What is the most critical factor in brand profitability?
We think it’s the loyalty expressed by your customers.
Customer satisfaction is a very fluid measure, easily impacted by the most recent experience with your contact centre. Proactive analysis and strategies for handling dissatisfaction will help keep it from becoming systemic.
But, how well do you know your customers?
How do you find the true Voice of the Customer?
Some companies pay millions to get to know their customers. These campaigns take many forms, from customer satisfaction surveys and NPS to product tests in focus groups, but their overall goal is the same; to provide market intelligence and customer insight with which to help make strategic business decisions.
Speech analytics is disrupting these old methods by providing customer insight that is both more quantifiable and lower in cost. If you record your calls, you have access to millions of hours of rich audio data that is just waiting to be unlocked. Because this data is gathered from actual customer interactions, rather than from a customer’s recollection of the interaction at a later date, the data is more likely to be in context and obviously less subjective than opinion polls and surveys that are traditionally used.
Speech analytics mops the floor with Market Intelligence
Speech analytics provides many benefits when compared to traditional market research particularly when it comes to the Voice of the Customer:
- It is more quantitative. No random sampling here, speech analytics can apply a phonetic search across 100% of your call recordings, and it’s verifiable!
- Insight now, not yesterday. Traditional research doesn’t happen overnight, it takes time, when you get the data it can be months old. Where is the agility in that? Speech analytics usually run a daily report, but you also get the benefit using historical data to examine trends.
- You get the true Voice of the Customer. Data is captured from real customer interactions, instead of a customer’s recollection of the interaction at a later date. Say goodbye to confirmation bias.
At KnowledgeSpace, we know speech analytics is at the digital frontier and new territory can be intimidating. In fact we talk about Managed Speech Analytics vs an In-house solution right here.
Also check out the many other reasons businesses are adopting speech analytics