In today’s highly competitive business world, companies small and large alike must contend with making a profit and ensuring genuine customer satisfaction. Unfortunately, not every company lives by the credo that the customer is always right.

But it’s those companies that continue to preach the value of putting the customer first that ultimately succeed. This is why your company may have invested in a cloud contact center. With this technology, you can connect with your customers, answer their questions, respond to their comments, and store all of their important data away in order to better help them in the future. Adopting such a system can create massive brand appeal, but are you getting everything you can out of it?

Speech Analytics Benefits for Business

Benefits of Speech Analytics for Your Business

Speech analytics is one of the latest tools being used to gather customer information to benefit your business. It works a little something like this: Essentially, technology is used to mine audio conversations, including cloud contact center support calls, to turn these insights into structured metadata on your customers. If you’re wondering how your business can use this data, consider the following ideas:

1. Improve Customer Service

The main purpose of investing in a cloud contact center is to provide your customers with a superior, omnichannel service and support experience. Moreover, speech analytics can enhance your existing cloud contact center tools to help your support staff determine the reason for the call, gauge customers’ satisfaction levels, and understand the products customers routinely mention by name.

Ultimately, this can help your customer support agents find the most efficient and effective solution to solve your customers’ issues and boost their overall brand experience. Furthermore, if your support staff can stick to a script that helps them find the best solutions, you can cut down on customer frustration, fulfill customer expectations, and decrease wasted time and money.

2. Show Product Concerns

In addition to providing better customer service, your company can also use speech analytics to determine the root causes of customer concerns and complaints. According to CRM magazine, only 20 percent of customer complaints derive from issues related to their on-call experience with a support agent, whereas the remaining majority have more to do with product, process or expectation issues.

Speech analytics help detect trends and categorize problems beyond initial keyword recognition. For example, you can see if customers routinely mention an issue with a certain product or if they continue to complain about slow service.

You may also find your marketing and sales campaigns are resulting in misaligned expectations that may hurt your business in the long run. You can then use this data to address and fix common problems related to your products or services, while simultaneously improving your customers’ overall experience.

3. Identify Sales Opportunities

Speech analytics isn’t just for your customer service team. In fact, your sales team can take advantage of this technology, too. After conducting phone calls with potential leads or current customers, your sales staff can analyze any opportunities for upselling or cross-selling other products and services. For example, if a good portion of your customers experience similar problems with a certain product or service, you may want to reexamine these offerings and develop some type of customer-focused solution.

Moreover, your company may already have a related product or service that addresses common issues but that is unfamiliar to your customer base. But by uncovering trends in customer data, your sales team will be able to identify patterns in order to better target various demographics, thereby improving customers’ overall brand experience and increasing your bottom line.

Ultimately, speech analytics can help your company better understand customer wants, needs, frustrations and successes. The better you understand what your customers expect of your business, the better you can serve them — and, in the end, that should lead to more sales opportunities and a cushier bottom line.