Speech Analytics
It wasn’t so long ago that businesses were forced to manually score sales and customer service calls to unearth valuable keywords and sentiment data.
This was a very inefficient process—converting speech-to-text and identifying keywords and phrases was incredibly time-consuming, and often only a small percentage of calls would be screened. Now, highly sophisticated speech analytics software offer an array of services that enable enterprises to quickly make sense of these conversations, opening up more possibilities for understanding and improving the overall customer experience.
SPEECH ANALYTICS SOFTWARE; AN INVESTMENT
Investing in speech analytics software is the best way for businesses and enterprises to drastically enhance overall performance and customer satisfaction. Below are just three ways this technology can help you achieve that.
Improve service quality.
There are likely hundreds or even thousands of calls going in and out of your organization on a daily basis. And buried within those conversations are countless bits of information that can help you better understand what is working and what is not. Speech analytics software is the key to unlocking that information.
“The use of automated bots and enhanced contextual communications for business continues to grow, as does the demand for new and innovative ways to better engage with their customers for deeper relationships and more meaningful connections,” says Omar Javaid, chief product officer at Vonage.
When you adopt a speech analytics solution, you are readily able to track and monitor both customer and agent interactions simultaneously. This opens up a myriad of opportunities for a manager for agent coaching, script analysis, and workflow improvements. It can also help you spot particularly difficult interactions so you can anticipate similar calls, leading to a more seamless experience.
Additionally, analytic software can be automated to target key phrases and emotionselicited by the customer. This allows a business to analyze a customer’s mood, interaction, and overall satisfaction in real-time, allowing for quicker alternative strategy adoption.
Bolster customer retention.
As stated above, speech analytics can offer integral insights into what converts interactions into sales. But just as important is its ability to help you decrease your customer attrition rate.
In a study released by Dimensional Research in 2013, participants ranked customer service as the top factor in gauging vendor trust. Additionally, 66 percent of B2B and 52 percent of B2C customers stopped buying after a bad customer service interaction. With a speech analytics solution, you can help deter these bad consumer interactions by studying key words and phrases that lead to a positive experience for the customer. Furthermore, you can identify conversations that elicit negative responses and rework your strategy to avoid these altercations in the future.
So, what should you be looking for in these conversations? We have identified seven key categories of phrases that can help you decode customer calls. Anything from statements of opinion to the use of profanity can help you understand your problem areas and ensure customer retention in the future.
Increase ROI.
A lot of your success in landing a sale can be found in the nuances of sales calls. Aside from the identification of phrases and sentiment as aforementioned, a lot can be gleaned from the agent’s side of the conversation.
We’ve already determined a few important parameters to customer turnover using speech analytics. For example, through extensive call analysis, we’ve found that salespeople who speak for less than 50 percent of the call are more likely to close a sale. The number of times that price is brought up is important as well—salespeople who discussed price three or four times during their pitch were more likely to close the sale.
These findings all come back to a common advantage of adopting a speech analytics solution: a greater return on your investment. The speech analytics industry is at a pivotal point of proving its worth, and this is reinforced by the fact that every dollar earned during a monitored call can be directly traced back to the investment of the software.
“Because these [real-time speech analytics tools] are expensive, most early use cases were around revenue generation,” says Ian Jacobs, principal analyst at Forrester Research. “It’s a lot easier to justify the purchase if it’s generating revenue.”
SAVE TIME & MONEY WITH SPEECH ANALYTICS TECHNOLOGY
The investment in speech analytics technology provides a clear advantage to improving nearly all aspects of your business. It will save you time and money from countless hours of manual call analysis, help you improve your overall customer interactions and relations, and will have a near-direct impact on your ROI. Contact Cognitive Insights today for more information.