Making every interaction count
Typically, Speech Analytics are used to identify the determinants of key issues impacting the contact centre or to provide answers to specific questions that may be posed about contact centre operations. These often include:
- Who is contacting your organisation
- Why they are contacting you
- How successful the interactions are
- Monitoring and measurement of internal governance
- Monitoring and measurement of regulatory compliance
- Up-sell/cross-sell performance measurement and analysis
- Identifying broken processes impacting costs and performance
- Determining key factors affecting First Call Resolution (FCR)
Once you’ve gathered all of this valuable customer sentiment either via Speech Analytics or Surveying tools and methods – or a combination of the two – it will be time to translate it into measurable business metrics, to ensure that you can keep delivering improvements. Common customer metrics include:
- Net Promoter Score (NPS) Put simply, this is a measure of how likely a customer is to recommend your business to their friends. A business needs loyal, returning customers in order to grow – they represent your most effective and cost-efficient form of advertising.
- Customer Profitability Score Attracting a customer, persuading them that you can meet their needs, and converting them into a paying client all takes an investment of time and money. By subtracting the cost of attracting that customer from the amount of money they hand over, you have their customer profitability score.
- Customer Retention Rate Once you’ve spent the money and put in the hard work to attract a customer, it’s self-evident that it is more profitable to sell to them more than once. Keeping current customers happy is a cheaper way of maintaining the healthy turnover and profitability of a business, rather than constantly needing to draw in new ones. Understanding which of your customers are the most loyal means you can target your marketing and customer support efforts where they matter.
- Conversion Rate Most businesses spend a lot of money on attracting and converting customers, so it makes sense that these operations run as efficiently as possible. To understand how effective your business’s marketing efforts are, you need to know how your enquiries, web page visits and sales calls translate into attracting paying customers.
- Relative Market Share In simple terms, this is how big your slice of the pie is, compared to your biggest competitors. If your objective is to become the biggest player in your game, you need to know where you stand in relation to the competition.