Using speech analytics to improve customer loyalty
Posted by Luke Turnbull
April 13, 2016
The fact that you are a living, breathing, individual means you have a unique, human-shaped imprint. Be it radiation, the endless trail of dead skin cells, or your infinitesimal gravitational field, you’re leaving a mark that can potentially be reduced to a unit of data and analysed. Enter the human voice: each chortle and hum that emanates from a customer’s vocal chord is unique. This is especially apparent when their voices are converted to electrical signals over the phone – when speaking to your company’s contact centres, for example. And when patterns emerge, such as with certain emotions or excitement levels, intelligent programs can learn to identify human states of mind in real-time speech and act accordingly to improve the speaker’s experience.
This is where the value of real-time speech analytics technology comes to light, as attending to customers' needs and emotional states increases their comfort levels and, in turn, loyalty.
Speech analytics offers companies a new level of customer understanding
As far as customer-oriented processes go, speech analytics is relatively new. But it is gaining popularity as it allows companies to focus on improving their customers’ experience at all points of contact. It gives unique insight into how your customers react, with a solid, empirical metric and representation of customer satisfaction levels. When you’re armed with a factual and data-backed understanding of your customer’s attitudes and frustrations, you’re in a far superior position to improve their experience and boost your customer's overall loyalty.
Moreover, real-time speech analytics can help companies react at the moment of impact when a customer call starts to go in an undesired direction. Based on historic customer interaction data and analysis of conversations as they unfold, call centre agents could receive on-screen prompts that help them navigate more demanding or dissatisfied patrons. You can also incorporate this data into your training sessions so that your team can better identify and react to customers that need extra care or attention, and thereby reduce quarterly churn figures.
Speech analytics can increase customer satisfaction and reduce churn
A recent study by analytics company Verint has demonstrated the value of speech analytics for customer loyalty in a real-world scenario. The study looked at the analytics practices of CEOs from companies across Australia, 98% of which use or plan to use data analytics like speech analytics to improve their customer experience. The results showed that companies that used data analytics – speech and text analytics in particular – showed increased customer satisfaction and lower rates of customer churn.
Customer loyalty is built upon a healthy relationship between buyer and seller, where the former feels appreciated through timely and respectful engagement. By recognising certain emotional states and responding to them accordingly, conditions are put in place to make this a reality.
To truly boost customer loyalty, you need to make the data work for you
As with any technological tool, speech analytics is only as valuable as your strategic implementation. If you don’t have actionable goals in mind, you can hardly expect consistent results. In the context of speech analytics, this means focusing on three key areas: reducing customer attrition, following-up on customers that need special attention, and upskilling staff. These all directly impact the loyalty of your customer, and have further reaching consequences in terms of overall business growth.
Feel free to contact us to learn more about how your company can use data analytics to improve customer loyalty.
Luke Turnbull is the Head of Customer and Lead Analytics at Principa. He has worked in the financial services industry since 1995, during which time he has worked in process, strategy and operational design across a range of organisations in New Zealand, the United Kingdom and South Africa. Luke has been with Principa for 9 years and has led consulting engagements with Principa’s local retail clients across the customer lifecycle, with a particular focus on customer engagement and lead generation.