With the increased emphasis on virtual selling in the past few years, sales SaaS companies have recognized the value of offering conversation intelligence capabilities to support sales coaching, deal intelligence, and sales training.
While generative AI (GAI) capabilities are the topic of most discussions recently with the influx of GAI-related products, conversation intelligence solutions, which also leverage a form of artificial intelligence and machine learning, have been on the rise in recent years.
What is conversation intelligence software?
Conversation intelligence (CI) software records, transcribes, and analyzes sales calls. These solutions can identify keywords and topics, enabling users to quickly jump to those points in calls and further analyze. CI software can also identify risky or noncompliant topics, coach new sales reps, or any other use cases that can be used from the analysis and transcription of sales calls.
In this article, we’ll outline some key acquisitions and new entrants to this category in recent years to explore why sales-tech vendors are prioritizing the need for native conversation intelligence capabilities.
Developments in the conversation intelligence market
Over the last several years, there have been several acquisitions of leading conversation intelligence vendors by SaaS players to bolster their offering and incorporate this functionality directly into their products; rather than integrating with existing products.
Below are some of the recent acquisitions in this space:
There’s also been a gradual increase in vendors developing conversation intelligence features internally.
Some of the examples are:
CallRail enhanced its offering with premium conversation intelligence, in April 2023
Microsoft enhanced Viva Sales, including conversation intelligence, in August 2022
Mindtickle built their conversation intelligence capabilities, known as "Call AI" in May 2021
HubSpot released conversation intelligence capabilities in March 2021
Outreach released Outreach Kaia, which provides conversation intelligence, in May 2020
Salesforce introduced “Einstein Call Coaching,” now known as Einstein Conversation Insights, in July 2020
As shown above, industry leaders are placing greater emphasis on conversation intelligence capabilities. The growth in G2’s Conversation Intelligence Software category in recent months further supports this. The utilization of these features will likely continue to increase in the coming years, either through acquisitions or product developments.
Data from conversation intelligence solutions is critical
There’s no mystery as to why vendors are investing in the conversation intelligence space; sales conversations will continue to occur virtually, and it’s imperative to capture conversations for one primary reason: data.
The data collected by conversation intelligence solutions is critical for understanding the effectiveness and weaknesses within a sales organization.
However, the data’s value isn’t one-sided. Data can be used in multiple ways to maximize an organization’s visibility into their sales department.
Below are a few ways to leverage data from conversation intelligence solutions:
Identify keywords, topics, or action items from sales calls
Identify risky or noncompliant topics
Analyze customer conversations to provide predictive analytics
Capture CSM interactions to help drive upsell and expansion opportunities
Coach sales representatives on best practices
Provide product teams with insights into customer and prospect needs
The multi-faceted use cases these solutions provide are likely a leading factor in why reviewers realize a return on investment (ROI) sooner as they continue to adopt the plethora of features and use cases offered.
Buyer preferences lead toward continued product enhancements
respondents of G2’s 2023 Buyer Behavior report prefer buying products from the same vendor instead of switching vendors.
This data suggests that customers prefer staying with the same software provider, assuming it continues to meet their needs.
The continued development of conversation intelligence capabilities supports this, as it enables vendors to offer more robust capabilities to validate further their offering, drive ROI, consolidate sales tech tools, and prevent customer churn.
With the emergence of generative AI capabilities, it’s likely to expand the capabilities of conversation intelligence solutions and further drive the adoption and development of this category.
Blue is a senior market research analyst at G2 concentrating on sales software. Blue utilizes his genuine curiosity and background in market research to further build subject matter expertise in the B2B software space. Blue grew up in a military family moving all over the world, from South Korea to Germany to Virginia, where he now calls home. He received his B.B.A in Marketing with a Professional Sales concentration from James Madison University and in his free time enjoys traveling, trying new foods, watching and playing sports, and hanging out with friends and family.
Continued Growth in the Conversation Intelligence Software MarketThe conversation intelligence market has had new entrants in recent years due to acquisitions and internal product developments. https://research.g2.com/insights/conversation-intelligence-software-market-growthhttps://learn.g2.com/hubfs/conversation.jpg2023-06-17 16:14:20Z
Blue BowenBlue is a senior market research analyst at G2 concentrating on sales software. Blue utilizes his genuine curiosity and background in market research to further build subject matter expertise in the B2B software space. Blue grew up in a military family moving all over the world, from South Korea to Germany to Virginia, where he now calls home. He received his B.B.A in Marketing with a Professional Sales concentration from James Madison University and in his free time enjoys traveling, trying new foods, watching and playing sports, and hanging out with friends and family.https://research.g2.com/insights/author/blue-bowenhttps://learn.g2.com/hubfs/Blue%20Bowen%20Headshot.jpghttps://www.linkedin.com/in/eugene-bowen-42958713b/