Customer Sentiments Goldmine-Speech Analytics to boost customer satisfaction and loyalty

May 4 2021
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Customer sentiment analysis is a method of measuring the opinions of an individual or a group of people who are the brand audience. Sentiment analysis is an integral component of the speech analytics system performed through individual communication with a customer service representative. Through speech analytics, the contact center agents can monitor conversations, evaluate tone and languages, and quantify opinions, attitudes, and emotions related to your product or service. Customer sentiments mining is imperative to achieve optimal customer experience, win satisfied customers and earn their trust towards your brand.

Why do you need Speech Analytics?

Customer Understanding

Speech analytics is gaining a lot of ground amongst companies as the technology allows businesses to focus on the overall improvement of customer experience at all points of contact. It gives valuable insight into customer reactions, customer satisfaction via accurate, measurable metrics. Speech analytics arms the staff with a factual and data-driven understanding of customer’s opinions and frustration, putting them into a better position to enhance customer experience and overall loyalty.

Real-time speech analytics can help the staff react immediately in case the call goes in an undesirable direction. On-screen prompts help them navigate better and lets them incorporate this data into training sessions to help teams better recognize and react to callers.

Increase Customer Satisfaction and reduce Churning

Several speech analytics studies have emphasized the value of speech analytics in enhancing customer loyalty. The studies by the company Verint looked at the analytics of big companies in Australia and results proved that those companies that used speech and text analytics exhibited increased customer satisfaction and lower churn rates.

Speech analytics is founded on the principle that customer loyalty is only built only upon a positive engagement between the buyer and the seller. The staff can identify specific emotions of the customer and then respond appropriately through actions that drive loyal behavior. Analytics provide the information needed by the agents to deliver a successful outcome and increase the customer save rate and his lifetime value to the business.

Complete View of the Customer Journey

Measuring customer experience on a single communication channel does not give the whole picture of the customer journey. Speech analytics helps businesses to assimilate their opinions and feedback of their experience on every interaction with the brand. By analyzing the customer interactions across multiple channels and platforms, customer expectations and preferences can be accurately identified. Businesses can decipher the reasons why users are preferring one channel over another and offer them the right resources and direction to use the channel.

Why Speech Analytics is a Customer Sentiment Goldmine

Speech analytics measures customer sentiment through a sentiment model. The sentiment model follows a systematic approach.

Firstly, speech analytics helps the agents identify the positive or negative sentiments through the customer’s expressions. In the absence of both, neutral sentiment is identified.

For instance, words such as good, wonderful, and great indicate positive customer sentiment and bad, terrible, and awful indicate negative emotions. Such expressions of sentiments are caught by sophisticated models of the speech analytics software from the multitude of interactions and engagement with the customer.

Building a sentiment model is the beginning of the process. The next step is an application of the sentiment model to various parts of the interaction.

Powerful speech analytics software allows agents to construct queries and formulate solutions by putting together blocks of data that identify product references, features, and customer sentiments.

Benefits of Speech Analytics for Sentiment Analysis

Instant access to all data 100% accuracy due to thorough call analysis Coverage of a broad customer base Obtain real-time insights during the call duration Access to deeper contextual information and customer reaction Metrics for measurement across communication channels including text, voice and social media.

Conclusion

Knowlarity’s customized speech analytics system adapts to the application by inserting unique terms and detecting words automatically. Our systems cover an extensive user base, global languages and multiple channels. Our advanced technology allows companies to obtain a birds’ eye view of business data, detect customer sentiments, transcribe and analyze millions of calls to discover crucial insights that can boost customer satisfaction.

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