Customer loyalty is a hard-earned asset for every company. In addition to consistently choosing your brand over rivals, loyal customers will positively promote your company and become brand ambassadors. They would encourage your company with excitement and bring in additional customers.
According to Forest Research, acquiring a new customer is five times more expensive than keeping an old one. Therefore, building memorable customer journeys and keeping customers is the key for organizations hoping to prosper over the long run.
What is Customer Retention?
Several strategies are used to keep customers over the long term and convert them into devoted customers through customer retention. The ultimate objective is to increase first-time customers’ lifetime value and turn them into recurring customers.
In this blog, we’ll discuss the top 5 ways to increase customer retention with the use of speech analytics.
Top 5 ways to increase customer retention with the use of speech analytics.
Due to the wealth of customer insight that the contact centre holds, many now see it as the centre of the customer experience.
However, how can we use such insights to enhance the client experience?
Let’s respond to this query using the five crucial methods listed below from the viewpoint of a contact center with an analytics system.
- Identify customers that are likely to leave and encourage them to stay with you
Interaction analytics can pinpoint both the underlying reasons why customers are unsatisfied and how agents respond to these problems. To best address these possible churn reasons, organisations can create programmes, processes, and agent training that will increase customer happiness and retention.
Using the same data analysis, it is possible to pinpoint the strategies that have the most potential for retaining customers. By giving agents the knowledge they need to produce a successful outcome, real-time analytics can help you increase your customer save rate at your contact center.
For instance, the agent may be informed to propose a solution linked to loyalty if the analytics uncover terms or phrases linked to churn. This may greatly raise a customer’s lifetime value. By obviating the need for follow-up calls, it can also lower the cost of providing service.
- For a complete understanding of the customer journey, ensure you have an omnichannel view.
The customer journey must be fully understood in order to measure the customer experience across several channels. Every time they connect with you, your customers provide you with frank advice and comments regarding their experiences.
Most businesses simply don’t pay attention. You may determine customer expectations for response times and channel preferences if you monitor every customer interaction across all channels using a single analytics platform. You may learn the motivations behind each channel’s utilization by analyzing every conversation. The appropriate resources can then be made available to address those demands. Additionally, you can direct them so that they use the appropriate channel at the appropriate moment.
- Use both prompted and unprompted feedback to get a complete before, during, and after image of the customer’s experience.
For quality assurance objectives, the majority of businesses record customer calls as well as other channel interactions. However, they fail to recognize the profound insight that the same data could offer to improve interactions between customers and agents.
In actuality, approximately 1% to 3% of calls received by most organisations each month are actually listened to. However, the same companies most likely have a specific programme to collect consumer feedback that has been requested, such as survey or review websites.
There is no denying that survey responses can offer insightful information about the consumer experience. The information provided by NPS and C-SAT scores is well-structured and simple to use. But because this is always recorded after the fact, sometimes days or weeks later, it is challenging to make modifications rapidly.
Another problem is that when survey participants forget precisely what transpired or how they felt during their chat, context and content might occasionally be lost.
You may gain the knowledge you need to enhance the client experience if you analyse every single conversation. You will have the actual Voice of the Customer if you combine this unrequested data with your requested comments (VOC).
The genuine Voice of the Employee (VOE) will also be available to you, and you will be able to see how your front-line staff members portray your brand. This knowledge is crucial for enhancing customer experience management
- Transform negative feelings into positive ones by displaying empathy and using your agents.
Speech analytics from MattsenKumar can recognize words, sentences, and acoustic characteristics that indicate whether a consumer is dissatisfied. Additionally, they are able to pinpoint calls that don’t result in beneficial outcomes and those that set off negative reactions
The opposite is, fortunately, also accurate. The words, sentences, and tones that elicit a favorable response can be found using MK’s Speech analytics.
Agents can adapt their language and delivery based on consumer behavior once they have this knowledge.
It will be easy to apply best practices and reinforce great behaviour across the entire team by giving managers and employees access to post-call analysis.
You can go one step further with real-time analytics and spot when a call is going south and alert the agent to change tone and language in order to save the call and provide a better client experience.
- Consider making “active listening” one of your brand’s core values.
The best thing to do if you truly want to provide a memorable experience is to pay attention to your consumers. You can calculate a listening or “empathy” score to evaluate each agent’s listening skills using Speech analytics. Then, you can use leaderboards to make the emphasis on listening more fun by including this on each agent’s own scorecard.
You may use real-time data to direct your agents so they actively listen during every conversation, which will boost the likelihood of success.
For many sectors, increasing customer experience and compliance have been significantly impacted by speech analytics. To keep up with your competitors, it’s also time to adopt speech analytics. And fortunately for you, we have SmartSpeech.io, a tool for speech analysis.
To identify ongoing development and call quality enrichment opportunities with every customer engagement, start using smart speech.io right away. You can contact us by email at email@example.com or by phone a +1 888 749 4877.
FAQs About Speech Analytics
Below are some speech analytics-related questions and their answers.
What goals does your company have in mind for a speech analytics solution?
The logical place to begin when assessing speech analytics software is here. An on-premise corporate solution that enables thorough analysis may be worth considering if your large organization receives many calls.
A desktop solution with primary call classification and more flexibility in how and when it’s utilized may be more acceptable for smaller firms with fewer resources.
What Types of Companies Can Benefit From Speech Analytics?
★ Speech analytics can be helpful in almost any industry that deals with consumer interaction over the phone, including the automobile, real estate, and retail industries.
★ Given their legal compliance requirements for keeping and accessing client data, the healthcare and financial services industries stand to gain significantly.
★ Additionally, they require the fastest possible notification of customer data or regulatory infractions, which speech analytics systems excel at delivering.
Can a single view of the customer be created using the speech analytics platform?
Multi-channel analytics are becoming increasingly important for delivering a consistent customer experience as customers depend more on newer communication channels (such as social media, email, live chat, and surveys) in addition to phone calls.