In a 2012 Gartner study it was estimated that by 2015 (which is just around the corner!), marketing budgets allocated to retaining customers and increasing loyalty through customer service would more than double.
This explains the recent explosion over the past few years of the customer experience industry, quality management programs, and other customer-focused solutions that are being developed and implemented into contact centers, call centers, and even in internal customer service operations of small to medium sized businesses.
As the growth of programs to improve relationships between companies and their customers continues, the need for automated solutions to measure and monitor these programs and their success rates becomes mandatory. It’s no longer possible to maintain a grasp of the type of experience your companies delivers by using manual monitoring techniques. So, an entire market – which has really been around for many years among enterprise-level companies – is expanding and providing affordable solutions to businesses of all sizes, which allows for strong competition and opportunity for success, and most importantly, happy customers!
Call Monitoring Solutions for All
Technology advancements in the field of call monitoring technology (more specifically the development of cloud-based speech analytics solutions) have grown tremendously over the last decade, providing companies with an enormous opportunity to leverage the content of their business calls to improve operations within many different departments including customer service, sales, marketing, operations, and compliance. Technology can more efficiently analyze thousands of phone conversations in a systematic way, so that actionable trends begin to emerge, ultimately transforming unstructured, unleveraged data (the conversations) into insights that can then be readily examined at numerous levels of the corporate infrastructure.
This new ability to efficiently access the in-depth business intelligence contained within these daily conversations provides companies a new avenue to gain direct insight into the customers’ experiences, their satisfaction levels, purchase patterns, loyalty, etc. Businesses can then in turn use this information to roll out customer experience, quality management, and improved cutomer service initiatives, all with the goal of increasing customer loyalty and company revenues.
Capture and Analyze Business Insights
Businesses without a speech analytics system in place miss opportunities to discover the critical intelligence hidden within the phone conversations they are having with their customers. Not only can speech analytics provide knowledge on overall customer satisfaction, but it can also uncover insights on a business’ products and trends in their markets, and capture the latest promotions, strategies and messages that top competitors are sending out in the market. Having this knowledge empowers a company to adjust their own campaigns, strategies and tactics to overcome the threat of competition.