Ways to Strengthen Your Customer Experience With Speech Analytics

1. Ways to Strengthen Your Customer Experience with Speech Analytics In the past couple of decades, the call center business has evolved dramatically. Today, call centers are known as contact centers and have become customer engagement and experience hubs. With the rising use of smartphones and social media platforms, customer experience has become the focal point of industries that has to deal with the end customer directly. Several industries today are open to experimenting with cutting edge and advanced customer experience platforms. Speech analytics is an influential business intelligence tool that industries such as banking, finance, and insurance are using to get detailed insights about customers. Through speech analytics, companies can analyze numerous audio recordings of call interactions between call center agents and customers. Speech analytics uses a two-fold process that allows comprehension and identification of spoken phrases at the initial stage, followed by enabling sentiment recognition and analysis. Sentiment analysis is a speech analytics solution that analyzes each word the customer speaks using Natural Language Processing (NLP) to comprehend what they meant when they spoke about what they did. Depending on the context and the words used, sentiment analysis can make out whether the customer’s mood was negative, positive or neutral.

2. There are several ways to leverage insights from speech analytics to enhance the customer experience. Here are some ways by which businesses can use speech analytics to boost productivity and interaction outcomes of contact centers: 1.Seamless customer journey: The data collected using speech analytics can be used to derive definite conclusions concerning how customers feel and the necessary actions that must be taken during the call. Routing customers to the correct department is a major factor behind customer retention as the chances of getting the problem resolved in the first call goes up. Such real-time triggers can help contact centers improve information workflow and run more efficiently. 2.Better quality management: A business that focuses on service metrics and right customer interactions must think of quality management as a tactical force. It is an important function to identify ongoing trends and offer insights on agent performance. With speech analytics, managers can track calls that the agents attend and help maintain the service level agreement. For instance, data captured with speech analytics can be used by managers to evaluate call performance and keep track of the changing satisfaction levels and demand of customers from the interaction. This can be used for training agents on call adherence and quality assurance. 3.Less Customer Attrition: Several businesses have observed a dip in customer attrition rates with a steep decline in the number of people leaving after deploying speech analytics and conversational service automation. It helped businesses identify reasons behind customer dissatisfaction and utilize the opportunity to make changes and improve repeat customer rates. Additionally, enhanced service quality resulted in a greater number of satisfied customers. 4.Better target offers: Speech analytics divulge insights on purchasing trends for products and customer behaviors. As data is collected from all calls received, the information accrued is a better representative of customer tendencies. For instance, a company found that customers are likely to pay for a yearly support plan for their mobile device than for a cheaper music player. This information was useful for the marketing team as it helped them improve their advertising tactics and offer relevant plans to their customers that led to an increase in warranty upsells. 5.Develop customized training manual: The requirements of each contact center are different. As a result, businesses must recognize the need to impart separate training for agents in different contact centers. Even if a general training manual is an easier approach, it may not serve the purpose. So, it is better to evaluate the call recordings using a speech analytics tool so that customers' pain points can be acknowledged, and a suitable training module is defined for agents. 6.Identify upsell opportunities: Inbound marketing and sales team work as unified units. These subdivisions have interdependencies and they can use recorded calls to find up-sell opportunities. Based on caller information such as- demographic, age, and gender, businesses can pick up signals on matters regarding feedback, customer satisfaction, and product update. Customer experience is a journey and creating “intelligent” solutions will pave a smooth way. With speech analytics, the ride has just started.