Your customer calls are a gold mine of insights that you can use to drive business growth. These calls can tell you a lot about customer satisfaction, service issues, how your agents are performing or how effective your sales campaigns are.
However, considering the sheer volume of phone calls, it would be impossible to listen in and manually analyse them. Thankfully, there's a better option: conversation analytics.
What is conversation analytics?
Conversation analytics—also known as speech analytics— is used in call centres to analyse customer calls to gather data and insights. This can happen in real-time during a live call or by analysing voice recordings after a call.
It uses AI technologies like transcription and natural language processing. Speech recognition software identifies certain keywords and phrases that come up in the conversation. It also analyses audio patterns to identify emotion, intent, or sentiment in the caller’s voice.
With this advanced technology, you gain access to information that’s otherwise hidden within voice conversations and only accessible by listening to entire call recordings.
Organisations can benefit from speech analytics in a number of ways
So what do you do with this wealth of information from your speech analytics tool? In an effort to gain a competitive edge, organisations are increasingly tapping into speech analytics to increase ROI, enhance customer experience, and improve their operational efficiency. It also helps to categorise calls and manage compliance.
A lot of the guesswork that long defined customer service, marketing, and sales is replaced with data-driven insights.
Let’s look at an example. An insurance company discovered that many customers couldn't find the button on the website to schedule an appointment. After analysing their call centre calls, they could detect this issue and solve it. The company adjusted its website and saw an increase in online appointment bookings and a decrease in call centre operations.
The benefits of conversation analytics extend beyond the call centre to every department as a tool to drive growth and profitability.
Key features of speech analytics that will help you better serve your customers
Speech-to-text converts voice calls to machine-readable text that can be further analysed. You can easily search for keywords and phrases by running queries in recorded calls.
This feature analyses the caller’s tone and identifies keywords to help you understand how a caller feels about something. This input is typically scored as positive, neutral, or negative.
Whenever a customer calls in, they have an intention. They might need information, have a complaint or want to purchase something. Understanding their intent will help you better meet their needs.
Here are some important use cases for conversation analytics:
1. Improve customer experience
Speech analytics help you monitor customer interactions and identify where your service agents can improve, so they always deliver exceptional customer service. When you analyse calls, you can uncover the most common customer pain points and train your agents accordingly. You can identify churn signals so you can reach out to customers with high churn risk scores and proactively make them an offer to keep them engaged and happy.
2. Increase sales
Another common use case for speech analytics is to improve sales. With the assistance of AI-powered insights, sales teams can determine which methods result in successful sales, and train their reps accordingly. With more insight into the buyer's intent, common questions, and hesitations, your sales reps can supercharge their closing abilities. This data is also invaluable in identifying cross-sell and upsell opportunities.
3. Improve operational efficiency
Making processes run smoothly will improve the overall operational efficiency in your call centre and, as a result, reduce costs. An example of how speech analytics can help is in reducing the effort that is associated with monitoring agent quality. It also helps develop customised training manuals for new agents and accelerates their onboarding process. Showcasing what customers and agents are saying on every call helps you spot patterns and easily identify where your process automation can be improved.
4. Managing compliance
Speech analytics software helps you ensure compliance with regulatory standards. You can make sure that your agents don’t deviate from pre-determined, compliance-ready scripts. And the software can automatically redact sensitive Payment Card Industry (PCI) and Personally Identifiable Information (PII) data from call recordings. This redaction can be triggered when the agent says words like “credit card number” for example.
Are you ready to unlock the value of conversation analytics in your call centre?
When it comes to turning your calls into impactful insights to drive growth and improve CX, we’re here to help. Contact our sales team about all the ways Enreach can help you leverage the call data you’re already recording and storing.