Speech Analytics at a glance
This article provides insight into how Speech Analytics can leverage upsell and cross-sell as well as how startups, specifically dealing in customer care services can use this technology and reap a number of benefits. Also, it explains the need for speech analytics in our digital lives, what it does for businesses, and how it could be integrated into other industries.
Speech analytics is a technology that makes possible real-time detection of key elements on your website and the recording of customer interactions with those elements. It helps companies understand the effectiveness of their marketing campaigns by identifying when customers are listening to or watching something on their side. The data from these recordings are helpful in understanding when customers may have an interest in other products or services provided by a company so they can cross-sell products more effectively.
Speech Analytics turns customer’s interactions around
In the past, companies had to rely on recording customer interactions manually which was time-consuming and expensive. Problems with these recordings included recording multiple conversations in an area at one time, as well as the audio quality of these recordings being poor. Added to this difficulty includes identifying specific key aspects of an interaction that were meaningful and you could see why companies were challenged by providing upsells and cross sells on their website.
There was also a lack of information about what customers said or did when they interacted with their website. Companies were able to gather information through customer surveys but those results needed interpretation before being used for upsell or cross sell. Surveys were still the main way companies built their customer knowledge base and used that data to upsell.
Mechanism
Speech Analytics combines the benefits of key performance indicators with the customers’ actual speech to provide insight into customer interactions with a company’s products Or services. This insight is crucial in helping companies make better decisions in regard to upsell and cross sell by understanding when customers have an interest in other products or services provided by a company.
A text analytics platform can be defined as a service that provides real-time analysis of text input based on predetermined rules or algorithms. Speech Analytics is essentially the same except they use audio input rather than written text input. Speech analytics software provides the same information on speech as a text analytics platform.
From there the data can be used to help increase upsells in percentage points, while also identifying cross-sales opportunities, by determining whether customers may have an interest in other products or services provided by a company through a cross sell strategy.
For example, you could use the data to identify when a customer is trying to leave your website and how far into their shopping basket they are. You could then use this information to offer them an incentivized upsell which would encourage them to continue with their purchase and complete it, increasing your chances of a positive online experience.
By acquiring knowledge of the exact feelings of customers regarding different services provided, companies can improve those services and make them more efficient. This mounts up the level of satisfaction as well as sales in both premium and non-premium products or services.
Here is what speech analytics can effectively do for a business:
- Speech analytics can put contact center agents on guard for cross-selling/upselling opportunities by detecting the enhanced frequency of customer orders for specific products, or occurrences in customer complaints.
- Speech analytics software can enhance revenue when employed in a proactive and non-intrusive manner. The technology can be used to flag upsell opportunities, which are then left to the agent to handle in an appropriate manner.
- Speech analytics can be employed as a predictive tool to see how consumers are likely to react before they actually do react. The system can also use voice biometrics and vocabulary mining capabilities to assess customer sentiment toward products and services being delivered.
- Speech analytics can be employed in the service industry to resolve how satisfied customers are, which would then be used to refer customers to other areas of the business for improvement.
- Speech analytics can also enhance the interactivity between a customer and a company by monitoring and quantifying various patterns of interaction such as speech, tone, and gestures.
- The ability to track customers’ specific requests is an important factor, as it lets businesses plan their activities based on customer needs instead of responding especially every time they have a request. This is possible because speech analytics allows businesses to identify each individual’s habits and preferences over time.
- Speech analytics can be used to identify the nature of the problem experienced by a customer; this information is useful in understanding how a problem was resolved and how well the resolution was.
On a Final Note
There are two ways consumers interact with speech analytics: by hearing their name or keyword, or by being a witness to a conversation between two other people. Although the first method is more direct, it might not always be effective as it could seem invasive and disruptive to consumers. In contrast, the second method allows consumers to discover what is being said about them without compromising their privacy. This discourages them from being put off by marketers, as they listen in on irrelevant conversations about themselves.
As a business enterprise, once you become familiar with the needs and preferences of your customers clearly, you will not have the point of selling a single service/product in mind but you will tend to be selling multiple services/products.
In fact, a state-of-the-art speech analytics software tool, for example, SmartSpeech can help you discover and create a variety of unprecedented cross-selling and up-selling opportunities. SmartSpeech is an ultimate and innovative Speech Analytics Software designed for businesses striving to achieve their across-the-board goals, for example, enhanced visibility, enhanced customer allegiance, enhanced revenues, etc. successfully. Visit https://www.smartspeech.io/ for more information.
