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Retaining Your Customers with Speech Analytics

July 26, 2016 by Morgan Pulitzer

For the modern consumer, a subpar customer experience isn’t simply a time to get angry – it is a time to take action.  Studies show a negative experience means not only would 58% of customers not patronize that business again (with just a 20% chance of the business ever getting them back), but a staggering 93% of customers would take it a step further, posting a negative review or sharing their bad experience online, or airing their grievances about a business to people they know[1].  In fact, 49% of people would warn their friends away from the business, and if those friends warned their friends, it causes a butterfly effect that can lead to a company losing $41 billion in sales per year[1].

People’s primary annoyances when dealing with a company include not feeling appreciated, encountering rude or unhelpful reps, irritation at unknowledgeable staff, and having to speak with numerous agents about the same problem.  Fortunately, there are tools that can help mitigate these complaints.

For instance, speech analytics offers solutions in the following areas:

 

Better Agent Training

When customers call into a company with a question, they find the agents fail to adequately provide answers 50% of the time[3].  That’s 50% too often.  But with speech analytics, contact centers can quickly record and search interactions agents have with customers, allowing them to easily identify areas where agents may need some extra training.  This leads to agents finding themselves better equipped to handle a variety of situations with speed and accuracy, as well as exponentially increase customer satisfaction with every phone call they receive.

 

Understanding the Voice of the Customer

Contact center managers and supervisors are becoming more and more aware of the crucial data hidden in the conversations agents are having with their customers, contained within the voice of the customer.  Contact centers need to not only resolve the problem at hand, but also delve deeper into addressing underlying issues which may affect the company’s future success.  Speech analytics quickly scans thousands of phone calls for specific words and phrases, revealing trends and patterns that can help turn raw data into actionable insights, and provide a stronger basis for a superior customer experience.

 

Customer experience is predicted to be the prime brand differentiator for businesses by the year 2020, even more than price or product.  And while 95% of company leaders claim improved customer experience as their number one strategic priority[2], many lack the means needed to make it a reality.  But just one lost customer can spell disaster for a business.  Implementing speech analytics to prevent this from happening isn’t simply a nice idea – it’s a necessity.

 

Sources:
1. NewVoiceMedia
2. Forester – Trends 2016: The Future Of Customer Service
3. KovaCorp

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