Contents
Every single time your customers pick up the phone, you’re presented with an opportunity to unearth a goldmine of data. Speech analytics enables you to unlock it quickly and easily which will massively benefit your contact centre.
Unlocking these customer insights will have a real impact on your contact centre operations. It'll also help you understand what you need to do to increase upsell and cross-sell opportunities by refining sales scripts.
This blog takes a deep dive into speech analytics, how to use them, and the benefits for contact centres.
Make more good calls
Infinity for contact centres
Get your guide
What are speech analytics?
Before we dive into the benefits of speech analytics, let’s define what speech analytics are. Speech analytics is a solution that monitors, analyses, and extracts data from customer calls - at scale. The data is then transcribed into text, enabling contact centre leaders to quickly extract meaningful insights from every conversation.
Calls are one of the most direct engagements you’ll have with your customers and they’re a high-intent signal. For instance, did you know that calls are 10-15 times more likely to convert, and they often generate higher AOV?
So, having speech analytics as part of your tech stack means you'll get answers to questions like:
- What did the customer call about?
- Which of your products or services were they interested in?
- Did they make a payment?
- Was a competitor mentioned?
- Were they happier at the end of the call than at the beginning?
What are the benefits of speech analytics?
Now we’ve outlined what speech analytics are, let's dive into how they help contact centres level up.
1. Gain deeper customer insights
- Understand customer sentiment: Speech analytics picks up on the emotional tones in conversations. As a result, contact centre leaders can quickly pick up on where conversations are going well, and where they aren’t. This makes it quick and easy to put corrective measures in place to ensure they best possible customer service.
- Voice of the Customer (VoC): This identifies patterns in customer concerns, feedback, or preferences. This intel enables businesses to make strategic adjustments in products or services in line with what resonates most with customers.
2. Improve agent performance
- Real-time data: Because speech analytics serve up real-time call data, it’s super easy for supervisors to keep a close eye on how agents are handling calls. Think things like the greeting, the tone, and how they deal with different queries. With feedback given there and then, agents will get all the guidance they need to nail CX every time.
- Consistent quality control: Speech analytics tools with automatically monitor every single call your agents handle. Break it down by individual agent with tools like Agent Scorecards that rate the different elements of calls. This makes it quickly and easy spot specific areas of improvement and tailor training for each of your agents to get everyone firing off all cylinders.
Scorecards
For customer experience teams
Get your product guide
3. Drive more operational efficiencies
- Automation of quality assurance: Say so long to manual, time-consuming, and expensive call monitoring. Speech analytics automatically monitors every call that comes in and goes out of your contact centre. This saves you a ton of time and serves up meaningful and fully representative data to help you build a clear picture of how calls are handled.
- Call categorisation and prioritisation: Automatically tag and categorise calls based on topics or issues. These insights will help contact centre leaders and supervisors understand how to prioritise responses and reduce resolution times.
4. Nail compliance and risk management
- Ensuring compliance: Speech analytics tools are able to pick up on non-compliant language and phrases that might indicate breaches. It’ll also flag when agents aren’t sticking to scripts, so you can easily spot and nip compliance issues in the bud. This will mean agents are always on the front foot, and you can keep yourself and your business our of hot water – better still – clear of legal action.
5. Reduce costs
- Lower call handling times: By identifying frequently mentioned issues and improving agent training, you’ll be able to positively improve core contact centre metrics. Arm agents with all the information they need to efficiently handle different queries and ensure customers are always passed to the right person to reduce AHT and improve FCR. This in turn will help you drastically lower operational costs.
- Optimized resource allocation: Speech analytics will provide you with insights into peak call times. This makes it a whole load easier to understand how many agents you need manning the ground during busier periods. Ensuring you have the right number of agents available at different times of the day will massively optimise staffing and reduce wasted resources.
6. Deliver better customer experiences
- Resolve issues faster: A key source of frustration for customers is being passed from pillar to post and not getting timely resolutions to issues. Speech analytics identify common pain points on calls, which means it’s easier to arm agents with the info they need to resolve them. This in turn means they’ll always be on the front foot and will be better placed to offer seamless experiences for customers.
7. Generate more revenue
- Create more cross-selling and up-selling opportunities: Identify cues or trigger words that may signal a customer’s readiness for an upsell or cross-sell, meaning agents will be best placed to understand what customers are interested in to boost cross-sell and upsell opportunities.
- Retain more of your customers: Understand why customers may be considering leaving by analysing their feedback, call patterns, and sentiment during interactions. This enables contact centre leaders to identify common pain points, dissatisfaction triggers, and unmet needs. With this valuable information, proactive measures can be implemented to address these issues, improve customer satisfaction, and ultimately increase retention rates. By anticipating and resolving potential problems before they escalate, companies will be able to foster stronger customer loyalty and reduce churn.
What are the main use cases of speech analytics?
Every business is different and, as such, how speech analytics are used will differ depending on what you want to achieve in your contact centre. So, let’s hear from some of the businesses using Infinity’s speech analytics solution:
Access Self Storage
Access Self Storage, one of the UK’s largest and fastest growing self-storage companies, understood customer needs were continually evolving. They used Conversation Analytics to extract insights that helped them update processes, scripts, and training. This put them in prime position to quickly react to the changing needs of customers. As a result, they were able to get answers to key questions, like:
- Are there new products we need to offer or promote?
- Do existing call scripts ask the right questions?
- What new concerns are common, and how can they be addressed?
- How else could their products help customers?
Using Infinity’s suite of tools, they saw a 50% reduction in external contact centre costs, a 23% year-on-year boost in calls from offline marketing activity, and an incredible 35% year-on-year increase in converting calls.
Conversation Analytics for contact centres
Product guide
Get your product guide
Pendragon
Pendragon, a UK-based automotive dealership group, wanted to drive significant change across their business by understanding what their customers wanted.
Every day, they received thousands of calls across the network of brands and dealerships. At this scale, every improvement on these conversations is significant. But, without knowing where these calls were falling short, it was impossible to understand where improvement were needed.
Conversation Analytic helped the team at Pendragon pinpoint calls with the key terms they defined. They then used additional clarifiers like where in the call they were spoken, or their proximity to other terms, to gain a better understanding of the different types of calls they were dealing with. Within the first three months of using Conversation Analytics, they were able to get to grips with:
- How customers were finding their rebrand and what the new buyer journey looked like
- Which brands and stores were most susceptible to price sensitivity
- Which terms and conditions needed more clarification
- What led to pre-sales, post-sales, and service calls
Working with Infinity, Pendragon drove a 63% reduction in cost per acquisition, increase sales and service calls by 12%, and reduced common friction points across their major branches by 66%.
Unearth valuable insights with Conversation Analytics
A common challenge for call centres is the ability to extract customer insights from each and every phone call at scale. Infinity’s Speech analytics suite, Conversation Analytics, makes this a problem of the past. Surface hidden insights, highlight topics and keywords, and analyse sentiment in every call. Start leveraging your call data to gain actionable insights, uncover the best calls to use for training, rapidly upskill your teams and decrease average handling time, all while increasing conversion rates and ensuring your customers are truly satisfied.
Ready to unlock real audience insight at scale?
Discover how our call intelligence will help you
Book a demo
Related posts
Categories: All Digital Marketing Interviews Marketing News PPC
