Sales intelligence has never been bigger on a global scale. Already, several innovators and brands have become ‘household’ names among sales professionals. Data shows, for example, that EverString and InsideView are the market leaders. However, perhaps surprisingly, video conferencing skyrocketer Zoom is set to branch out into the niche, too.
What’s New from Zoom?
Zoom is a brand likely to be synonymous with many professionals impacted by global crises since 2020. While remote working has been rising for some time, necessity forced many to adopt new habits and systems. As a simple yet flexible video conferencing suite, Zoom stepped into an open gap - which was already fiercely competitive.
Zoom’s meteoric rise since 2020 has been well-documented. From a quarterly revenue of $27 million in 2018, the brand commanded a staggering $882 million in Q4 2021 alone. This incredible growth has not purely cemented the brand as a go-to for remote conferencing, however. It has likely helped the company build capital to branch out into new niches.
Sales intelligence, therefore, appears to be the next target for Zoom’s ever-growing empire. Zoom IQ, revealed in mid-April 2022, promises to offer actionable sales data focusing on collaboration.
Crucially, Zoom IQ aims to process language used in sales meetings to crunch actionable information. This revolutionary software uses transcripts to identify questions, filler words, and customer engagement. This innovation could, hypothetically, help to add extra context to previously raw data otherwise difficult to penetrate.
The landmark software is set to allow users to identify feature mentions and analyze customer interest. This algorithm, intriguingly, will break down talk-time and response relays to gauge if a customer wishes to invest.
Zoom IQ is already rolling out across 100 different countries, potentially changing global sales intel for the better. However, at the time of writing, the concept is still in its maiden stages - meaning its success is not yet measurable.
Who is Zoom IQ’s Sales Intelligence For?
Zoom IQ is pivoted towards sales reps and professionals closing deals after video meetings and conferences. Therefore, its analytics software can work seamlessly with the brand’s existing conference suite. Meeting attendees will be able to take away suggested data to home in on buyer intent and potential securing avenues. Zoom IQ’s intuitive setup will also help lead builders ascertain whether or not a deal is worth pursuing.
Furthermore, Zoom IQ is likely to pitch to a wide range of users at various levels of management. For example, CEOs and CMOs handling high-profile clients may benefit from seeing analyzed data with renewed clarity.
The potential that Zoom IQ brings to lead generation lies in the removal of guesswork. While sales intel is growing in complexity (and the market is expanding), much assumption is still at stake. Sales forecasting is in notorious need of an overhaul. Therefore, Zoom IQ could significantly lower error margins by harnessing machine analytics.
There’s further potential for development and training for sales representatives, too. It is easy to assume that Zoom IQ will do the vast majority of menial work with regard to data capture. However, there is immense potential for sales teams to hone their craft even further. The average ROI from hiring sales staff could still use improvement.
Ergo, it’s entirely possible that sales professionals could use frequent data and insights from Zoom IQ to train up. By identifying cues and moments in conversations human salespeople may otherwise miss, this software has the opportunity to close gaps. Furthermore, data shows that up to 42.1% of lead generators have struggled to pitch effective strategies to gain attention.
Crucially, Zoom IQ could help train and support all who have a part to play in the lead generation funnel. Instead of relying purely on human intuition, the software could provide deeper insight to support further product and service development.
What’s in it for Zoom?
As explored, Zoom’s growth vector is arguably one of the most impressive post-lockdown. As over half of US professionals claimed they would pursue working from home post-lockdown, the platform has successfully monopolized. Tellingly, in the same way, ‘Google’ is now a verb, ‘to Zoom’ appears to have taken on a meaning of its own.
Zoom IQ will be the next high-value proposition to help keep the brand’s conferencing app in the public consciousness. While the app shows no signs of slowing growth at the time of writing, innovation is crucial for keeping such a spike rising. Therefore, the company is harnessing sales intel trends - and evolving business needs - to make sales meetings even more convenient.
Interestingly, Zoom’s Josh Dulberger claims that the company’s own sales team has found an increasing need for their IQ technology. What’s more, the landmark Zoom app already possesses features such as transcription to build into IQ. Therefore, the move to support sales intel seems all the more natural.
The Zoom platform is gradually transforming into a one-stop business comms service. It’s likely that new IQ features - and the top-rated app in itself - will continue to support CRMs for years to come.
Zoom’s aim appears to be to make intel more convenient for sales teams and products more palatable to consumers. Alongside continued real-time data strategy through external applications, Zoom IQ could ‘change the game’ for funnel managers globally.
Zoom is a name in corporate communications millions are comfortably aware of. The brand’s move towards sales intel analysis may seem a little sudden on the surface. However, it makes perfect sense. Zoom already has functions and capabilities to provide actionable insights otherwise impossible for human analysts to ascertain. It is possible that Zoom IQ could help start a new wave of intelligence add-ons for existing conference suites.
Effective, actionable sales intelligence is vital in the modern age. However, data may still be challenging to analyze and predict in some cases. Therefore, Zoom is helping to close gaps and harness technology to refine the way we work with leads and prospects.