Speech Analytics Increases Sales Conversion Rate
How Does Speech Analytics Increase Sales Conversion Rate?
Speech analytics is powerful tool for increasing sales conversions. Whether the ‘sale’ is setting an appointment, converting an ecommerce prospect, or obtaining a ‘promise to pay,’ speech analytics reveals what works and what doesn’t work. Speech analytics scorecards provide insight into the relative performance of sales associates. Dashboards show trends in progress. 100% coverage of all calls enables consistent coaching to deliver a great experience while closing sales. Specific areas for which speech analytics delivers insights include effective sales skills, showing empathy, crisp articulation of the value proposition, great rebuttals for objections, and using best practices in client negotiations.
The Data You Need to Calculate Sales Conversion Rate ROI Opportunity
- Determine your average sales per period.
- Determine your overall current conversion rate.
- Determine the marginal value of a 1% increase in overall conversion rate.
- Determine the range of potential increase you believe would be possible.
- Determine the average time to bring a sales associate to full sales producitivity. If you could efficiently monitor 100% of the calls of new associates, what increase in conversion might you see from this cohort during their onboarding period?
- If you could closely monitor the progress of new associates during onboarding, what range of increase in retention might you experience, thereby increasing productivity and reducing recruiting / hiring / absenteeism costs?
- If call avoidance or call silence might be an issue, determine what you believe is a realistic increase in overall sales productivity.
- If you suspect script adherence or compliance with call flow is a concern, what range of increase would you expect if adherence was fully measurable?
- Do you have costs manually ensuring compliance with company sales policy or compliance with legal mandates? If so, what is that cost?
ROI Variants of Calculating the ROI of Speech Analytics in Call Center Sales Conversion