You may think you are listening well, but many businesses are missing at least half of what their customers are saying.
Do you know what your customers really think about your business, services, products and processes? How can you capture this information and more importantly, use it to grow and improve the business.
One tool that is incredibly useful is Speech Analytics – that is the process of analysing recorded calls to gather information, which can then be used to make improvements throughout the business. Speech Analytics not only looks at the topics discussed, but it can also examine the emotions expressed on a call, the tones of voice and the amount of time a customer is kept on hold during a call.
What does all of this mean for your business?
In a nutshell: this information can be used to enable better collaboration across departments which will in turn positively impact the business’s bottom line. Such as:
- Improving the customer experience
- streamlining processes
- increasing contact centre efficiency
- discovering issues with products and process
- uncovering operational problems
- providing valuable information to build business strategy
- to reveal valuable contact centre performance information
To do all of this you need to translate the information gathered into measurable business metrics. Customer metrics that every manager should understand include:
- Net Promotor Score (NPS) — How likely a customer is to recommend you
- Customer Profitability Score — Cost of attracting customer minus the amount they spend
- Customer Retention Rate — Its far more cost effective to keep existing customers coming back, than it is to attract new ones
- Conversion Rate — How much of the interest you attract actually converts into paying customers
- Relative Market Share — How big your slice of the market is compared to your competitors
Translating these measurements into improvements, however, takes analytics and metrics one step further, a step many companies find difficult to implement. Gathering this valuable customer sentiment either via Speech Analytics and/or Surveying tools and methods is actually the easy part.
IP Integration offers contact analytics as a service which enables companies to access fast, on-demand speech, text and social media analytics with no licence costs or initial skills investment, enabling an organisation to quickly act on what matters, for sustained business optimisation.
Experienced Consultants can analyse recorded and digitised content from customers, monitor quality assurance and manage input while mitigating risk. Using captured customer data, any issues and problem areas can quickly be identified and addressed, and improvements can be recommended to deliver a great customer experience.
If you would like your business to stop just hearing and really start listening to your customers, enabling you to make your business decisions faster and more intelligently – talk to us, we can help you meet your goals.