It is no secret that sales conversion and customer satisfaction are crucial to any business’s growth and success. The more the sales, the more the revenues and the bigger the business, and there cannot be any sales without customer satisfaction.
Today, in the 4.0 era, keeping customers satisfied and happy has become more crucial than ever. With the power of social media and digital platforms, one bad review can kill a brand. In 2018, it took one tweet from Kylie Jenner for Snapchat to lose USD 1.3 billion in stock.
In Singapore, bad customer service cost businesses USD 26 billion in 2016 and over two-thirds of the consumers switched brands. In Japan, according to a 2017 survey with a thousand respondents, 56 per cent of consumers said that after one case of bad customer service, they’ll simply spend their money somewhere else. According to a report, in 2018 alone, poor customer service cost businesses more than USD 75 billion in losses.
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One of the biggest gaps, when it comes to customer satisfaction is that conversations between agents and customers are actually a BlackBox situation- nobody knows why their performance varies depending on each agent. Sales agents and customer support agents have an important role as direct representatives of the company to potential as well as existing customers, and that is why it becomes crucial to be able to analyse their conversations and give them valuable feedback on how to improve.
As such, Tokyo-based RevComm is helping address this BlackBox problem with its B2B SaaS MiiTel that helps analyse and visualise sales and customer satisfaction conversations by leveraging artificial intelligence.
Solving the BlackBox problem for the customer support industry and helping businesses thrive
Founded in July 2017, RevComm focuses on issues in phone sales and customer support as well as success. To address the BlackBox problem faced by this industry, RevComm helps visualise and analyse the “whats” and “hows” of conversations between sales representatives and customers with the help of their flagship product MiiTel. RevComm’s MiiTel is basically a cloud IP-phone, which is powered by a conversation intelligence platform that increases sales conversion and customer satisfaction rates while decreasing education & communication costs.
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The IP-phone is directly connected with a CRM where sales representatives can make a call by simply clicking on a customer’s phone number. Once the call is through, the entire conversation is visualised and analysed with details like the operator’s name, date, time, duration of call, customer’s name and result of the call displayed clearly on the interface. The platform also displays a detailed analysis of the result: from speech evaluation with elements like the number of silences, the number of overlaps, speech rate and the number of rallies to voice evaluation with elements like fundamental frequencies for both customer and operator as well as the intonation strength. The platform also gives a summary of the speech rate, ie, characters spoken per second, for both operator and customer. Keyword appearances are also recorded that help clarify the highlight points of the conversation.
These detailed reports not only provide the employers with valuable insights on the performance of different representatives but also empower sales agents with useful feedback that motivates them for self-improvement.
Combining four separate domains of tech, namely IP-phone, cloud, an analysis engine and web as well as a mobile application, RevComm is providing quick, easy-to-use customer satisfaction and sales conversion solutions to businesses in Japan.
Optimising remote work in the new normal
In addition to the core values of helping address the BlackBox challenge and inspiring self-motivated sales agents, RevComm’s third fundamental vision is to optimise remote work in the new normal. With businesses — both big and small — facing different kinds of challenges amidst the COVID-19 pandemic and subsequent lockdowns since early last year, there is no scope for gaps in customer satisfaction or sales conversion. For any business to survive and scale in the new normal, remote work is key to business continuity. This is where RevComm’s MiiTel can step up and help. Due to its cloud IP-phone, the need for physical phones is eliminated, which helps cut the costs and allows an immediate shift to remote work. Additionally, RevComm’s MiiTel costs just USD 59 a month with no minimum lot or initial cost.
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RevComm has acquired more than 15,000 paid users in a short span of two years. Today, approximately 30 million sales calls are made via MiiTel in Japan. They have customers in a wide range of sectors, including banking, IT, tech startups and large corporations. BizReach, a fast-growing HR company in Japan, used RevComm’s MiiTel and in only four months saw a whopping 62 per cent growth in profits and their net ROI rose by over 538 per cent. Another company, SmartDrive, a hardware and big data solution provider saw a 140 per cent increase in the number of sales calls with MiiTel. RevComm’s MiiTel has helped many SMEs and startups cross an ROI of 500 per cent and for enterprises, it has gone beyond 1000 per cent.
Last year in October they closed a Series A round at USD 14.2 million with support from several Global VCs and CVCs. They are keen on expanding their business to Southeast Asian markets with a keen focus on Indonesia, Thailand, Vietnam and the Philippines.
Find out more about RevComm and connect with them here: https://e27.co/startups/revcomm/
This article is produced by the e27 team, sponsored by JETRO
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