According to the latest market research from Technavio (a research firm), the global voice and speech analytics market is expected to grow by USD 2.17 billion during 2019-2023.
Today, various industries utilise conversational analytics, including insurance, technology, finance, and healthcare, to uncover valuable and actionable real-time information about customers to meet their needs. They are essential in helping improve the customer experience and have many benefits, but first, what exactly is it?
What is Conversational Analytics Software?
Conversational analytics software is an automated voice recognition tool used by customer contact centres to review every customer conversation. This software helps identify speaker emotion and intent by analysing audio patterns to improve customer relations and build effective customer service strategies. With a focus on human behaviour, the software is developed for the intention to track customers’ and agents’ voice patterns in call centres. It is also used in evaluating customer feedback to ensure more productive conversations.
This technology also makes it possible for call centre workers to understand and meet every customer’s needs and expectations through personalised services, enabling customer service representatives to build better rapport with customers. The benefits of this technology are immense, but let us quickly look at the major ones.
It Bridges the Communication Gap
To impact customers’ buying decisions, customer relations agents field hundreds of millions of customer calls daily. Without equipping them with the right tools needed to address customer issues promptly, this could be too much of a task for them to handle. However, using big data-based conversational analytics could help generate meaningful insights to overcome the problems faced by customer service personnel.
The software lets agents know if they are building rapport with a customer or not and will monitor speech subtleties, including long pauses, interruptions, conversation flow, vocal strain, and speedy chatter. It can analyse voice signals to determine customer engagement levels by tracking. For example, speaking fast or unusual interruption may be a sign of annoyance on the caller’s part. Also, a series of long pauses could indicate a lack of comprehension or dissatisfaction.
Companies can bridge the communication gap between customers and customer relationship agents. The software provides agents with objective guidance to enhance their productivity and value, while customers get to communicate with empathetic agents when they need help. The software helps to ensure simple and mutually understandable communication between your call centre agents and customers.
It Improves Customer Experience
The customer experience (CX) is critical to the success of any business. While good customer services could result in the growth of businesses, poor customer services could be its kiss of death. U.S. companies lose over $62 billion each year owing to poor customer service.
Continuous enhancement of customer experience is essential for companies to survive in today’s highly-competitive market. The world we live in is now more connected than ever and, as such, providing the best in customer services and experience is essential for business growth.
More companies are recognising the importance of voice recognition in improving customer experience. Today, thousands of big companies trust that type of software to study changes in their customer behaviour. It can help you to analyse audio data and pinpoint things like emotion, tone, and stress in a customer’s voice.
The software can also identify the customer’s reason for the call, satisfaction level, product or service under discussion, related topics, etc. Customer relations workers can quickly identify a customer’s needs and address any issue undermining customer service efforts.
It Promotes Customer Loyalty and Retention
Companies can rely on conversational intelligence software for identifying and reducing the number of “at-risk” customers. It can detect trends based on programmed keywords, phrases, requests, and customer emotions in real-time. The software provides valuable and actionable insights that can identify opportunities to improve overall employees’ performance and skills, resulting in better customer satisfaction.
Many companies are already leveraging conversational analytics to gather valuable customer intelligence and enhance their customer support teams’ problem-solving skills. This software allows companies that operate call centres to identify common issues that typically prompt customer calls. It helps them resolve customer issues on the first contact, shorten call handle times, and improve the delivery of products and services. If your company desires to enjoy the exciting benefits of this technology, you need to act right now.