Speech analytics technology was once a luxury that only the largest organizations with the biggest budgets could afford. However, due to technological advances, speech analytics is now accessible to businesses of all sizes. This is largely due to the shift towards the cloud. Whereas smaller companies can’t afford an on-premise solution that requires software and hardware installation within the system network (once a necessary component of speech analytics implementation), they can afford a cloud-based solution that draws on fewer, if any, resources from the IT department.
Today’s SMB can now enjoy the many benefits of speech analytics software, including:
Affordable market research
For the SMB, hiring a market research firm typically isn’t a possibility because it requires a hefty investment. However, the marketing team needs data to work with in order to do their jobs efficiently and develop campaigns that will resonate with target audience members. What’s great about speech analytics software is that it provides call data immediately after a call completes. Instead of waiting days, weeks, or months to receive market research data using other methods, voice of the customer data is in decision makers’ hands quickly using speech analytics. Marketers can mine calls and search for specific keywords within those calls in order to monitor existing marketing campaign performance. They can also gain insights into the specific needs of customers in order to create new campaigns that address those needs.
Improved customer experience
Call center recording technology is nothing new. Call centers have been recording calls for decades. However, many call centers still take an outdated approach towards utilizing this information. It’s common for only a sample of calls to be manually reviewed. This means that the data that’s hidden inside of the calls that aren’t reviewed is essentially going to waste. That’s a lot of customer data to miss out on! Using speech analytics technology, a company can mine ALL calls for important keywords, not just a small sampling of calls. Reports are delivered in a timely fashion and the calls that contain specific keywords can be further investigated, allowing a company to optimize its performance in certain areas in order to improve the customer experience.
While it’s important to bring in new business, creating loyal customers that will come back again and again is key to business success. Implementing speech analytics technology provides an SMB with a wealth of voice of the customer data. As long as that data is properly mined, analyzed, and used to improve business processes, it will improve the overall customer experience which will increase customer retention and loyalty.