Every company is different, but there are many reasons why all businesses with a customer-facing team – sales, customer service, etc. – should monitor customer conversations. Customer interactions are complex, full of information, and are 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 insights not only saves a company time and money, but it also provides multiple benefits, which all departments can leverage. Businesses can use call monitoring speech analytics technology to:
- Gain valuable business knowledge
- Control costs
- Reduce 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. Now every department can 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 critical business intelligence provided by speech analytics is 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. This knowledge helps businesses increase conversion rates, improve customer satisfaction levels, incentivize customers to make repeat purchases, and increase revenues. It can even help you with remote agent training.
Reduce risk: Call monitoring with speech analytics provides an affordable way to ensure script compliance with company rules and regulations during customer conversations. The ability to monitor call compliance provides a mechanism to help train and improve agent performance in these challenging situations. In addition, it ensures that you won’t risk potential liability and fines.
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.
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 automated call monitoring, your business will have the tools to:
- Optimize operational efficiencies and improve productivity
- Identify coaching and phone sales training opportunities
- Monitor script compliance among sales and customer service agents
- Quickly locate satisfied or disappointed customers
- Assess business drivers, such as promotions or advertising campaigns
- Monitor audio for competitive intelligence
These benefits are just the tip of the iceberg. Call monitoring tools, such as speech analytics, are 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.
Schedule your demo of CallFinder’s speech analytics solution to learn more!