Every company is different, but there are many reasons why all businesses with a customer-facing team – sales, customer service, etc. – should be monitoring the conversations they are having with their customers. Customer conversations are complex, full of information, and can be a crucial resource for evaluating company performance, assessing marketing and communication strategies, and improving the overall bottom line.
Using a call monitoring tool to scan call recordings for bits and pieces of conversations not only saves a company time and money, but also provides multiple benefits, which all departments can leverage. Businesses can use call monitoring speech analytics technology to:
- Gain flexible, scalable business knowledge
- Control costs
- Diminish risk
- Increase revenue
Gain business knowledge: The ability to perform call monitoring through keyword searches on customer conversations is opening a new and much less expensive method for companies to gain business and competitor intelligence, and do so with data that is more quantifiable and timely. Companies that use speech analytics software to record their calls can mine hours of customer conversations in mere minutes to gather data that can supplement, or even replace, more expensive traditional market research tactics. The call data and critical business intelligence provided by speech analytics is becoming an important component of how companies gather and act on their market intelligence.
Control costs: Call quality monitoring tells you which agents need further training on call handling procedures, knowledge that will help a business increase conversion rates, improve customer satisfaction levels, incent customers to make repeat purchases and increase revenues.
Diminish risk: Call monitoring with speech analytics provides an affordable way to ensure that agents are compliant with company rules and regulations while in conversations with your customers. The ability to monitor call compliance insures against potential liability and provides a mechanism to help train and improve agent performance in these challenging situations. For example, a compliance officer can monitor calls to ensure that vital information is shared with the customer, preventing disputes. They can verify agent delivery of essential statements within the conversation and make sure that the company is maintaining compliance with laws and regulations on every call.
Enhance revenue: By searching for keywords within call recordings, a business can extrapolate information from every relevant customer conversation. For example, the marketing team can analyze market response to a particular product or campaign by searching across all call recordings where that product name is mentioned. The data gathered supports decisions to adjust campaigns to optimize revenue.
With a call monitoring application in place a business will have the tools to:
- Optimize operational efficiencies and improve productivity
- Identify coaching and phone sales training opportunities
- Monitor script compliance by sales and customer service staffs
- Quickly locate satisfied or disappointed customers
- Assess business drivers, like promotions or advertising campaigns
- Monitor audio for competitive intelligence
These benefits and access to knowledge is just the tip of the iceberg – it’s critical to survival. Call monitoring tools like speech analytics and call recording is driving the future of customer interactions and will play a critical role in a company’s ability to communicate with and serve the needs of their customers.