“Customer-Centricity… is about understanding the needs and wants of the customer and how your business can help them.” – Gartner
We are sure that your contact center also has large volumes of recorded conversations, so take advantage of them to get valuable and actionable insights for the evolution of the business.
You can do this with a Conversation Analytics solution. This innovative tool analyzes call logs and identify important data that can improve the quality of calls and solutions provided by agents. At the same time, you can analyze the speech used by agents, their way of acting in a call. Thus, determine the things to improve and find effective solutions for your business.
Speech Analytics & Conversation Analytics
In the beginning, Speech Analytics had limited coverage. Scan call logs to identify behavioral predispositions and help identify agent training needs.
Today we are talking about Conversation Analytics, which comes with improvements and a wider range of solutions. Conversation Analytics comes with a greater focus on customer needs, thus becoming Customer Centered.
Benefits of Conversation Analytics
In short, Conversation Analytics refers to the technology that transcribes speech into data. This solution provides a detailed review of recorded and live conversations between two people.
In essence, it takes unstructured data and turns it into structured data so that it becomes searchable. The solution generates reports about the words used, feelings, and results.
By analyzing this information, Conversation Analytics can discover trends that identify issues so that companies can address them quickly to prevent poorer customer experiences.
The customer support software industry has never looked better. Many years ago, companies did not have departments dedicated to customer experience. Here are two valuable statistics provided by Grand View Research, 2020:
- In 2020, the customer experience management market was valued at $7.6 billion. (Grand View Research, 2020)
- This growth in the customer experience management market is expected to continue at a compound annual growth rate of 17.7% between 2020 to 2027. (Grand View Research, 2020)
Conversation Analytics in a Nutshell
We are all customers, and it is very easy for us to identify a low-quality customer center experience. We want to get out of such a conversation with positive energy, in which the agent was kind, empathetic, and eager to help us with our request.
Conversation Analytics helps businesses deliver such an experience by:
- identify predispositions,
- improve the quality of services,
- identify future training opportunities for agents,
- helps to understand customer needs.
Moreover, real-time Conversation Analytics provides instant feedback to agents, even taking the position of “coach” by guiding the agent on the spot and offering the possibility for the team leader to intervene in case the conversation acquires negative tendencies.
- Increase contact center productivity and reduce costs
The efficiency of the center’s agents brings with it more time to invest in actions that cannot be covered by such a solution. When they are more productive and the processes in which they are involved are optimized, contact centers can visibly reduce operating costs.
- Reducing compliance and risks
Compliance and the risk of sanctions are a concern for all companies with contact centers. Compliance regulations are constantly changing, making it difficult for companies to keep up. This can lead even the best agents to make mistakes from time to time.
Conversation Analytics monitors and analyzes every interaction for inappropriate language and potential offenses that can lead to substantial penalties. Automatic analysis can identify conversations that indicate when there are general compliance risk issues.
- Reduce customer loss
An uplifting experience brings loyalty and long-term relationship improvement.
Conversation Analytics captures all the signals of a potential low-quality experience, threats of loss and cancellation, mentions of other competitive offers. The real-time analysis offers the possibility of identification and intervention in a preventive way to turn the whole experience into a positive one.
- Reduce agent loss
According to studies, the average cost of hiring and training a new agent is $ 7,500. This figure does not include lost opportunity and low production costs. The total cost is estimated at 20% of an agent’s annual salary.
Conversation Analytics can improve the retention rate of agents and can reduce with new hires and their training. With the information in the conversations, general problems can be identified and training and coaching sessions can be organized.
- Improve agent performance and achieve goals
The success of today’s business lies in defining well-defined corporate goals and objectives.
Even the objectives of the departments must be aligned with the general ones of the company. Individual objectives are defined as key performance indicators (KPIs) of the agent, group, and supervisor. All of this requires a huge amount of time when done by hand.
Through Conversation Analytics you can do automation and scoring of agents, teams, and supervisors. KPIs are entered into the system and constantly monitored, thus generating reports of performance, progress, and achievement.
Getting Actionable Insights
With the Conversion Analytics solution, contact centers can get valuable insights much faster. This solution monitors and exports all conversations. It automatically collects raw information, organizes and analyzes it, and generates insights based on the information the company wants.
What does actionable insight mean?
- aligns with corporate goals;
- the information deduced from insight can be easily understood and easily communicated;
- provides new information that can challenge the status quo;
- an explanation of the root cause is inherent in perspective;
- it is relevant and can be directed to the appropriate person’s deciding factor.
So, if you still think that delivering a state-of-the-art product or service is the key to the success of your business, please think again.
The pandemic has brought with it a massive wave of changes in customer attitudes and expectations. Their behavior has changed when it comes to their experience, becoming loyal to those who offer something above and beyond.
The Bottom Line
The customer experience is constantly changing, and this raises the question of how contact centers operate.
Conversation Analytics reveals insights that deserve to be shared across the organization. Each department can benefit from such a solution: the marketing department can improve its message and marketing, the production department can identify product problems, the operations department can identify bottlenecks, the sales department can speed up its sales process.
RepsMate‘s solution is a platform that helps teams identify customer needs and measure the metrics behind emotions, objections, intentions. The solution helps you turn team KPIs into actionable insights.
By monitoring, analyzing, and understanding customer reactions, the RepsMate solution makes your relationship with customers easier.