Without a solution in place to capture, scan and analyze data, businesses are often in the dark about what their customers want and need, and how their competitors and local markets are communicating to consumers. As we’ve been covering in recent articles, businesses face many common challenges when it comes to differentiating themselves, while simultaneously meeting customer demands and satisfaction levels.
Common business challenges include:
1. Improve Customer Satisfaction
2. Optimize Internal Processes and Cost Saving Opportunities
3. Collect Competitive and Market Intelligence…these first three topics we covered previously…
4. Measure Marketing Effectiveness
5. Mitigate Causes of Attrition
6. Build and Confirm Customer Data
7. Ensure Script Compliance
Businesses can measure the success and effectiveness of their marketing strategies by listening to the voices of the customers using a cloud-based call recording solution. In doing so, businesses gain a wealth of knowledge to better understand their position in the market, and also understand customer preferences. With speech analytics, searches can track the performances of marketing campaigns, promotions and key messages. Calls can be categorized not only by business unit, but also get as granular as specific products and services, brands, marketing campaigns and competitor mentions. Speech analytics can help a marketing department and its respective agency partners measure campaign effectiveness based on direct customer feedback, measure brand awareness, identify successful promotions and home in on customer preferences. All of this data and knowledge will improve the effectiveness of the marketing and in turn, grow the business.
As for mitigating causes of attrition, implementing recording, search, and analysis technology to quickly search audio for common key phrases that go hand-in-hand with a successful sale also gives a business the ability to identify common objections and reasons associated with customers wishing to cancel a service or purchase. This knowledge provides clear insights to justify a shift in marketing strategy, key messaging, and changes that may be necessary to training and support programs. In turn, customer service and sales agents are empowered with the responses to reduce the likelihood of cancellations, thus saving the company revenue.