Speech Analytics For Customer Support
The business world depends on Big Data to create a structured and dynamic workflow to suit current and future requirements and for better decision-making. It is impossible to derive quality information without high volumes of data if the user prefers to gain actionable real-time information. There are several tools on the market to collect department-specific data automatically. One such tool for customer support call centers is speech analytics software.
An Introduction To Speech Analytics Software
Speech analytics, or audio-mining, is the process of converting audio files into transcripts. This process also includes in-depth analysis like identifying keywords leading to success or failure of the call, emotion analysis, hold time, call time, silent patches, and more.
Benefits Of Using Speech Analytics Software
According to Mordor Intelligence, the market value of speech analytics software was $1.34 billion in 2019, and by the end of 2025, it will reach $4.38 billion. Many businesses choose to implement this software in their workflow, and here is why it is an imperative move.
Better Customer Experience
Increasing Customer Experience is one of the significant areas of concern for many service businesses. Businesses that can provide better Customer Experience can receive 5.7 times more profit than businesses that overlook Customer Experience. Thus, it is essential to predict customer needs, emotions, and personas to determine the best method to resolve any issue. Speech analytics allow users to detect stress, change in tone, and emotions from the customer’s voice.
Most companies view speech analytics as an investment that helps in saving costs in the future. Top areas where such software could reduce the overheads are:
- Automated call monitoring and compliance checking reduce the number of employees required for auditing and quality check.
- Automatic compliance reduces damages and monetary losses due to non-compliance.
- Speech analytics software can analyze the common reasons why customers call, thereby allowing the agents to troubleshoot the problem at the root. For instance, a small glitch on the website might be increasing the number of customer calls. In-depth analytics software can identify keywords in the call audio to determine the call’s reason. Thus, the user can rectify the glitch, reducing the call volume, thereby reducing the employees’ work pressure.
- Better decision-making would increase call resolution rates, reducing the number of callbacks, complaints, and escalations.
- Since it becomes easier to understand customer needs and personas, the executive can quickly satisfy the requirements and end the call within a shorter time. This reduction in call time reduces resource requirements.
- Reduced work pressure and higher call success incidence increase workplace morale, employee satisfaction, and reduce attrition. The business can reduce the HR cost incurred by the hiring process.
- Some packages have in-built multi-level IVR, allowing automatic routing of calls to specific agents based on the customer requirement or offering self-service options, if possible. Thus, the call volume per head reduces. Since the call gets routed to the best agent for the specific query, the chances of a successful call completion are higher.
Identifying Cross-Selling/ Upselling Opportunities
Some advanced speech analytics tools like Chorus have better integration with salesforce tools. It can also track competitors’ names, prices, specific tools, and more if mentioned by customers. Such calls will have a higher chance of success for cross-selling or upselling. For instance, the tracker can identify that the customer demands a specific feature available in the advanced package. It would analyze the conversation and notify the agent to improve the sales opportunity.
- Since it is not a completely cold call, the sales conversion rate is higher.
- It is a method of targeted marketing to your current customer base.
- Offering a dynamic choice of services or products based on the customers’ varying needs would reduce customer churn.
The above benefits lead to improved agent performance. This way, the agent can complete a call within a shorter time, without call escalation and complaints. The first-call resolution is the term for resolving a customer query without any follow-up calls. It is a ratio between total calls solved at the first attempt and the total number of unique calls. According to the SQM Group report, FCR (first-call resolution) and customer satisfaction have a 1:1 correlation. Thus, a 1% increase in the business’s FCR will increase customer satisfaction by 1%. Moreover, a 15% increase in FCR can reduce 57% of repeated calls.
Since the speech analytics software audits the calls in real-time, it is easier to identify performance gaps and rectify lags. Moreover, agent-wise analysis allows managers to understand their employees’ skillsets, training requirements, internal recruitment options, and more.
The key areas where a business could benefit by using speech analytics tools are the average time of call handling, improving service quality, automation of redundant tasks, FCR, script compliance, and more. A continuous improvement in these areas would increase customer retention. Retaining a customer is far cheaper than acquiring a new one, and a satisfied customer is more likely to attract new customers via positive word-of-mouth.
Speech analytics software is not just a transcript tool. The solution stands as a platform to better utilize the customer interaction time to resolve the query, identify ways to improve Customer Experience, and monetize any sales opportunities. 96% of customers believe that their brand loyalty depends on the quality of customer service. A reliable speech analytics tool will help you attain the expected quality of customer service.