How Brands Can Leverage Customer Sentiment With Speech Analytics To Boost Revenues

Customer Sentiment With Speech Analytics To Boost Revenues

Even today, most customers prefer speaking to a human representative than dealing with any automated system. However, regardless of this fact, contact centers do play a crucial role in formulating customer retention strategies and boosting the revenue prospects of a firm. At the call center data, you shall find valuable insights about up-sell opportunities, customer satisfaction, competitive intelligence, and more.

Speech analysis is crucial to understanding the customer feedback given on the calls at a contact center. A speech analytics software essentially works by identifying trends on the basis of programmed phrases and keywords, as well as variations in emotions, silences, and pitch. It helps in delivering a comprehensive picture of what the customers might think about your service or product. If used smartly and effectively, this technology can go a long way in enabling you to understand the pain points of your target audience, make improvements on that basis, so as to ultimately boost sales and revenue.

Conversely, the sentiment analysis feature of speech analytics basically studies the tone and pitch of the voice of a customer, as well as the distinctively expressed emotions like sadness, fear, happiness, and anger. Owing to this, the software can aid people to identify trends in the diction and emotive language used by your customers. Hence, by using these insights, you flag the callers that are more likely to discontinue doing business with you, and also identify the ones who might be interested in doing more business with you.

Identifying cross and up-sell opportunities

Brands can leverage customer sentiment with speech analytics to mine call data for further discussions about quality, price, service, locations, and so on. By carefully listening to your customers and learning from them in this manner, it will become easier for you to identify what they actually want, subsequently providing you with a superior chance of exceeding their collective needs and requirements.

For example, a customer calls up your sales team to ask for an add-on, and while you may not have an offer at that moment, you can easily introduce one. In case this turns out to be a repeated request, then speech analytics can aid you to swiftly recognize such potential up-sell and cross-sell opportunities, thereby providing customers what they actually desire, and ultimately increasing your sales and revenue.

Enhancing first call resolution rates

Customer relationships work like most of the other positive human relationships and are built on the element of mutual understanding and trust, much like them. This is among the core reasons why being passed around; various agents make customers so annoyed and angry. By choosing to implement a competent call monitoring strategy, you can develop more profitable and better relationships with the customers, while being equipped with the tools needed to answer customer queries the first time around.

Speech analytics additionally aids in eradicating the core aspects of customer dissatisfaction by revealing their pain points and underlining the reasons why people are not happy with your service or product. As a result of this, inquiries get resolved swiftly, and small issues do not end up intensifying to become bigger problems. Ideally, when customers feel listened to and valued, attrition rates automatically go down, and the chances of them making purchases from your business increases, thereby increasing your revenue opportunities as well.

Understanding competitive challenges

A good call monitoring strategy shall also enable you to gain better visibility over prime customer interactions, thereby facilitating improved market insight and sales. Right from improving marketing campaigns to identifying the rival products magnetizing your customers, speech analytics can be quite effective in enabling you to reinforce customer loyalty.

Vocal data is extremely valuable for companies to learn from their customer’s first-hand and use the insights proactively to increase sales. The Programmable Speech Analytics platform developed by Knowlarity can especially be effective in providing companies with valuable insights to facilitate their sales process and boost revenue opportunities. Through this platform, one can even create and identify new customer segments based on past conversations to enhance personalized experiences and expand their reach.

 

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