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Using voice commands is one of the easiest and fastest way to accomplish tasks. This is why the conversational intelligence market is expected to grow steadily in 2022.
Invoca, a 14-year-old provider of AI-powered conversational intelligence software for revenue teams, is one of those market leaders. Today, the Santa Barbara, California-based company revealed that it has recorded more than 70% revenue growth during the past 12 months. Invoca also completed its first acquisition (DialogTech, dollar-weighted customer retention) and was named one of the industry’s top 10 leaders in The Forrester Wave: Conversation Intelligence: Sales And Marketing, Q4 2021 report. In 2021, Invoca customers used the platform to analyze over 1.5 billion call minutes with consumers, the company said.
Invoca uses conversational AI or conversation analytics to derive insights from conversations. It also extracts and processes data from both spoken speech (phone calls and voice assistants) and typed speech from customer service chatbots.
Invoca’s call-tracking and conversational analytics platform connects inbound calls to the right person or a specialized bot in a digital session, helping marketers gain important visibility into the campaigns, keywords, and ads that drive high-value calls. Once a call is placed, Invoca’s Signal AI speech analytics technology goes to work to add even more details to move the inquiry to a final sale.
What marketers want to know about their customers
Questions marketers would like to have answered about their customers include the following:
- Which topics and questions are on our customers’ minds?
- What outcomes are being achieved in our customer service agent interactions?
- What trends exist in our customers’ behavior, motivations, and desired outcomes?
- How can we improve the customer experience in the most meaningful ways?
- Which topics and questions are on our customers’ minds?
“2022 is the year when the contact center officially moves from being viewed as a cost center to an opportunity to grow customer lifetime value,” CMO Dee Anna McPherson said in a recent interview. “This means that they will need new AI-powered tools to automatically analyze and score agent performance on every call. And, this could have a big impact on conversion rates for search marketers who are spending budget to drive phone leads.
“Today, many businesses score agent performance manually by listening to calls, and this means that only 1% [to] 3% of calls [are] scored, leaving a huge margin for error. Using AI-powered conversation intelligence, businesses can automatically analyze and score 100% of their calls.”
Invoca’s customer base now includes more than 2,300 of the leading business-to-consumer brands in the automotive, real estate, financial services, telecommunications, insurance, healthcare, retail, and home services industries. New and expanded customers include Camping World, Georgia ProtonCare Center Inc., UW Health, Kinetic by Windstream, and others.
Along with Invoca, VentureRadar lists the following as market leaders in conversational analytics: Cognigy, Cogito, Soundhound, Re:infer, Datachat Inc., Uniphore, 24Sessions, Gridspace.
Inside Invoca’s platform
Invoca feature releases in 2021 include the following:
- Invoca for Sales: Since its launch in May 2021, Invoca for Sales has accounted for 15% of total Invoca bookings. Invoca for Sales helps contact center teams improve the conversion of inbound sales by automating quality assurance, improving contact center agent coaching, and personalizing the buying experience.
- Lost Sales Recovery: Launched in November 2021, Lost Sales Recovery is already helping businesses, especially multi-location and franchise businesses, identify and immediately act on missed opportunities from unanswered sales calls. In only two months since its launch, more than 250 customers, including Christian Brothers Automotive, Mutual of Omaha, and University Hospitals, have implemented the Lost Sales Recovery solution.
- Invoca Academy: Introduced a comprehensive training program designed to close the educational gap in applied conversation intelligence.
Additionally, Invoca now serves these verticals:
- Telecommunications: Five of the top seven U.S. and the top three Canadian telecommunications providers
- Health care: Six of the top 10 U.S. health systems and four of the top six U.S. dental service organizations
- Financial services: Four of the top 10 U.S. banks and four of the top six U.S. mortgage lenders
- Insurance: Five of the top 10 U.S. property & casualty insurance providers and three of the top five U.S. health insurance companies
- Senior care: Four of the top 10 U.S. home care franchises and three of the top five U.S. senior living providers
“Invoca had a breakout year in 2021 with over 70% growth to hit a $100 million revenue run rate,” CEO Gregg Johnson told VentureBeat in an exclusive interview. “I’m particularly thrilled with the reception of our new contact center solution, Invoca for Sales. Conversation Intelligence has become mission-critical for B2C (business-to-consumer) revenue teams to deliver a modern buying experience, acquire more customers and drive revenue. I’m proud that Invoca has cemented its place as the category leader.”
