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How Speech Analytics can Make Businesses Truly Understand Their Customers’ Requirements

With consumers being constantly barraged with information on every platform, they can quickly become confused and unsure of what they want or need. With this in mind, how can contact centres even begin to understand their customers if they don’t even understand themselves? This is where speech analytics software is helping, both agents, managers, and sales and marketing teams are reaping the benefits of speech recognition and really utilizing the modern world of speech analytics tools.

What Is Speech Analytics?

Speech analytics takes the conversations between agents and customers and analyses the pitch and tone to determine emotions. It can also be programmed to pick out predetermined words and phrases and create comprehensible reports within a dashboard.

Every interaction is recorded and this allows both managers and agents to listen back to their conversations and the conversations of their peers to gain an insight into exactly what is and isn’t working for your customers.

We take a look at how speech analytics is helping businesses understand their customer requirements.

Staying One Step Ahead

If your agents aren’t properly informed about your products, services and key target market, they won’t be able to provide customers with that all-important personalised service. Really understanding their needs can make an adequate service into an outstanding one.

Speech analytics can determine response rates and reactions over your target market in key demographics and with the use of real-time analysis, senior staff can create new ways to upsell to existing customers and clinch the sale with new ones.

With the collection of data, speech analytics can generate reports that can be turned into actionable insights depending on how customers are reacting to certain products or services.

Giving The Best Service

Research shows that despite other ways of contacting businesses, such as live chat services, 75% still prefer to speak to a real human when getting in contact with providers. 

Most of these human interactions are for more complex issues and speech analytics can step in and help agents with these with just a few clicks. When a customer calls with a query, issue or complaint, you don’t just want to resolve it, you want to understand their call and try to prevent similar ones in the future.

Speech analytics can predict similar phone calls and aid agents in providing the best solutions, the first time.

The software can then create reports on the number of happy and unsatisfied customers within each call and even conversation topic. Keywords and phrases can be highlighted to show an insight into positive and negative outcomes.

This means managers can step in as soon as possible to help train agents in a better way of handling the situation and agents can understand how their colleagues are accomplishing happy customers and learn from them too.

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When similar patterns in calls are flagged, agents can take their newly learned skills and apply them to their interactions to become more effective and understanding in the future. 

Sharing Best Practices

Over time, agents will begin to learn and adapt their services from what they have learned from speech analytics. This could be from both negative and positive outcomes and this can be shared throughout the team and with new starters.

As speech analytics can not only record but also transcribe all conversations, managers can be fast when it comes to learning and training in new practices and implement new strategies in record time.

Agents’ strengths and weaknesses can be easily determined, meaning they can be placed within the best department for them and your customers, while also focussing their training on what they may not be best at.

This way, your agents will eventually be able to handle all forms of calls and won’t leave any department weaker than another.

Ensure Maximum Profit

Businesses can lose huge sums of money from poor customer service, no matter how amazing their products or services are. Customers will not hesitate to drop you from just one bad experience with an agent.

Speech analytics provides a platform to identify the most common causes for customer attrition and put in new procedures before you lose any more revenue for the same reason.

It can even flag when ineffective communication has occurred, something that could have been prevented with the right training or procedures in place. Opportunities to up/cross-sell can be made more apparent and even switch an upset customer to one that is now paying more.

Overall, very few contact centres can afford to not make the investment in speech analytics. Not only does it provide the best service possible but also allows agents to do their best and generate more job satisfaction while staying ahead of competitors. Don’t risk losing both customers and your best agents to competitors when these issues could be so easily fixed with this software.

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