Revenue intelligence is transforming the sales landscape, leveraging AI and machine learning to turn data into actionable insights. Key players like Gong are at the forefront of this revolution.
Gong is an enterprise level tool and by no means a plug in and play tool. There’s a bit of a learning curve and it’s not clear how easy it is to get up to speed. So how does Gong work? We’ll take a look at that in this article as well as break down what revenue intelligence actually is.
What is Gong?
Gong is a revenue intelligence platform designed to enhance sales operations. It captures and analyzes sales interactions through Zoom, Google Meet, Microsoft Teams, and other hosts to provide valuable insights, aiming to improve sales efficiency and customer relationships.
It joins your calls as a bot, listens, transcribes, and analyzes your words and tone to reveal advanced metrics regarding how your sales team can close more deals.
What is Revenue Intelligence?
Revenue intelligence is the process of using data analysis to improve sales performance. It involves collecting and analyzing sales interaction data to gain insights into customer behavior, sales effectiveness, and market trends.
Venture capital funding for revenue intelligence jumped from $321 million to $952 between 2020 and 2021. This number has breached $1 billion since then and shows no sign of stopping.
How Does Gong Work?
Step #1 - Connect Your Calendar
The process of how Gong works starts with a simple calendar integration. In just a few clicks, Gong connects to a sales rep's calendar to identify upcoming sales meetings, calls, or demos for recording.
Step #2 - Record
Gong's virtual "Gong bot" joins scheduled sales calls as an attendee, recording both audio and visual elements like screen shares and presentations.
Step #3 - Transcribe
Every sales call recorded by Gong is automatically transcribed from speech to text, creating a searchable database of conversations.
Step #4 - Analyze
Gong utilizes conversation analytics technology to analyze these sales calls, both at individual and aggregate levels, providing insights for better sales strategies.
Take a look at our meeting minutes templates if you’re looking for a way to get started.
How Does Gong Work with Calls You’ve Already Recorded?
For existing call recordings, Gong integrates with your phone system or dialer. These recordings are then imported into Gong, where they're transcribed, analyzed, and stored.
What are the Benefits of Revenue Intelligence?
Enhanced Decision Making with Data-Driven Insights:
Revenue intelligence systems harness the power of AI and machine learning to analyze vast amounts of sales data. This analysis yields deep insights into customer behaviors, market trends, and sales effectiveness.
By leveraging these insights, businesses can make informed, strategic decisions. For example, you can identify which products are selling well in which regions, or which sales tactics are yielding the best results.
This isn't just about looking at past performance; it's about predicting future trends and adjusting strategies accordingly.
Increased Sales Efficiency and Productivity:
One of the most significant advantages of revenue intelligence is its ability to automate and optimize sales processes. It can prioritize leads based on their likelihood to convert, suggest the most effective communication channels, and even recommend the best times to contact potential clients.
This level of automation means your sales team spends less time on administrative tasks and more time on what they do best: selling. Additionally, by providing real-time feedback and guidance, revenue intelligence tools help sales reps to improve their approach, tailor their pitches, and close deals more effectively.
Improved Customer Relationships and Personalization:
Revenue intelligence tools are exceptional at gathering and analyzing customer data. This includes tracking customer interactions across various touchpoints and analyzing sentiment and engagement levels.
With this information, businesses can create highly personalized customer experiences.
Imagine being able to know exactly what your customer needs before they even articulate it, or being able to anticipate and address issues proactively. This level of personalization not only enhances customer satisfaction but also fosters loyalty and trust, leading to longer-term business relationships.
What’s the Best Gong Alternative?
If you’ve heard how Gong works and feel like you want something similar, Claap emerges as a strong alternative, especially with its affordability and innovative features.
READ: Here’s our breakdown of the 5 best Gong alternatives to try.
Gong’s pricing structure is hidden and a bit confusing on purpose. Their product is very advanced so this is reflected in their price with an installation fee, minimum seats, and a high monthly subscription. It’s easy to pay more than $10,000+ per month to arm a large sales team.
Claap, on the other hand offers advanced no-bot meeting recording, a centralized video hub, and advanced video editing capabilities for a fraction of the price.
Why choose Claap?
Its AI-powered features like AI summaries and automatic silence removal further enhance its appeal. Claap's unique functionalities make it a valuable tool for businesses looking to leverage the power of revenue intelligence effectively.
You’ll also have more flexibility working as an asynchronous team with screen recording and an intelligent search function that lets you find anything you’ve ever seen, said or heard.
All this while still offering powerful analytics and transcriptions to empower your sales team and equip them with a world-class tool for a reasonable price.
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