So what is Gong software? Lots of buzzwords get thrown around in the sales space but this powerful tool made roughly $285 million in 2023.
But there's a bit of a learning curve, and it's not immediately clear how easy it is to get up to speed. So, what is Gong software? We'll explore this question in this article, breaking down what revenue intelligence actually is and how Gong fits into this emerging field.
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 though and by no means a plug-and-play solution.
What is Gong Software?
Gong is a revenue intelligence platform designed to enhance sales operations by capturing and analyzing sales interactions across various platforms like Zoom, Google Meet, and Microsoft Teams.
It joins your calls as a bot, listens, transcribes, and analyzes your conversations to provide advanced metrics. This helps your sales team understand how they can close more deals more effectively. The platform aims to improve sales efficiency and foster better customer relationships through detailed insights.
What is Revenue Intelligence?
Revenue intelligence refers to the process of using data analysis to boost sales performance.
By collecting and analyzing data from sales interactions, businesses can gain insights into customer behavior, sales effectiveness, and market trends.
Venture capital funding for revenue intelligence technologies, including Gong, has seen a significant increase, jumping from $321 million to $952 million between 2020 and 2021, eventually surpassing $1 billion.
This surge indicates the growing importance and adoption of revenue intelligence solutions in the sales industry.
What are the main features of Gong software?
Gong provides actionable insights that can be used to train and onboard sales reps more effectively, streamline sales processes, and ultimately, enhance sales performance.
- Deal Intelligence: Gong's deal intelligence provides sales teams with real-time insights into their deals, helping them understand what's working and what's not. It tracks customer interactions and engagement to forecast deal success and identify at-risk deals early.
- Conversation Intelligence: This feature automatically records, transcribes, and analyzes sales calls and meetings. It helps identify successful sales tactics, understand customer concerns, and improve sales strategies based on actual conversation data.
- Revenue Intelligence: Gong's revenue intelligence combines data from various sources to give a comprehensive view of the sales pipeline and performance. It helps sales leaders make informed decisions based on trends, patterns, and forecasts.
- Coaching and Development: Gong offers tools for sales coaching and development, including tracking rep performance over time, identifying coaching opportunities, and providing feedback directly related to sales calls and interactions.
- Call and Meeting Analysis: This feature dives deep into the content of sales calls and meetings, analyzing speech patterns, topics discussed, and customer sentiment. It provides actionable insights to help sales reps optimize their communication strategies.
- Email and Communication Tracking: Gong tracks and analyzes email communications with prospects and customers. It provides insights into email effectiveness, helping sales teams refine their messaging and follow-up strategies.
- Integration with Sales Tools: Gong integrates seamlessly with a wide range of sales tools and platforms, including CRM systems, email, calendar applications, and video conferencing tools. This integration ensures that all sales interactions are captured and analyzed, regardless of where they occur.
Who is Gong Software Made For?
For sales leaders, Gong provides a comprehensive overview of sales activities, offering insights into what works and what doesn't. This allows for better strategy formulation and resource allocation.
Sales reps benefit from real-time feedback and guidance on their sales calls, helping them to refine their pitches and strategies to close more deals.
Frontline Sales Managers
Frontline sales managers can use Gong to monitor their team's performance, identify areas for improvement, and provide targeted coaching to enhance sales outcomes.
What Problems Does Gong Solve?
Inconsistent Sales Calls
Gong addresses the issue of variability in sales call quality by providing standardized data and insights that can be used to improve consistency across all interactions.
Slow Sales Onboarding
By analyzing successful sales interactions, Gong helps new sales reps get up to speed faster, reducing the time it takes for them to become productive members of the team.
Low Sales Conversion
Gong's analytics help identify why deals are won or lost, enabling teams to adjust their strategies to increase conversion rates.
Guesswork in Sales Calls
With Gong, sales teams no longer have to rely on guesswork. The platform provides data-driven insights that guide sales reps on how to approach each call for the best chance of success.
How Much Does Gong Software Cost?
Gong Platform fee
According to several sources, the upfront platform fee costs $5,000.
However, this fee can easily reach as high as $50,000 per year, according to the Forrester report.
Some seats can be included in the platform fee, however, this isn’t something Gong advertises.. According to the same report, some seats can be included in the Enterprise Platform annual fee.
Gong pricing by seat
Gong prices vary from $1,050 to $1,600, depending on the type of license to which you subscribe.
From 50 users upwards, you may also benefit from a discount ranging from 5 to 15%
Gong pricing: total cost [Example]
Let’s imagine that you work at ACME Corp. You have 130 employees in your company who need a Gong license. You called the Gong team and finally opted for the Enterprise plan, which will best suit your needs. You also managed to negotiate a 10% discount.
Here is what you’d have to pay for a year, subscribing to Gong:
- Annual Platform Fee: $50,000
- Cost of Seats per year (50 licenses included in the Enterprise plan): (130-30)*$1,190 = $119,000
- BUT, you have a 10% discount.
TOTAL = 90%(Annual Platform Fee + Cost of Seats per year) = 90% $169,000 = $152,100
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.
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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