In the contact center, speech analytics has the ability to automatically identify an agent’s areas for improvement that will result in the most favorable customer experience. Although many organizations take it for granted, analytics can also help discover key facts relating to products, services, processes, and policies that drive both negative and positive customer experiences.
CallMiner (News - Alert), a provider of analytics solutions, created a white paper titled “Continuous Process Improvement in the Contact Center and Beyond: Increase Revenues & Reduce Costs with Speech Analytics” to help users better understand how speech analytics can increase revenue and lower costs.
There are many benefits to utilizing a speech analytics solutions, including being able to quickly identify at risk customers and take the proactive steps to retain them. Moreover, speech analytics can help identify those agents and behaviors with the unique ability to turn-around negative customer experiences.
However, sometimes it is easier to understand how a product works when it is used in a real-life situation. Take for instance CallMiner’s case study on speech analytics effectiveness in a marketing campaign.
According to the whitepaper, the Tech Support division of Saveology used speech analytics to reveal insights into customer behavior and tendencies for different products. For example, Saveology discovered that customers were more likely to pay for an annual support plan for their new smartphone or tablet than they would for a less expensive MP3 player. This knowledge was used by the marketing team to help fine tune advertising strategies and increase their overall profits, including its sales performance.
Saveology positioned the speech analytics software as a tool to help agents improve their metrics and skills so that they could gain confidence and earn more money. Hearing their own voice in comparison to higher performing peers became motivational for agents.
Saveology also began utilizing speech analytics in the Interactive Voice Response (IVR) system to better understand non-buyer deflection and potential lost sales opportunities. When customers chose a non-sales option, such as billing or customer support, a brief recording was played asking customers to state the reason for their call before routing them to the appropriate department.
“Using CallMiner Eureka, the voice of the customer was captured and studied before ever hitting the queue,” as stated in the whitepaper. “After running audio through the system, Saveology was able to improve their IVR application by adjusting menu options. In addition, the company started offering promotions with universal appeal, which were successful in netting revenue that would have previously been lost.”
Edited by Blaise McNamee