Conversation Is the Currency of the Enterprise

Conversation Is the Currency of the Enterprise

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By: Annie Weckesser, CMO

The best enterprises don’t only run on data – they run on conversations. Today, the most successful businesses are the ones that have the best and most effective conversations with their customers, partners and employees. And these conversations are happening everywhere.

The best enterprises don’t only run on data – they run on conversations. Today, the most successful businesses are the ones that have the best and most effective conversations with their customers, partners and employees. And these conversations are happening everywhere.

The average person has 27 P2P conversations every day, lasting 10 minutes each.1   There are 65 billion conversations on WhatsApp alone. Among American adults, 50% say that text conversations are just as meaningful as phone calls. And 78% wish they could have a text conversation with a business.2  Those are some meaningful numbers. When you add up all these conversations happening across organizations every day, the numbers are massive, especially the ones about your brand.

Every hour, there are more than 100 million conversations about brands.3  And it only takes one bad conversation with a customer going viral to reach thousands of existing and potential new customers. In fact, bad customer service impacts customer retention more than good customer service. Studies show that 82% of consumers will stop doing business with you. About 80% will tell other people about these bad experiences.4

Conversations have shifted, and so has business.

With the strong work-from-home reality, most people are using collaboration tools, including spending most of their day on video calls. As an example, in 2020, Zoom surpassed 350 million daily participants and had more than 450,000 business customers. Further, the annual meeting minutes on Zoom is over 3.3 trillion.5  There’s no larger opportunity to dramatically impact your business than with all the outward-facing conversations happening across the enterprise – customer service, sales, and marketing.

Given the massive engagement between customers and a brand, creating a positive, and personal experience is essential. Here, AI and automation can have the biggest impact.  It’s this sweet spot where business is done. Where customer engagement happens. And where the bulk of sales revenue is created.

Looking back and charting the course ahead

More than two years ago, we unveiled our new brand all around the power of voice – because when voices are exchanged, a unique experience called a conversation happens. Good conversations have at least two active participants: a speaker and a listener. This was authentic for us because we spent 13 years as a company learning how to listen; and we heard from customers that people calling customer service were frustrated by a poor experience. 

In January, we acquired a company called Emotion Research Lab because we learned that verbal information represents only a small percentage of a complete conversation. Uniphore’s Conversational Automation platform taps into the non-verbal part of these engagements, like facial expressions, using real-time audio and video analysis. By hearing and seeing everything we miss in those conversations, we can optimize each interaction and drive revenue. B2B sales organizations need to shift their go-to-market strategies to continuous, parallel engagements where sales, marketing and customer service teams fuse together to help buyers complete critical buying tasks. 

Uniphore is the one architecture for the modern enterprise – a platform to handle all omni-channel customer interactions, ensuring all conversations, information and support provided to B2B2C buyers is consistent, complete and connected across all digital and human channels. It’s a foundation for dynamic, frictionless customer engagement. It’s the one platform to provide better experiences and the ability to monetize every conversation.

Several months ago, I had a conversation with one of our customers about the types of conversations her team has in a day. Whether it was with sales, HR or customer service, their day was filled with hundreds of conversations, and almost all were via video. I asked her, “How do you ensure that each conversation is understood and acted upon so that the next time you see that person the desired outcome is achieved?”  She said, “The reality is 50% of the conversations are misunderstood or meetings end with no action; and this is compounded by the fact that our teams are completely burnt out.”

The reality is50% of the conversations are misunderstood or meetings end with no action; and this is compounded by the fact that our teams are completely burnt out.

How many organizations can relate to this challenge? How do we find the true value from conversations?

Our customers and our CEO, Umesh Sachdev, have helped us realize that conversational AI and automation are not limited to just the contact center. They can and should be used across the enterprise.  And modern enterprises are realizing how these tools can help them capitalize on these important conversations.

Conversations – they’re your company’s most important asset, and they run the modern enterprise. Uniphore helps enterprises realize their full potential with the one platform that ensures every voice, in every conversation, is truly heard and understood.

You see, everything we do is about helping our customers make the most out of conversations. Conversations mean everything to us. Check out our website, connect with me on LinkedIn, or contact us.

1 – New Survey Reveals Average Brit Has 27 Conversations Every Day
2 – U.S. Texting Statistics
3 – Berger, Jonah. (2016). Contagious: Why Things Catch On. Simon & Schuster.
4 – The Customer Experience Imperative: How To Justify The Investment
5 – Zoom 2020

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