Voice of the Customer (VoC) programs have different manifestations, depending on an organization’s deployment. At base level, VoC is the process by which your customers’ preferences and experiences are collected and then shared inside your organization. There are two prime benefits from listening to your customers:
- Retain customers you have by providing high-quality customer experience
- Attract new customers by providing products and services they need
Mine for Business Intelligence
Many VoC programs are based on customer outreach methods such as surveys and questionnaires. The success of these tools requires a willingness from the customer to share information and may necessitate multiple inquiries to each customer before a response is received, if ever. However, much useful data can also be derived from customer-initiated interactions such as calls for product support, new order placement, or billing questions. Using tools such as Speech Analytics to evaluate these calls can provide a deeper understanding of a customer’s relationship with the company. Speech Analytics can be used to mine for a wealth of information that can then be used to make business improvements. Mined content may uncover:
- Competitive information
- New features/functions in demand by the marketplace
- Opportunities to upsell/cross-sell
- Most common inquiries
- Causes of repeat contacts
- Triggers for long conversations, holds and transfers
- Sources of customer dissatisfaction
- Identification of customers most likely to leave (risk of churn)
Speech Analytics allows companies to understand the context and meaning of customer interactions, in order to determine the root cause of the call. Calls can be analyzed for certain words or phrases (i.e. “unhappy”, “dissatisfied”, “cancel”) and also for tone or inflection such as agitation, frustration, and interrupting / talking over the agent. Calls can be filtered for a specific company or product name to gain marketing intelligence about competitors and industry trends.
Analyzing repeat calls from the same customer may offer opportunities for improvement in a number of areas – perhaps the agent needs training to provide clearer instructions or better set customers’ expectations. In other cases, providing more information in the IVR could allow the caller to select a self-service option (i.e., hours of operation, directions, payment methods, etc.), reducing the need for a live interaction. On the other hand, customers may be calling as a result of a problem in another area – systematic accounting errors, or poor performance of a website.
Seize the Advantage
Analysis of calls is also used to provide feedback and quality assessment to agents in order to improve performance and enhance customer satisfaction. For example, Speech Analytics can identify long periods of silence, indicating need for additional agent training, improved knowledge base, or perhaps updates to information systems.
Progressive organizations are increasingly using business intelligence tools to gain a competitive advantage over their industry peers, and Speech Analytics is an excellent tool to gain Voice of the Customer insights. For more information on how Speech Analytics can be used to provide a competitive advantage for your organization, visit our Analytics page.