June 29, 2022
An app that gives real-time and retrospective feedback to sales agents based on the tone and words used.
This week's (second) idea: Voice Sentiment Analysis for Sales Teams
There are a few competitors in this field, but none are very good yet.
So here’s the background. Most sales teams evaluate performance of their reps based on their close rate. In other words, your performance is based on how many people you get to buy your product.
Which makes sense!
But here’s the problem.
Sales performance is descriptive, but not prescriptive. It can tell you that there is an issue, but not how to fix it.
So, most sales teams are missing the other half of the puzzle.
And that half is live sentiment analysis. They often try to replace it with coaches or training, but that is too heuristic.
The idea is simple to understand, but challenging to implement. Like all good things.
It’s a web or mobile app that tracks the words and tone of voice of both the sales agent and the prospective customer and evaluates them. It then compares it to other agents with higher conversion rates and creates an action plan.
In real time, when on a call, it can give you alerts if it thinks the caller is about to hang up, and tell you what words / tone to use to keep them on the phone (like talking about your benefits or asking them a question).
The main problem with all of the competitors in this field is that they are one-size-fits-all. Two sales reps can be in entirely different markets, but if they affect the same sentiment on the phone, they are given the same recommendations by these tools.
This isn’t how it should work.
The tool should learn primarily from other agents within your own organization, and then give you tips on how to emulate their process.
The words and tones used in corporate calls will probably differ significantly from the tone used in calls selling timeshares.
This training method could have the negative result of giving your agents a ceiling on growth, but it would also create a consistent tone of voice and vocabulary among all of your agents.
The value of this program to sales teams would be massive. If your agents can get real time feedback on how they should adjust to best convert a given lead, they will (shockingly) convert more leads.
Any program that can create more revenue without much added complexity has a very strong position in the market.