Ever wondered why everyone else is able to comfortably meet, at times exceed, their sales revenue targets while you struggle at the same? Why your peers perform better than you? If yes, then you have landed on the right page!
For generations, it has been said and conclusively proven that having a sales process is indispensable to generate sales revenue. The success of sales lies in the sales process followed. However, Artificial Technology (AI) has completely revolutionized sales processes. One such invention in the field of AI which is a major boost to sales revenue globally is the AI-powered meeting & phone call transcription tools.
Laying down a rock-solid foundation:
“You can’t build a great building on a weak foundation. You must have a solid foundation if you’re going to have a strong superstructure” – said Gordon B. Hinckley, American Religious Leader.
This is the exact thing that a sales process requires – A Solid Foundation. AI meeting & transcription tools make primary information about a client available to the salespersons in the most organized and hassle-free manner. These tools lay down the foundation for further sales processing. This helps in optimizing and consolidating the client’s information collected during the calls.
In nutshell, these AI meeting & transcription tools, when integrated with the sales process, answer the following questions:
- Is your process self-correcting?
- Does your sales process reflect your customers’ acquisition process?
- Is the process such that it increases efficiency?
- Does your process allow mortals to succeed?
1. Is your process self-correcting?
John Dewey, American philosopher, psychologist, and educational reformer has very famously said – “Failure is instructive. The person who really thinks learns quite as much from his failures as from his successes”. Similarly, a good sales process is one that enables the salespersons to learn from customer feedback – both positive and negative.
In the field of marketing, if one satisfied customer is a source of good advertising, then in sales, one negative feedback is a learning for the salesperson to correct his sales process.
Hence, first and foremost, there is a need to review sales call transcripts. These sales call transcripts when reviewed diligently, are helpful in identifying the hurdles/pain points in sales conversion and planning corrective action.
How do AI-powered meeting & phone call transcription tools address this need to review sales call transcripts?
AI meeting and transcription tools provide detailed call transcripts. These transcripts record, meaningfully capture and summarize all critical information discussed over a call. This information can then be used by the salesperson to critically evaluate the knots in the sales process. Once the problem areas are suitably identified, salespersons have a better understanding of the client’s profile and are accordingly enabled to strategize further sales processing.
2. Does your sales process reflect your customers’ acquisition process/sales?
The ultimate goal of any sales process is to generate long term sales revenue. Hence, it is only logical to direct sales efforts in this direction. However, if the sales process does not give any insights about customers’ acquisition process/style, achieving the end goal of generating revenue is impossible. It is very important to effectively map the customer acquisition process in order to customize lead targeting and conversion.
Here comes into picture the need to analyze customer behavior. According to McKinsey & Company, research says that organizations that leverage customer behavior data to generate behavioral insights outperform peers by 85% in sales growth and more than 25% in gross margin. A very believable and relatable evidence of this lies in the way Amazon, Netflix and Google have built their entire respective empires around a nucleus of customer behavior data and analytics.
How do AI-powered meeting & phone call transcription tools address this need to analyze customer behavior?
Many modern AI meeting and transcription tools such as FreJun, come with built-in call analytics features that let salespersons do more than just listening to their clients/prospects. Speech and sentiment analytics features of such tools let salespersons assess the client’s involvement, identify high response areas, evaluate the degree of positivity of the interaction, and drive the agenda accordingly.
3. Is the process such that it increases efficiency?
Efficiency is best measured in terms of time, effort and cost savings. A successful and ideal sales process should shorten the selling cycle. If salespeople are not able to achieve this, then they must redesign the process. This can be done by reducing steps or analyzing what successful performers do to reduce the length of the sales cycle. However, this tends to be a cumbersome, lengthy and effort-consuming process in itself.
Hence, there is an inevitable need to shorten the sales process and its review/redesign cycle. After all, time is money!
How do AI-powered meeting & phone call transcription tools address this need to shorten the sales process and its review/redesign cycle?
With the use of AI-powered meeting & phone call transcription tools, the need for redesigning the entire sales process can be avoided. On successful and complete integration of AI meeting and transcription tools into the sales process, salespersons are able to close more deals and shorten the sales cycle. This happens primarily due to the fact that AI meeting and transcription tools for sales provides deeper & conversational insights throughout the sales process.
4. Does your process allow mortals to succeed?
A sales process cannot be qualified as good enough only on the basis of the performance of top salespersons. The real test of a sales process is – How does it affect the performance of an average salesperson? Is it steepening the learning curve? Are they getting better results from a given amount of sales effort?
Former First Lady of the United States of America, Eleanor Roosevelt has said “Learn from the mistakes of others. You can’t live long enough to make them all yourself.” So, it is very important that a sales process has the potential for all salespersons to learn, train and develop. Therefore, in order to improve and hone the skills of all salespersons likewise, there is a need for inbuilt-learning in the sales process.
How do AI-powered meeting & phone call transcription tools address this need for inbuilt-learning in the sales process?
AI-powered meeting & phone call transcription tools have the answer to this need as well! Such tools create a sales conversation repository. Hence, all conversations of various salespersons in an organization are stored in one place. These conversations can always be referenced in the simplest of manners.
How does this propel coaching intelligence?
- Recorded calls and detailed transcripts help relatively less performing salespersons. They can learn from their fellow mates things that they themselves might be struggling with.
- Managers can use recorded calls and detailed transcripts of calls of relatively less performing salespersons
- to evaluate their performance. The managers can then identify the problem areas/difficulties faced by such salespersons and assist them in improving their performance.
So, what is there to wait for? Click here to know more and experience the benefits of successful and complete integration of AI meeting and transcription tools into the sales process.