Reaching quota and forecasting pipeline conversion keeps us all up at night. Sunday evenings you’ll likely find sales managers scouring over their pipeline trying to figure out what deals will close and which might slip.
The challenge is that managers can only join a handful of calls, leaving hundreds where they have no visibility on what was discussed. The VPs of Sales we work with helped us design an Early Warning System to identify those deals by analyzing what was discussed on sales calls, allowing managers to impact deals before it’s too late.
We used our Deep Learning Artificial Intelligence engine to analyze hundreds of thousands of calls, training them to identify when a deal might be slipping. Using these models, Chorus.ai keeps track of all your deals across thousands of conversations, so you can spot risk in your forecast and get the deal back on track before it’s too late.
The principles behind Chorus.ai’s Early Warning System
- Our customers tell us that they face one core problem: they see the data on their deals in salesforce, but what they don't get is the "WHY" behind what is happening.
- Answering what really happened on a deal and being able to justify how you build your forecast with confidence is the single biggest pain point for sales leaders.
- By surfacing risk indicators, Chorus shows you what to look for, helping you increase the robustness of your forecasts.
- There are two types of indicators that a deal is at risk:
- Sales Process Indicators - Indicators triggered by the sales process, such as decreased activity on an account, lack of updates, delayed follow-ups, etc.
- Conversational indicators - Indicators stemming from what is discussed on the the sales call itself, e.g. no budget, no time, not a priority, etc. (we’ll dive deeper shortly.)
- Chorus uses Machine Learning and a combination of process-driven models and natural language based classifiers to identify why the deals are at risk, surfacing these insights directly into the “deal risk” section of your accounts.
- We found that managers using our Early Warning System, are able to quickly tune in to these “why moments” and impact deals.
The top 5 reasons given by prospects on lost deals
Examples for moments Chorus tunes into for deals at risk:
- Budget: “If I can get the sales ops team also interested, you know that would help me, um, help me significantly because I can also have an additional budget to tap.”
- Timeline (aka "not now"): “Not at this point I don't think I mean we've got some really established programs but I'll tell you if, you know, if there was need I would look into it, but at this stage, not at the moment no.”
- Authority and consultation: “I don't have any decision making power when it comes to making contracts umm but I can talk to my engineering manager.”
- No time to review: “Honestly I thought I was going to have more time this weekend. I just had not given this nearly enough thought until now.”
- Not a priority: “That would not jive with our current priorities right now.”
How to close more pipeline with Chorus’s Early Warning System
Intervening and taking action on those important deals right before they are about to slip gives sales managers a huge opportunity to convert more of their pipeline while providing robust forecasts:
- Activate Chorus’s Early Warning System - Ask your Chorus CSM to activate the Early Warning System within Chorus. Ask them to help you configure it so it surfaces only the deals you care about (e.g., only deals larger than a certain size).
- Build your routine around Chorus Insights to improve your forecasting process - Forecasting is easy when you know what to look for. Make sure to double-check the Chorus “deal risk” section of your accounts before your "Commit".
- Share the learnings - create assets in the form of playlists using Chorus.ai to capture both the critical moments before a deal nearly slipped, and how it was saved, and share it with your AEs and CSMs so that next time the deal doesn’t become at-risk to begin with.