Inside sales professionals have always focused on quantitative data.
With the rise of CRMs, numerical data in sales naturally became the cornerstone of all processes.
Sales professionals have access to endless analytics of quantitative data like the number of contacts created, emails sent, forms filled, etc.
But a majority of Inside Sales professionals today, don’t have insights into THE MOST important part of their work, their conversations.
What is Qualitative data in sales?
Qualitative data usually refers to data that’s non-numerical in nature.
If you think carefully, the cornerstone of Sales is around the most neglected qualitative data, customer conversations!
In sales, customer conversations are a gold mine of qualitative data that has remained unanalyzed. Sales Managers barely ever listen to each and every call. They often rely on sampling to gauge a rep’s productivity.
The past two decades of technology and innovation has shown us the potential of Analytics.
From improving your Marketing campaigns to helping you get fit, Analytics can do it all. Why not improve your Sales with it? Now come on, I’m not talking about the naive reports provided by your CRM. I’m talking about detailed insights into your conversations.
Welcome, Conversation Analytics.
Conversation Analytics for Inside Sales
Conversation Analytics refers to the metrics that analyze and measure the business impact of Inside Sales conversations.
It provides crucial information like the skills of the sales rep, the overall sentiment of the conversation, and the outcome of the call. Insights like these provide a very deep level of understanding of the market.
It was only made possible by artificial intelligence and natural language processing, applied to huge datasets of phone calls in near real-time.
Conversation Analytics provides key insights for the sales organization, the environment where the crucial part of the customer path to purchase takes place. Once the caller leaves the marketing realm, businesses never know what happens next as the Sales conversations are a black box.
In the B2B space customer acquisition can cost 5x or more than customer retention, maximizing each opportunity through the entire sales process makes good business sense.
How is Qualitative Analysis beneficial?
Like any other domain, focusing on the right metrics is the key to improvement.
In sales, however, people have focused on the wrong metrics for years to track progress. These may look something like:
- Number of calls done
- Number of emails sent
- Number of prospects made
Why are no Sales Managers talking about improving the quality of conversations?
The marketing guys were smart enough to realize the metrics like ‘Average time spent on page’, ‘Bounce rate’ etc are more meaningful metrics to track over ‘Total website visitors’. These ‘meaningful metrics’ provide an insight into the psychological effect of your efforts.
Then why aren’t the Sales guys not smart enough to track the right metrics?
When was the last time a Sales Manager tracked the following metrics of his reps:
- Talk-to-listen Ratio
- The ratio of questions asked
- The dead air in conversations
- Interactivity switches
Tracking and improving the right metrics will lead to an improvement in the quality of the conversations. It’ll also improve the Sales rep’s skills faster. Companies will witness an increase in sales conversions and overall brand perception as they’ll be having more meaningful conversations with their customers.