It should be the aim of every business to continuously strive for improvement in every area, including lead and sales generation, customer experiences, and overall business growth.
However, this is not an easy target to achieve, especially consistently.
Therefore, you need to ensure you have all the necessary tools to obtain this goal. Among the vast range of different tools and strategies available, you’ll find one of the most effective you can incorporate in your business is speech analytics.
To give you a clearer understanding of this business feature, this article will explore what speech analytics is, how it works, and the many ways it can benefit your business.
What is Speech Analytics?
Speech analytics is a tool that’s often provided by expert call tracking software – such as Mediahawk, for example. It’s a feature that allows you to extensively analyze every aspect of verbal conversations and includes the collecting, structuring, and evaluating of various crucial data.
The feature usually applies to any verbal exchanges made through phone calls or virtual interactions in a business.
Speech analytics is a vital component in understanding customer behavior, establishing their journeys, and improving their experiences. Implementing this feature can result in a greater return on investment (ROI), and increased sales and lead generation.
It’s important to recognize that every customer conversation is pivotal to your business, no matter how brief and speech analytics is a tool that not only acknowledges but harnesses this information.
How Does Speech Analytics Work?
Speech analytics might operate slightly differently depending on your chosen software – which is why it’s important to choose a trusted provider – but the fundamental process involves the analyzing, recording, and transcribing of conversations.
When you receive a customer call, the speech analytics tool will record the conversation and transcribe it for you, to view at any time, even after the call. This provides the opportunity for you to evaluate phone conversations and pinpoint any important information they present.
Not only this, but speech analytics will identify and highlight any keywords spoken in the conversation. These can range from specific words which reveal a customer’s purpose for calling, or certain phrases that establish any queries or questions. This means you can very easily identify any patterns in customer calls, and their needs for calling are laid out plainly.
Speech analytics is a highly intricate and effective tool and can work wonders for every business that incorporates it into its operations.
Why Does Your Business Need Speech Analytics?
Speech analytics can bring a wide range of benefits to your business. These include, but are not limited to:
Deeper understanding of customer needs
With speech analytics, you’ll be able to identify extensive, in-depth data on every conversation, which will reveal the main needs of your customer market.
For example, by seeing the keywords mentioned in every call, you’ll be able to see any patterns in the main purposes of customer calls, as well as the key things they are looking for in your business.
This crucial information will clearly show you the needs of your customers, so that you can ensure you are adequately meeting them, and thus, establishing your business as a superior competitor in the industry.
Unique, tailored marketing campaigns
Speech analytics also allows you to improve on your marketing strategies, and create more effective touchpoints for your customers. Once you’ve identified the main needs and behaviors of your customers, you’ll possess all the information you need to create more engagement marketing touchpoints.
For instance, if speech analytics identify that your customers often have a similar, specific query, you can roll out marketing strategies aiming to address the answer boldly to your market audience.
With clearer, more directly suited marketing strategies, you’re sure to see a significant increase in your lead and sales generation.
Improving customer experiences
The conversations you have with customers are imperative to customer experiences, and you need speech analytics to ensure they are of continuously high quality.
When you’re able to record and transcribe your calls, as well as identify the nature of these calls through keywords, you’ll be able to evaluate and refine your call tactics.
You’ll be able to clearly see how well each customer is engaged in the call, and whether the outcome was satisfying to them. This will allow you to, for instance, conduct improved staff training, that will ensure every customer is engaged and addressed most effectively in every conversation.
As a result, your customer experiences will largely improve, leading to not only increased sales, but a widespread business reputation that boasts of your professionalism and expertise.
With this complete guide on speech analytics to aid you, you are now fully equipped to incorporate it into your own business, and propel your performance in every aspect.