Today’s customers are interacting with businesses in every way possible – over the phone, via email, through the web, chat, virtual assistants and bots. Each customer journey is an opportunity to learn more about your customers and improve their interactions and outcomes. But as channels of customer interaction have exploded, tracking and understanding customer trends, challenges and desires leaves many companies feeling like they need an army to manage it all.
Companies using analytics are armed with insights not possible with outdated approaches. Think about it – if you could hire an unlimited number of employees to analyze every customer interaction, you would undoubtedly find ways to impact the customer experience– but you would also go bankrupt. So companies are left to spot check and do a best effort manual approach. Doing it that way is still very expensive, and the majority of customer interactions are never even reviewed. In fact, in most contact centers, only between 1-3% of all conversations are monitored.
This is why analytics is so important. Analytics takes the manual effort out and automates the analysis of customer conversations across channels.
While there are many ways to leverage insights from analytics to improve the customer experience, there are a few quick hits that you can achieve virtually within weeks of going live or even before.
Opening the gates to the city: 3 quick hits
1) Swiftly discover and address problems that cause inefficient calls
Ever sit in silence on a call with a customer agent and wonder, are you still there? Getting problems resolved can sometimes take time, but excessive silence on calls can translate to a bad (and costly) customer experience. With analytics, you can quickly identify the root cause of silence and make needed adjustments. Perhaps an agent needs additional training, or it is a technology problem that needs to be addressed. One company that has 800 agents estimated that reducing silence by just five percent on its calls would produce nearly $332k in annual savings.
2) Uncover why your customers are unhappy
Bill Gates once said, “Your most unhappy customers are your greatest source of learning.” Identifying customer concerns and frustrations is the first step in improving the customer experience. Speech analytics can identify all calls containing “dissatisfaction” language or acoustics, including complaints, raised voices, and customer over talk. Segmenting these calls and analyzing common words and phrases can quickly reveal why customers are upset. And, the ability to search transcripts for specific words and phrases around dissatisfaction allows companies to close out customer issues in a matter of days, not months.
3) Evaluate ROI and get preliminary insights
Implementing an analytics solution requires organizational buy-in and trust in the solution. Realizing return on investment is also a major factor in moving forward. Working with an experienced vendor to conduct a secure test drive with your own data will provide preliminary insights, identify opportunities for improvement, and deliver ROI data that can solidify your goals, priorities and credibility.
There are many more opportunities for companies to harness the power of analytics, and it’s important to remember that implementing a solution will not automatically improve the customer experience. But neither will standing outside the gates looking in.
Download our new guide “Harnessing the Power of Speech Analytics: 6 Ways Speech Analytics Improves Contact Center Efficiency and Performance” to learn how speech analytics can get you started in gaining entry to improved operational efficiencies, reduced customer churn and exceptional customer experiences.