Every business strives to understand their customers. Contact centers have been slowly changing their focus from their products or services to their customers.
This approach that prioritizes customer intelligence helps businesses to make strategic decisions backed by accurate data.
It’s the need of the hour to understand customer needs. While contact centers have strived to meet the expectations of their customers, it doesn’t stop there today.
The focus on a customer now strives to understand their perception of a brand, their needs and their preferences. Apart from insights into customer perception of your business, it has also become important to understand how customers perceive your competition.
Despite the importance of these insights, it’s become difficult to access. With conversations happening every minute, these insights are buried too deep.
Leveraging the power of technology has given birth to conversation analytics – the game changer for customer insights. The never-ending struggle of accessing valuable customer insights (Voice of the customer) from these innumerable conversations is now made seamless.
Before we look at conversation analytics, let’s understand what conversation intelligence is.
What is Conversation Intelligence?
Conversation intelligence refers to gaining insights from agent-customer interactions.
These insights look at a customer’s satisfaction levels, perception about the brand’s service and even understand how customers perceive their competition. The benefits of conversation intelligence can be found in both sales and support use cases.
Implementing a manual approach to conversation intelligence is as difficult as finding a needle in a haystack. The biggest problem with manually accessing these insights is the amount of time and resources invested in analyzing each customer interaction.
Software powered with conversation analytics is a much more efficient way to go about customer intelligence. Let’s look at what is conversation analytics.
What is Conversation Analytics?
Conversation analytics analyzes conversations and finds insights into customer behavior. This can be implemented in chats, phone calls, and even messages.
Imagine you call a cab service because you have a problem. Tools with conversation analytics evaluate the call to understand your emotions.
After your call, the company will get a detailed report with the following information:
- Why did you call the company
- How did the agent resolve your problem
- How you perceive the cab service provided by the company
- How do you perceive the service provided by competitors
- Your level of satisfaction after the call
This analysis is done on the basis of the words you use, your tone, and other nuances in speech.
These tools comb conversations to detect patterns in customer behavior. If a significant amount of customers mention that cabs are taking a long time to reach, the company is notified about a problem that needs to be fixed.
How do these tools work?
How Do Conversation Analytics Tools Work?
Conversation analytics tools work like a detective on an investigation. The tool tries to identify patterns by evaluating a lot of conversations.
Here’s a simple breakdown of how these tools work.
- Listen to conversations: Conversation analytics is present as a silent listener in every customer conversation, be it a chat, phone call, or message. With the help of speech analytics software, every voice gets transcribed.
- Conversation analysis: Conversation analytics analyze the conversation by focusing on the tones and words used by people in the conversation. It figures out the emotion being present in the conversation and notes it down.
- Pattern identification: When a lot of customers mention the same concern, like refund issues, the tool identifies the pattern and informs the company.
- Keyword analysis: Conversation analytic tools identify what keywords are being mentioned by different customers. When customers keep on mentioning that they’re satisfied with the support, the tools inform the company about this.
- Help businesses: The tool observes the problems faced by customers as well as what they want. This information is then passed on to the company so they can improve and fix relevant issues.
- Increased accuracy: The tool gets accurate over time. When a lot of conversations are evaluated, it gets better with more data to rely on.
Why is Conversation Analytics Software Important?
The insights obtained from conversation analytics software have many uses. Let’s look at a few of them.
Improve Operational Efficiency
Conversation analytics tools help companies save money and time by automatically going through every customer interaction.
When a team is assigned to find these insights, a lot of resources are used to obtain a limited output. Instead of manually evaluating each conversation, these tools do it in a swift manner.
These tools find data from the complete pool of conversations without any biases that might happen by evaluating a limited number of conversations.
Understand Your Customers
Conversation analytics is the next best thing for businesses to read their customer’s minds.
It becomes easier to understand what customers like and dislike about their offerings. Businesses can also understand what their customers need.
Such insights can help businesses to make better decisions while creating new products or services.
Competitor Insights
Conversation analytics helps businesses to get more insights on their competitors.
These tools identify how customers perceive their competition. This helps businesses to provide a better service and strengthen their strategies to stay ahead.
Trend Analysis
Conversation analytics helps businesses identify winning strategies. By analyzing all these agent-customer interactions, these tools are able to identify and predict trends.
Businesses can change their strategies accordingly and work towards increasing customer satisfaction.
Personalized Marketing
These tools help businesses understand each customer’s interest. These insights can be used to create tailored ads for different customer segments.
How to Use Conversation Analytics Tools to Improve Customer Intelligence?
Conversation analytics tools help businesses to decipher and understand their customers. Every conversation is transformed into meaningful and usable insights.
By identifying trends in customer behavior and sentiment, businesses can make better decisions to keep their customers happy. This is an invaluable superpower in the digital omnichannel contact center space.
This is the right time for any organization to invest in call software with conversation intelligence. Every contact center needs the right tools to serve its customers better.
So what are you waiting for? Find the right conversation intelligence tool for your contact center.
