We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
Gong, a seven-year-old startup that makes revenue intelligence software for business-to-business (B2B) sales teams, today launched a key new functionality inside its frontline Reality Platform called Economic Pulse. This new feature records, transcribes and analyzes all sales calls; it then identifies, tracks and alerts sales and revenue leaders when economic trends are mentioned in customer conversations.
This ability to read customer data and accurately identify important sales trends gives the company a much clearer look at the reality of how it is performing in the market, head of product marketing, Sheena Badani, told VentureBeat.
Economic Pulse enables sales leaders to understand how these trends are impacting deals over time, spotting potential risk and allowing for quick action that can protect the health of an opportunity and overall pipeline, Badani said.
‘Voice of the Customer’
“‘Voice of the Customer’ is another way that you could think about Gong,” Badani told VentureBeat. “What Gong actually does is capture all customer interactions. So whether that’s a Zoom call, a little web conference call, email, web interactions and other touchpoints that are happening across the customer lifecycle, we capture all of those.”
Gong analyzes and understands what’s happening in those interactions, Badani continued. “It’s not just that it happened, but it’s what’s actually in the substance of those conversations,” she explained. “Then we identify trends, best practices and suggestions to the [sales] rep, the frontline manager – leadership — around what is the next best action that you should take based on what we’re actually seeing happening with customers in the market.”
These trends and best practices are high level business–oriented, but users also can fine-tune the application to better fit their own verticals. Palo Alto, Calif.-based Gong.io, which has raised $583 million in venture capital since its founding in 2015, already has integrations with LinkedIn and Salesforce and with sales intelligence providers Apollo, Clearbit and Cognism.
Identifying economic headwinds early on
It’s important for go-to-market teams to immediately understand how headwinds are potentially impacting deals, renewals and, ultimately, revenue goals, Badani said. Gong claims that Economic Pulse provides leaders and teams with early warning signals appearing in conversations with customers and prospects and enables them to analyze how economic conditions are impacting specific areas of their business over time, including by segment, deal stage and team, among others.
A good part of Economic Pulse’s secret sauce is the intelligent use of keywords. The SaaS-based platform comes prepackaged with a set of common keywords related to economic uncertainty – such as “recession,” “inflation,” “downturn” and “slowing economy,” among others – that are tracked in customer conversations.
Using the Gong’s Reality Platform proprietary AI engine, Economic Pulse autonomously captures conversations, issues alerts and gives leaders drill-down analysis to see what deals are actually at risk so they can take action before it’s too late, Badani said. The platform also learns over time and autonomously identifies additional words and phrases in the correct context related to economic conditions and the health of deals, the company said.
“The last thing any business wants is to be caught by surprise when market changes impact their customers,” Gong chief product officer and cofounder Eilon Reshef said in a media advisory.
Gong.io competes in a next-gen sales intelligence market along with MeetRecord, SalesLoft, Chorus.ai, Execvision.io, Wingman, Avoma and Fireflies.ai.
The company said it will expand Economic Pulse to include other customer touchpoints, including email and instant messaging, later this year.
VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.