The Challenge

The knowledge an organization captures on competitor pricing and services allows them to adjust pricing models to maintain consistency with competitor and industry standards. The usual competitive analysis is fairly useful in the area of customer retention and churn – understand why your customers are leaving you to sign up with your competitors.

In reverse, it is even more critical to understand what is making customers unhappy about their existing service provider, to know what you need to improve in your products and services, and in turn improve the top line.

 

Approach

MK team decided to carry out the same analysis on one of our Media clients (using Speech Analytics), but with a twist. One benefit Speech Analytics brings to the table is the extreme flexibility in terms of defining hypotheses and then testing them in real-world scenarios. With that flexibility and power, we decided to find out why customers are unhappy

 

Findings

Top drivers came out to be “High monthly bills” and “Technical Issues”. The conclusions also tell us why customers “want” to buy their services vs. the competitors’. This gave an excellent opportunity for business owners to potentially shift market strategies and product promotions, giving them a competitive edge.

Any need to modify sales scripts and offer presentation strategies can also be made using such results

Businesses without a speech analytics system in place, miss opportunities to discover the critical intelligence hidden within the phone conversations they are having with their customers.

MK’s SmartSpeech is a blazingly fast, highly accurate, and cost-efficient Speech Analytics solution. This solution assures key business intelligence from a much larger sampling of conversations and actionable insights needed to improve customer experience, sales performance and ensure compliance.

 

About MK Analytics:

MK Analytics (Part of MattsenKumar (MK) founded in 2010, a full suite BPO services company) offers in-depth consulting, social media analytics, and speech. They have over a decade of experience in delivering next-generation analytical solutions. The MK Analytics team comprises Six Sigma, Lean, and PMP professionals who deliver best-in-class assessments, findings, and recommendations. MK Analytics’ consulting solution enables clients to engage us across a wide array of initiatives with a definitive ROI for all projects undertaken. With SmartSpeech, MK Analytics provides a customized solution to clients across industries and verticals. Their SmartSpeech Technology is powered by Voci’s proprietary HyperVox™ hardware-accelerated speech recognition technology, with highly accurate output that can then be further analyzed to customized client needs. Services range from voice data solutions for customer experience, call center operations, and transcriptions are guaranteed accurate out of the box, to give companies an all-in-one research platform.