Ask MIKI Anything: Decoding Sales Conversations with Aviso's NLP-Based Insights

A recent Gartner CSO Insights report throws light on an interesting trend: by 2024, almost 40% of enterprise applications are expected to incorporate conversational AI. This statistic underscores the potential of Conversation Intelligence (CI) in revolutionizing sales productivity. 

However, the journey could have been smoother. Despite their promise, traditional CI tools have fallen short in aiding sales effectively.

The Challenges with Traditional CI Tools

Traditional CI tools often need to catch up due to their limited scope in capturing the nuances of sales conversations, like subtle customer sentiments or unspoken objections. They also tend to lack in providing actionable recommendations, putting the onus on sales teams to interpret data. Additionally, sales managers often find themselves mired in manual processes for training and coaching, which consumes valuable time and resources. Moreover, these tools need help to scale efficiently as sales operations grow, leading to increased costs and inconsistent analysis.

NLP-Based Conversation Intelligence

Here's where Aviso's Generative AI, MIKI, enhances the capabilities of Aviso's Conversation Intelligence platform by serving as an additional NLP layer. Users can effortlessly leverage MIKI's capabilities by inputting their call-related queries into the dedicated 'Ask MIKI Anything' tab.

Here's how sales teams benefit from NLP-based CI:

1. Proactive Pre-Call Prep with Intelligent Account Research

Sales reps often need help with problems regarding addressing customer objections and conducting thorough prospect or account research before calls. Through intelligent inquiry, MIKI enables sales reps to -

a. Anticipate Objections:

Imagine a sales rep is about to make a cold call to a potential client. They have some basic information about the company but are still determining the prospect's possible objections. MIKI uses natural language processing to analyze the prospect's historical interactions with the company, review past objection patterns, and scan online sources for industry-related news and trends. Based on this analysis, MIKI provides the sales rep with potential objections the prospect might raise, such as pricing concerns or product compatibility issues. 

b. Access Earnings Call Insights:

Imagine you're a sales rep handling numerous accounts. Aviso's AI, MIKI, grants access to summaries of earnings calls from 8000+ target accounts. The Conversational Intelligence platform analyzes call transcripts and videos from public companies like Seeking Alpha and Finnhub. MIKI uses natural language queries to deliver key findings like revenue trends, performance outlook, profit margins, and more through a ChatGPT interface.

Once you have these insights, MIKI's Generative AI helps you schedule meetings, compose emails, create plans, access organizational charts, and more with simple queries. It also aids in researching meeting participants, personalizing interactions, and tailoring customer collateral.

c. Identify Cross-Sell and Upsell Opportunities:

Additionally, MIKI provides details on cross-sell and upsell opportunities so reps can identify additional offerings that align with the prospect's needs, increasing the chances of successful deals.

Consider a sales rep preparing for a follow-up call with an existing client to discuss renewing their subscription to a software product. MIKI compares the client's purchase history and usage patterns with similar clients. It identifies that the client's current subscription plan doesn't include some advanced features frequently requested by similar clients. Additionally, MIKI suggests complementary products and services based on the client's industry and needs.

The system aids in researching meeting participants, providing insights into individual preferences and histories, and allowing reps to personalize interactions effectively. Customizing messaging is made more accessible with MIKI, as it assists in tailoring customer collateral based on the gathered intelligence.

d. AI-Recommended Next Best Actions:

Suppose a sales rep is about to have a call with a potential client who has shown interest in a product but has yet to make a purchase. MIKI assesses the prospect's engagement history with the company, including website visits, email responses, and previous call interactions. It also evaluates the current market conditions and competitor offerings. MIKI then generates a Next Best Action recommendation, suggesting that the rep should offer a limited-time promotion for the product the prospect has shown interest in, highlighting its unique features. 

The Next Best Action recommendation feature ensures reps enter each call with the most relevant and impactful strategies, facilitating informed and effective customer conversations.

