How to Better Understand Customers with Speech Analytics

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The advent of new technologies such as the internet and other networks have changed the complete business world. It is becoming very difficult for organizations to work with a loyal customer as the level of dissatisfaction for a particular service is more than the amount of satisfaction earned through one interaction. The tech-savvy customers are defecting to competition on a regular basis. Studies show that “news of bad customer service reaches more than twice as many ears as praise for a good service experience.”

Therefore, it becomes mandatory for organizations to work on their Customer relationship management strategies at each level of interaction. The contact center has emerged as a strategic asset for the new generation business model. The contact center agents have a major impact on customer satisfaction and brand loyalty. In order to maintain the service level bars, organizations are turning to advanced data analytics to ensure that their contact centers are performing at a high level of efficiency.

Speech Analytics for Organizations

One of the important data sets in the analytics space is the data through speech analytics. Contact centers today are using the speech analytics to analyze the performance of each individual and to capture useful information that might later be of some importance. Customers today mostly interact with their service department through phone calls. The captured data can be used to go beyond traditional customer service programs for having an in-depth knowledge of customers. This develops a granular understanding of segment behavior, needs and expectations; buying preferences; and opportunities to attract new prospects.

While there are many ways to leverage insights from speech analytics to improve the customer experience. Here are few ways in which organizations can use speech analytics to improve interaction outcomes and productivity of contact centers:

Better Quality Management: An organization focusing on the right customer interactions and service metrics should consider quality management as a strategic force. It is a critical function to identify the ongoing trends in the contact center and provide insights on agent’s performance. With the help of speech analytics in contact centers, managers can keep a track on the calls being attended by agents. This helps in keeping up with the service level agreement. For example, the data captured through speech analytics can be utilized by the supervisors or the managers to analyze the call performance as to keep a track on the changing demand and the satisfaction level of customers from the interaction. The data can be further used for training the agents on quality assurance and call adherence.

More upsell and cross-sell opportunities: Call center can use the data gathered from speech analytics to upsell and cross-sell to new and existing customers. Managers can analyze the call data to learn about how a particular upsell or cross-sell technique has impacted the customer’s level of satisfaction, and how customers are responding to different offers. Real-time speech analytics data can be used to create personalized up-sell and cross-sell experiences for meeting the customer’s specific needs.

Effective Training Program: Call center managers can use speech analytics to monitor the conversation between customers and call center agents. Managers can keep a track on the call center agent’s adherence to the provided scripts and make sure that SLAs are met. Speech analytics is a powerful tool to unlock insights as it allows managers to understand the behaviour of top performers to the laggards. The insights can be used in building strategies for coaching agents towards providing first call resolution with improved levels of satisfaction.

Reduced repeat calls: Speech analytics help in reducing costs by giving organizations the insight to reduce repeat call volume. Reducing repeat calls not only reduces overall call volume but at the same time leads to greater customer satisfaction. Through speech analytics, the data captured can be used towards providing first call resolution. With this, the total count of repeat callers will decrease leading to improvement in efficiency levels and reduction in cost per call.

Less Customer Attrition: Many organizations have noticed decreased customer attrition rates with reduced number of customers defecting to competition after deploying speech analytics. Speech analytics help organizations to identify the reason behind customer’s dissatisfaction and to utilize the opportunity to make necessary changes for improving the repeat customer rate. Also, the improved service quality will result in happy customers giving them fewer reasons for defection.

Seamless Customer Journey: The data gathered through speech analytics can be utilized to derive specific conclusions regarding customers feelings and the required actions to be taken at the time of call.  Also routing customers to the right department is one of the major factors behind customer retention as the chances of getting resolution in the first call increases.These real-time triggers can help the contact center run more efficiently and improve information workflows. The real-time data should be as such so as to help connect information across all customer touch points,i.e, on web, live call, social media, etc. organizations can update customer details and improve customer journeys using real-time speech analytics along with the text interaction from web.

Thus, Speech analytics is an important part of contact centers to create value, reduce cost, improve efficiency and to gain improved customer satisfaction understanding with the freedom to interact at every possible touchpoint.

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