We became aware of the start-up bao from Munich through the article in the Handelsblatt: “A script for the perfect sales pitch“. The start-up has now received more than 3 million euros from investors. The same article also talks about the American competition with a similar business model, Gong. Gong has already raised several hundred million investors.
Why do we need another tool? CRM software already exists like sand on the sea.
Many companies already have CRM software in use. So the question is obvious: Is a tool like bao or Gong additionally needed? Shouldn’t the task of supporting successful sales pitches be covered by the CRM system in use? Yes, it does. But what does a good sales pitch involve?
- This includes a good selection of leads and potential customers
- A good conversation preparation
- Guiding the conversation with a conversation guide
- Qualified documentation of the discussions held and support through suitable information material
- A follow-up or automated task assignment for the next steps that is as automated as possible
- And, if possible, a quick and smooth business deal
So what is special about bao’s tool?
It’s all about conversation intelligence! This is more than just a guide.
The aim is to provide sales employees with detailed discussion guidelines in order to carry out a perfect sales conversation. In addition, there is an important element: the objection treatment. In a sales meeting, all members of the sales team hear knowledge questions, counter-questions, supplementary questions, questions about differentiation from the competition and so on. The answers to these questions are stored in the software. In this way, even inexperienced sales employees can easily enter into a conversation. You always have all currently known questions or answers ready.
Another important argument for bao compared to a “normal CRM” is the documentation. It’s not just about the basic documentation. It is also about saving time, about simplification. And through the constant optimization of the guidelines and the stored information, new employees can quickly and easily internalize the optimal course of a sales meeting of their organizations.
The third advantage that the founder of bao sees is the analysis. Thanks to Conversation Intelligence, sales conversations are analyzed better than before in CRM. This not only results in improved guidelines and more successful degrees, but also suggestions for coaching measures.
CRM integrations from bao
bao can be integrated with CRM systems such as Salesforce, Hubspot, MS Dynamics, Zoho and Pipedrive. A 2-way sync allows you to store information from bao as well as load details from crm into bao. Thus, bao supports the position of CRM as a single source of truth and allows to get the most out of all collected information.
In addition, bao offers interfaces to sales engagement tools, such as Salesloft and Outreach or dialers, such as Aircall. With the exception of SAP, no other interfaces to German providers of CRM systems are currently offered.
Rates of bao
Currently, there are three packages of the tool, which are individually adapted to the needs of customers.
Investors of bao
bao was able to win over some investors. More information on these can be found in the press release.
What is special about Gong’s tool?
Gong has a slightly different business model. Gong’s tool records and analyzes all sales conversations (phone calls, web conferences, emails).
Via dashboards, sales can see which deals have been concluded and which have not. It can be analyzed why some sales pitches go well and some don’t, and why some employees are more successful than others.
If a user searches for a keyword, he can display the conversations for the mentioned search word and listen to what has been said about it. Here is the question of whether the tool can be used for data protection reasons in German companies (GDPR, works council, data protection officer).
CRM integration of Gong
Gong CRM integrations are currently only available for Salesforce, Microsoft Dynamics, Hubspot and Close.
Prices of Gong
The costs must be requested individually.
Investors of Gong
Gong has already collected a total of 583 million dollars (as of 05.04.2022 according to Chrunchbase). Investors include Salesforce Ventures, for example.
Do bao and Gong exploit the weaknesses of many CRM providers?
Actually, things such as the identification of training measures, the provision or optimization of conversation guides as well as the reaction to FAQs or frequent objections should be mapped in a CRM system.
With tools like bao and Gong that focus on a topic, analyzing data with a view to achieving more sales can probably be more targeted. However, it should be remembered that in order for the use or integration of such a tool in a company to be worthwhile, it requires a lever for additional sales.
Of course, it must be calculated in advance whether the introduction of such a tool can be worthwhile. In other words, are the necessary levers and capacities available?
If such a tool is not properly introduced or integrated, as is so often the case, only another data silo is created.
Are the tools of bao and Gong also conceivable without CRM? Our conclusion:
Such a tool can be an exciting entry into the CRM world to keep the core of the sales business high!
But in the end, there should be a central system in which all data flows together. Because the data obtained through the analysis in sales is certainly also interesting for other departments, such as marketing or service.
What we advise our customers is: A thorough discussion preparation and follow-up makes sense in any case and usually leads to higher customer satisfaction.
In our portrait of itmX we have also seen a very good solution to this above problem in a CRM software. So Bao has to hurry up.
Is it really that much better? As in every individual case, this must be checked!
And, if it is really such a good product, then we know the next question sufficiently: When will it be bought away from the market?
Note: This is a machine translation. It is neither 100% complete nor 100% correct. We can therefore not guarantee the result.