2. Strategic Rep Performance Evaluation with Call Insights 

For their teams, sales managers prioritize thorough coverage of critical topics, like pricing and new offerings. Aviso utilizes Conversational Intelligence to capture detailed meeting notes accessible via MIKI, streamlining insight collection. Beyond note-taking, Aviso's advanced analysis employs engagement metrics, including talk and interactivity ratios, to ensure engaging discussions. Emotional and sentiment analysis assesses communication effectiveness, focusing on key topics. The system also evaluates question quality, tracks competitors, and considers the deal stage to calculate a Buyer's CI score, fostering continuous rep performance improvement.

MIKI plays a pivotal role in fostering collaboration within the sales team by streamlining the sharing of call summaries. Instead of manually transcribing and distributing notes from sales meetings, MIKI automatically captures comprehensive meeting notes, making it effortless for team members to access and review the insights from the call by simply asking MIKI. This ensures everyone is on the same page and aligned with the organization's goals.

Furthermore, MIKI supports follow-ups and multi-threading for after-sales calls. For instance, MIKI can automatically generate follow-up tasks based on the call insights and action items discussed during the conversation, ensuring that critical actions are not forgotten and enhancing the efficiency of the sales process. It also assists in identifying new stakeholders or decision-makers within the prospect's organization and suggests relevant topics or questions to address in subsequent interactions. By providing these insights, MIKI enables sales reps to expand their network within the prospect's company and ensures that they consistently communicate critical information to all relevant parties, increasing the likelihood of a successful deal outcome by addressing the needs and concerns of all key stakeholders.

3. Enhanced Productivity with One-Stop for CRM Entry

MIKI, Aviso's NLP-based conversation intelligence tool, offers a significant advantage to sales reps by automating certain aspects of CRM (Customer Relationship Management) data entry. 

While evaluating the call, reps or managers can command MIKI to update their CRM with changes on post-call next steps, deal stage, commit accuracy, etc.

Here's how MIKI streamlines CRM entry and reduces the administrative burden on sales reps:

a. Data Extraction and Entry Automation:

MIKI leverages AI and machine learning to extract relevant information from various sources, including emails, meetings, and customer knowledge bases. It can identify key details such as contact information, meeting notes, and deal updates. Instead of manually inputting this data into the CRM system, MIKI performs the data extraction and entry process.

b. Time Savings:

By automating data entry, MIKI frees up valuable time for sales reps. Sales professionals can redirect their efforts from repetitive and time-consuming administrative tasks and allocate more workdays to core selling activities. This leads to improved productivity, increased focus on building customer relationships, and higher sales performance.

c. Accuracy and Consistency:

Automation saves time and enhances data accuracy and consistency. Manual data entry can be error-prone, leading to inconsistencies in CRM records. MIKI ensures that the information entered into the CRM system is accurate and consistent, reducing the risk of data discrepancies that could hinder sales efforts.

d. Improved Data Utilization:

With automated CRM entry, sales reps have more accurate and up-to-date customer data at their disposal. This empowers them to make informed decisions, personalize their interactions, and tailor their sales strategies based on the latest insights. MIKI's automation enhances the overall quality of data in the CRM system.

How MIKI works

Aviso's AI-driven system synthesizes diverse datasets from Aviso's Time Series Database, Cloud Data Warehouses, CRM systems, public sources like Seeking Alpha and Finnhub, emails, meeting records, and customer knowledge bases to inform its AI/ML layer. This layer, hosted on Aviso's private cloud, uses advanced algorithms for dialogue management, intent classification, entity identification, and context management. These processes underpin a central intelligent interface that engages with users through web, mobile, and messaging apps, leveraging the rich, integrated data to enhance customer interaction, support sales decisions, and drive business growth without losing the personal touch of human interactions.

Conclusion

In conclusion, it's inferred that adopting NLP-based conversation intelligence in sales strategies marks a significant shift towards more efficient and effective sales processes. For sales teams, this technology means an enhanced understanding of customer interactions through deeper insights and a reduction in manual, time-consuming tasks like CRM entry. The ability to anticipate customer needs and objections, coupled with actionable recommendations, empowers sales reps to tailor their approaches more effectively. In essence, this technology is not just about data analysis; it's about transforming that data into practical, personalized strategies that can significantly improve sales outcomes. Sales teams should pay attention to these advancements as they represent a critical tool in staying competitive and responsive in a rapidly evolving market.

Interested in driving your sales team's productivity with MIKI's NLP-based insights? Speak to our product expert today.