July 27, 2017

#522. How to Accelerate Sales with AI and Machine Learning. With Roy Raanani.

Roy Raanani, CEO and Co-Founder of Chorus.ai, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[1:43] Roy says the biggest challenge facing sales teams is how often things are changing, so, how fast they can learn, adapt and get that learning into the process.

[3:02] Many of the ideas for process change come from individuals up through management to the C-suite, and if there is buy-in, back down throughout the organization. This needs to happen quickly, to match changing circumstances.

[3:40] Chorus.ai came to be through the combination of the right technology and Roy’s experience in sales. Chorus focuses on reps’ conversations with prospects. The gap to fill was in knowing and documenting the content of conversations.

[6:31] Hearing the call gives clarity on what happens. This opens the way for analysis and next steps. Something to ask about competitors: “What other solutions are you looking at?” Most reps don’t ask this.

[8:24] Chorus.ai uses of machine learning. It gets smarter with more data. It gets better at identifying patterns and prediction. It identifies patterns in conversations to close deals effectively.

[12:47] Chorus.ai looks for the signal among the noise, to point out points of interest where a human follow-up would be needed. This supports managers who cannot listen to every call. The learning algorithms are evolving. The data is there.

[15:40] Roy shares key findings of research on discovery calls, from analysis of over 500K calls, measuring talk-to-listen ratio, number of questions, engaging questions, and so forth. There were some surprising insights about win rates.

[20:41] Asking too many questions, too quickly, tends to shut down the prospect. Open-ended questions work best early on. Factual questions that do not engage can be saved for another time, or the demo.

[22:32] Roy and Andy discuss the proper time for the demo, and why some reps rush it too early. They are just “checking the box,” in the playbook. Discovery is continual.

[29:12] Trish Bertuzzi writes about rep’s concern about sunk costs that prevents a rep from admitting a deal will not close. [30:33] There was something missed early on that indicates whether this customer is on track to make a decision. Roy notes that the data in the Chorus dashboards shows how effective the discovery stage has been.

[31:59] Discovery still focuses on pain points. This is not engaging to the customer. The customer is engaged by discussion on their goals, and plans. Focus discovery on aspirations.