As the end of 2021 approaches, it’s time for companies to assess their strategies over the past year. Business leaders are digging deep to determine what worked, and what didn’t work. And they will go to great lengths to find every new opportunity for growth in 2022.
Whether you run a call center with specific revenue goals, or you’re a savvy business owner looking for cost-effective sales performance solutions, there are many ways to impact revenue with the right tools. In this post, we’ll show you how speech analytics software can have a favorable impact on your 2022 revenue forecast.
Why Speech Analytics?
Many industry insiders consider speech analytics to be one of the most important developments in call center operations in the past couple of decades. Here at CallFinder, we believe that a fully-automated speech analytics solution is a must-have for any call center or business, particularly in 2022.
The evolution of the remote worker and a heightened awareness of the customer experience in 2020 created new challenges for businesses last year. And a new sense of urgency. Moving forward, companies must think outside the box to keep up with the competition.
Convert Call Data Into Revenue Opportunities
One way to think outside the box is to look inside your call center. And we don’t mean with manual call monitoring. You will never see bottom-line revenue growth using manual QA. Here’s why: Within call centers lacking automated QA technology, it is estimated that over 90% of all customer communication is unstructured.
This means that any actionable data available to you through call recordings goes to waste. An automated speech analytics solution analyzes this data in search of emerging patterns. This “structured” data can then be readily examined at numerous levels of the corporate infrastructure to increase overall efficiency, reduce costly turnover, and so many more outcomes that we can’t possibly cover in one post. For now, let’s get back to revenue.
Incremental Revenue Growth
With speech analytics software, you can pinpoint up-sell opportunities to improve revenue growth over longer periods of time. Or you can use it to improve cross-selling techniques. Some companies use this technology to identify ideas for new or improved products. You can even enhance marketing strategies by identifying the top channels that customers use to purchase products.
Proving that you can grow revenue through your call center can save jobs as well. Call centers that develop strategies for increasing revenue are in a stronger position to justify their existence. This is especially true for centers under pressure to reduce the increasing operational costs that many companies face.
Cost Saving Opportunities
Cost reduction isn’t just about reducing overhead. Reducing churn can have a huge impact on your bottom-line revenue. Here are a few ways speech analytics solutions help cut down on costs, and churn:
- Improve customer retention by identifying reasons for account closures
- Quickly diagnose emerging customer concerns to proactively prevent churn
- Pinpoint reasons for poor conversion rates and cut back on wasted marketing spend
- Analyze agent performance to engage call center staff and reduce costly turnover
You’ll also save time with automated QA, which leaves managers with more time for coaching agents on sales techniques and improving conversion rates. Ultimately, your call center is more likely to survive if you can cut costs on top of revenue growth.
ROI & Time to Value
Generally speaking, the return on investment for most call center software is often measured in years. However, advanced speech analytics can offer an ROI in a matter of weeks! With an in-depth analysis of customer interactions and immediate access to endless insights, you can improve all areas of the business to get your ROI. For more information on speech analytics and ROI, check out True Facts About the ROI on Speech Analtyics.
Additionally, an automated speech analytics solution accelerates the Time to Value (TTV), which is best explained using this infographic. With that said, speech analytics software alone cannot provide a fast TTV. Only an MSaaS provider offers a constant supply of advice and feedback to guarantee continued value from your investment.
See What CallFinder’s Speech Analytics Can Do For Your Business
Ready to learn more? See how CallFinder’s speech analytics solution can help you reach your revenue goals in 2022. Schedule a 15-minute demo of the CallFinder solution today!