and more. You can also track if they are calling you from google maps, a physical ad campaign, a commercial or anywhere else. You will have the data of exactly where the caller is coming from, with information enhanced by AI!
With phone calls, once someone dials, it becomes a human conversation. The success of which depends greatly on subjective factors (whoever is handling the phones).
The best you can do as a business is to pick calls randomly and do a quality analysis. Subsequently, give your team feedback and hope that it works. With call tracking software you can do this and more for every single call your business receives. You get personalized automatic reports with in-depth analysis for EVERY call, and EVERY employee, whenever you want! Now THAT’S value.
Customers have patterns in their conversion path. In marketing and sales it’s important to recognize and know the patterns. You want to know what is driving the call, any urgent buying behavior, who is your most valuable customer and how you can help them.
Building credibility in the minds of customers led to a much higher conversion rate than determining needs. This by no means entails changing your script to talk about how good your company is. It’s a suggestion to change your calling script to focus on things that show a higher conversion rate.
Conversation Analytics®️ listens to the phrases, words, pauses, intonations and more to understand what happens during a call. It can also determine if the caller was agitated by listening to the change in pitch and tone. The software is built to alert you in such situations to give you the opportunity to salvage your relationship with that customer.
It will suggest words or combos that lead to a conversion, pinpoint industry-specific metrics, and also determine a conversion.
Here is a list of services that one can choose to use with Conversation Analytics®️
It’s like having a team that can tell you what went wrong or right with every single call and help you improve your call quality for each team member.
Conversation Analytics is like having a team that can tell you what went wrong or right with every single call. #call_analytics
Let’s look at how Conversation Analytics®️ identifies missed opportunities and how it can lead to a higher conversion rate.
46% of all sales inquiries end as missed opportunities. Which means that they are not converted for the lack of something. That factor would be hard to recognize even if you invested in listening to the call yourself.
AI can efficiently do that task for you. It goes through a checklist for the call and points out the missing factor that led to a loss of the lead. Take a look at this process flow below:
Treating every missed opportunity like a lead that needs nurturing can substantially reduce customer acquisition costs for your company.
The best part before you start your free demo (+ 21-day Free Trial) is that this product offers countless other solutions. As one example, you can white labeling Convirza. This means that you can label this product as your own and make it a part of your solutions portfolio.
Tracking phone calls or counting is just the beginning of a conversion journey. The reason we have such a huge Investment in this technology is that we are a conversion platform focused on changing the game. You can experience the new age business with AI too.
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