How to Use Conversational Intelligence to Improve Your Business
speech analytics, conversational ai, iovox insights, call tracking,
Major industries like customer support, sales, and real estate are exploring conversational intelligence to improve customer satisfaction and guide customers along their buyer journey via humanlike interactions.
But what exactly is it?
How can you leverage it?
In this article, we’ll explore what conversational intelligence is and unveil the ultimate solution for your business needs.
Plus, we'll uncover the benefits, use cases, and three tips to remember when implementing conversational intelligence for your business.
This Article Contains:
- What Is Conversational Intelligence?
- The Best Conversational Intelligence Solution: iovox Insights
- 6 Results-Driven Benefits of Conversational Intelligence
- How Is Conversational Intelligence Used?
- 3 Tips When Implementing Conversational Intelligence
Let’s dive in!
What Is Conversational Intelligence?
Conversational intelligence, or conversational AI, is a technology that combines the power of machine learning and Natural Language Processing (NLP).
Instead of relying on predefined conversational flow, conversational intelligence works using adaptive powers of Artificial Intelligence (AI) to understand customer sentiment (emotional intelligence), intent, and meaning (written or spoken).
What makes it indispensable to industry leaders and companies worldwide is its ability to provide valuable insight to customer service teams and sales reps.
It can also take the load off them by handling customer requests on its own or extracting data much more efficiently from conversations than if it were done manually.
A conversation intelligence platform broadly uses four steps to achieve this:
- Input generation: Users input information through a phone call, website, app, or digital platform, using voice or text formats.
- Input analysis: In this step, conversational AI converts customer inputs (text or speech) into a computer-readable format to analyze and determine the meaning or customer intention. This will typically involve complex processes like lexical semantics (study of word meanings) analysis, extraction of relationships, name recognition, etc.
- Response generation: After analyzing and interpreting the text or speech, conversational AI generates a suitable response. It does so quickly using natural language generation.
- Reinforcement learning: Machine learning algorithms continually fine-tune responses over time to ensure optimal accuracy.
Now, are you looking for an efficient and reliable conversation intelligence platform?
We have you covered.
The Best Conversational Intelligence Solution: iovox Insights
The fastest and most efficient way to employ conversational intelligence in your company is by opting for a conversational AI solution like iovox Insights.
iovox Insights uses conversational AI to let you transcribe call recordings and identify key customer interactions. The tool also lets you draw actionable insights from recorded calls so you can analyze them further.
Here are some impressive things iovox Insights can do for you:
Track Keyword Usage Across Calls
iovox has a keyword spotter feature to feed specific phrases and keywords to the AI. The AI tool automatically detects the fed keywords from recorded calls and monitors them. This can reveal keywords that:
- Build your customers’ trust and establish better relationships.
- Influence customer decisions.
- Boost customer satisfaction or customer success rates.
- Influence a sale.
- Establish mutual success.
iovox Insights can also highlight customer conversation that matches your criteria and trigger alerts based on what’s important to your organization. This way, you can get extraordinary results for your customer support or sales team in no time.
Make Conversations Searchable
You can easily go through and search prior call transcripts with iovox Insights. This increases transparency within the company and makes referencing important phone call logs easy.
Further, you can search for any old customer service or sales conversation to use as study material. You can either analyze them (case study) or utilize them to help new hires understand what customer service calls look like in your company.
Evaluate KPIs to Improve Customer Experience
Use iovox Insights to track and spot trends as well as predict outcomes based on call standards important to you. Use every iovox insight to improve your customer experience.
To get a proper overview of all the details defying your company call standards, just go to your iovox dashboard. Here you’ll see data including:
- Average calls per day
- Total conversation time
- Customer service or sales call outcomes
- Preferred keywords detected in each customer support and sales conversation
However, the powers of iovox Insights don’t end here.
Over time, as the conversational AI monitors more customer interactions, you’ll uncover more possibilities to train the Artificial Intelligence. This way, iovox Insights can continue to evolve to serve you better.
Curious about the benefits you can harvest from a state-of-the-art conversational intelligence tool like iovox?
6 Results-Driven Benefits of Conversational Intelligence
Let’s dive into the six critical ways conversation intelligence can benefit your business:
Provides Real-Time Conversation Analytics and Insights
Using NLP and machine learning algorithms, conversational intelligence (CI) platforms can uncover insights humans may overlook.
For instance, by analyzing the tone of voice and other contextual cues, conversational intelligence can swiftly determine the sentiment expressed during a call.
Suppose a call is identified as having a negative sentiment. In that case, the team can promptly address any unresolved issues, proactively contact the customer for follow-up, or escalate the matter if required.
These data-driven insights provide businesses with a competitive edge in the market, leading to enhanced outcomes and fostering long-term customer success.
Delivers a More Authentic Interaction than a Chatbot
Chatbots often struggle to grasp the full context of a customer's query, resulting in incorrect or incomplete responses.
However, conversational intelligence surpasses these limitations and demonstrates an exceptional ability to comprehend the full context, approaching a level of understanding similar to humans.
Let's consider a scenario where a customer contacts the customer support line to report a problem with the car they recently purchased.
A conversational intelligence-powered virtual assistant can respond empathetically, saying, "I'm sorry to hear about the inconvenience caused. We understand your frustration, and we're here to help."
This empathetic response exhibits the humanlike capabilities of conversational intelligence in acknowledging the customer's concern and expressing a willingness to assist.
Moreover, the advantages of conversational intelligence extend beyond this empathetic response.
These platforms are designed to continually learn and enhance customer service and sales performance over time, ensuring that each interaction becomes more refined and practical.
Reduces Operational Costs
Conversational intelligence can automate the analysis of every customer interaction, resulting in significant benefits for companies.
