Making sure every dollar counts used to be enough for marketers. But now they’re being challenged to find ways to drive growth while spending less. While marketing budgets climbed from 6.4 percent of company revenue in 2021 to 9.5 percent in 2022, they still lag pre-pandemic spending.
What Is Conversation Intelligence?
Conversation intelligence is an AI-powered technology that allows businesses to analyze vast quantities of speech and text data from customer conversations, creating insights to drive business action.
This mission might have seemed impossible mere months ago, but today, AI has rapidly redefined what marketing teams can accomplish.
Because AI can instantly analyze massive amounts of marketing data and spot trends that aren’t obvious to humans, businesses now have immediate access to the insights they need to invest precisely and confidently.
The only caveat: your insights are only as good as your data, and that’s where call-intensive companies have an advantage. Whether they realize it or not, these businesses have access to rich conversation data that can be used to optimize and improve marketing performance and lead conversion.
Traditionally, the only way to extract intelligence from conversations was by manually recording, transcribing and summarizing calls. This method was costly, prone to errors and took lots of time. AI-powered conversation intelligence makes short work of call data, recording and transcribing calls in real-time and delivering summaries and customer sentiment as soon as the last participant hangs up.
CallRail Conversation Intelligence, for instance, is based on Assembly.AI’s latest large language model, trained on 650,000 hours of voice data and specifically created to understand and transcribe speech. This robust infrastructure enables transcripts, summaries and sentiment analysis with near-human accuracy.
Businesses of all sizes use conversation intelligence with AI built for voice to market smarter. Here are four ways conversation intelligence can drive business growth.
It Stops Customers From Slipping Through the Cracks
More than three-quarters (78 percent) of customers buy from the first business that replies, so accelerating speed to lead responses is critical. To minimize missed opportunities, AI alerts managers when leads are mishandled or customers appear at risk. Call sentiment categorizes the tone of each call as positive, negative or neutral, which helps marketers instantly understand how leads are being managed. Frontline managers can view call trends, summaries and sentiment at a glance, so they can improve close rates, proactively help agents easily personalize engagement and deftly handle objections so more leads become customers.
It Fine-Tunes Keyword Bidding Strategies
When integrated with Google Ads, conversation intelligence can automatically optimize keyword strategies in real-time: each keyword that delivers a qualified lead triggers more like it (and vice versa). What’s more, businesses can identify which PPC search keywords are driving offline phone call conversions by automatically matching individual inbound telephone calls to the search keyword the caller used to find their website.
This helps businesses understand which marketing sources are driving calls and can also drill down to the individual search keywords and link calls to specific web visitors. With this insight, each marketing decision is grounded in real, tangible takeaways that make the marketers and their organizations smarter as a whole.
It Can Optimize Marketing Campaigns
Conversation intelligence automatically pinpoints your best (and worst) marketing channels. Marketers can identify real-time trends and themes with call summaries in the form of three to five-sentence takeaways from each call. Equipped with this information, marketing teams can pinpoint what pieces of content are driving the best leads.
In other words, the guesswork is taken out of the process and business decisions are grounded in real, tangible takeaways that enable organizations to work smarter, not harder. Marketers can also use frequently spoken words and phrases revealed by AI to increase the relevance of marketing copy, adjusting landing pages, blog posts, ads and more to reflect the language customers and prospects actually use.
It Saves Time
Some of our customers say conversation intelligence helped them cut the time they spend analyzing calls by up to 90 percent. That’s because AI can instantly separate your highest value leads from the rest, apply scores and tags to every call and identify trends that impact your business. AI can flag leads that need escalation when certain words or phrases are spoken, find out when talk tracks aren’t followed or even surface promises made to customers.
With advanced AI, conversation intelligence makes it possible to spend less and grow your business. Purpose-built for call-intensive companies, it’s an essential tool that helps marketers make better-informed investments, continuously optimize campaigns, and stand out against competitors.
