Zoom announced Zoom IQ for Sales, an AI-powered tool beneficial for sales teams, at the second Work Transformation Summit this week. The AI-powered feature will analyze sales meetings and deals to provide insights. According to Verified Market Research, the sales automation market has the potential to grow to $7.3 billion in size by 2028.
The Covid pandemic has brought a major shift in sales tactics with companies adopting digital tools to accomplish their task. 90% Sales have moved to the videoconference/phone/web sales model in 2020, according to the 2020 McKinsey report. Especially with B2B companies giving digital interactions a high priority.
Harvard Business Review stated, 82% of companies believe AI has the potential to remarkably improve alignment between sales and marketing by introducing accountability.
According to Josh Dulberger, Zoom’s head of product, data, and AI, “Zoom is always searching for ways to help our customers elevate their end customers’ experience and Zoom IQ for Sales is the latest development in that journey. Zoom IQ for Sales … [can] identify opportunities, assess risks, and ultimately enable and improve sales team performance. It uses natural language processing models to process post-meeting transcripts and deal progress data, generating insights for sales reps and managers.”
Earlier in May, the company introduced an AI-powered feature that shows highlights from recorded meetings, automatically selecting the best parts of the meeting based on the keywords from audio transcriptions. Additionally, the company also acquired Kites, a startup specializing in real-time translation and transcription.
Zoom IQ for Sales generates an engagement score, this is based on how attentive a given customer depends on the “talk-time” ratio, the lag time between responses, and the number of times that the customer speaks during the call. The sentiment score is another method that measures the positive and negative words and phrases used in the meeting. Another metric monitors the use of filler words like “oh,” “like,” “uh,” and “um,” which according to studies, can have a negative impact on sales close rates.
Dulberger further added, “Zoom IQ for Sales’ analysis covers customers’ reactions, conversational and selling skills, customer pain points, competitors, deal risk metrics, and more. [Sales teams can even] view [the] Salesforce deal status associated with recorded meetings.”
With more than half a million businesses using Zoom and relying on it for internal and external conversations, the addition of Zoom IQ for Sales will certainly benefit the company to expand further. Already services such as Zoom Contact Center and within the meetings and events solutions help presenters pace their speech, take notes, capture action items, or employ specific tactics.