Instead of manually reviewing every call, conversational intelligence can swiftly identify specific issues and provide tailored resources to support agents in resolving them.
This targeted approach allows a sales manager to oversee the quality of a larger team efficiently.
The result?
You can streamline the quality management process to near precision, reducing the need to hire additional QC managers while improving the overall quality of customer support services.
Offers Personalized Interactions and Recommendations
CI-powered platforms like Netflix or Amazon Kindle excel at providing personalized recommendations by leveraging sophisticated algorithms and data analysis.
Similarly, conversational intelligence has the potential to revolutionize customer support operations.
For example, when a customer calls a contact center, the CI system can greet the customer using their name to create a more personalized and welcoming experience.
It can then use the customer's purchase history, past interactions, and behavioral data to provide tailored support choices, such as:
- Suggesting relevant products or services
- Addressing frequently encountered issues
- Or offering personalized promotions
You can leverage these recommendations during ongoing conversations or through follow-up messages.
Ensures Round-the-Clock Availability and Support
Due to a lack of dependence on human beings, conversational intelligence empowers businesses to provide round-the-clock assistance beyond regular operating hours.
This capability is precious when customers contact you during off-hours when traditional support is unavailable.
For example, if a customer contacts your real estate company during a long holiday and expresses interest in finding suitable properties, the CI system can interact proactively.
It can collect specific information like preferred location, desired size, and budget constraints and answer the customer's queries without human resources.
Simplifies Scaling Up
As businesses grow, managing the increased volume of customer inquiries, support requests, and interactions becomes a critical challenge.
Without proper systems, this surge in customer engagement can quickly become overwhelming.
However, conversational intelligence (CI) offers a solution by leveraging automation and intelligent algorithms to effectively address these challenges.
For instance, CI can handle routine inquiries effortlessly, such as:
- Checking order status
- Updating delivery information
- Providing answers to frequently asked questions
All of this and more without any human intervention.
This can help businesses streamline their operations, reducing the burden on their support teams and ensuring faster customer response times.
Let's discover the practical applications of CI and how they can work in your favor.
How Is Conversational Intelligence Used?
Conversation intelligence software can be employed as:
- A workload reducer for your customer support reps or sales team
- A call-routing or redirecting solution
- A real-time coaching assistant
- And more
Here are a few fundamental uses cases for conversational intelligence:
Simplifying Customer Support
The most popular use case of conversation intelligence is to help improve customer service processes. Using artificial intelligence technology, customer service reps can drastically reduce the time it takes them to resolve customer queries and enhance customer satisfaction.
Conversation intelligence software can answer common questions directly for customers or provide answers for agents to choose from. The fast resolution frees up time for other demanding tasks.
Moreover, conversational AI can automatically direct incoming customer queries to appropriate team members. This stops unnecessary transfers when a human conversation begins — saving time.
Facilitating Coaching and Onboarding
A new team member usually needs detailed instructions and proper oversight to sharpen their skills in their new position. Conversational intelligence technology makes it easy to deliver these for any organization.
For example, conversation intelligence can support the coaching process by answering onboarding FAQs and providing guiding actions to every customer service or sales rep in a contact center environment.
You can also use this artificial intelligence technology to monitor calls and utilize the actionable insights and analytics generated to:
- Build revenue.
- Find cross-sell opportunities.
- Improve communication skills of customer service and sales reps.
Alternatively, let artificial intelligence inform the QC or sales manager when a customer conversation or interaction needs expert intervention for resolution. You can easily employ this for all difficult conversations.
Powering Voice-Controlled Devices
Conversational intelligence technology is used in voice-responsive smart devices like Alexa, among other things.
For instance, if the customer asks for a recommendation on a specific product, the virtual assistant can analyze the customer's preferences, browsing behavior, and past purchases to provide tailored suggestions that align with their interests.
Automating Sales Processes
Sales professionals are always performing routine and administrative tasks. But this also takes up a hefty amount of valuable time. Conversational intelligence is the optimal tool to free up time for a sales rep or reps for more significant and profitable tasks.
This process optimization improves the value of conversation data.
For example, conversational AI can organize a sales call or meeting – coordinating the availability of the sales team.
However, no matter the use case, there are certain tips you need to know before you employ conversational intelligence.
Let’s find out what they are.
Want to know more? Learn how to capture new sources of revenue with Conversational AI from iovox
3 Tips When Implementing Conversational Intelligence
To actually benefit from employing conversational intelligence, you need to understand what a conversational intelligence tool can or can’t do.
Here are some tips you can follow to optimize conversational intelligence for your organization:
- Before incorporating conversational intelligence software into your organization, figure out who will use it and why. Determining your audience before deploying conversational AI will keep any new implementation of this technology aligned with your goals.
- Avoid forcing your customers to interact with your conversational AI. Provide an alternative or an easy “exit” option to give your customers a choice. This will enrich their customer journey, build trust, and boost customer satisfaction.
- Benefit from the data your conversational intelligence software collects. As customers interact with Artificial Intelligence, capture every conversation for more in-depth analytics, trend-spotting, revenue building, cross-selling, and customer support enhancement.
Want to know more? Learn how to capture new sources of revenue with Conversational AI from iovox
Final Thoughts
Conversational intelligence is a powerful tool that can help your organization acquire a more in-depth understanding of customer interactions, such as customer sentiment, intent, and other valuable analytics.
The power of conversations is already enhancing contact center performances around the world, and it’s likely to evolve into a complete business improvement solution.
So what are you waiting for? Get ahead of the crowd.
Start using iovox Insights today to dive into a world full of valuable customer conversation insights and endless revenue-building opportunities!
At iovox, we make it easy to experiment, and we’d love to learn more about your business and how we can help. To connect with us, click the call button below and our team will be in touch with you shortly.
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