May 9, 2016 at 3:14 PM
In order to improve customer loyalty, we need to listen to our customers more. Increasing our share of wallet and maximising customer lifetime value (CLV) will only happen when customers are prepared to choose our brands and products over our competitors. Fortunately, businesses are uncovering clues to improving customer loyalty in new places thanks to data and evolving analytics platforms. This led one bank in Canada to turn to the thousands of conversations between its representatives and its customers for new insights into elevating the customer experience.
Listening to your Customer is Loving your Customer
The Bank of Montreal has used speech analytics as a means to boost customer loyalty with great success. By analysing the phone interactions between its representatives and customers, the bank was able to elevate their contact centre credibility, reduce call handling times and ultimately increase the bank’s Net Promoter Score for customer satisfaction. According to its CIO, Marc Demers," ..anytime you’re making your customers happy and driving their experience, the ROI is immeasurable.” The data showed that the +-2 000 call centre agents, who handle up to 50 000 customer calls each day, needed better product training to expand their knowledge on its suite of available financial products. This newly gained insight helped them refocus their training strategies to turn customer loyalty and satisfaction levels around and gain in-roads to new business.
Mining Captured Conversations for Golden Nuggets
Bruce Boyle, Operations Manager at Bank of Montreal explains,“The voice of the customer [could] tell us about our products and about the processes and positions we were putting our agents in” . Considering that more than 70% of customers still prefer speaking to a company representative on the phone as opposed to using other contact methods, it’s only logical for contact centres to turn to speech analytics as a source of invaluable business insights. Capturing what gets said during these conversations and analysing the questions, feedback and dialogue can help companies detect trends and reveal the insights needed to make big, radical and lucrative changes in their businesses.
Verbal interchanges with customers can also be converted into different formats and indexed for more effective data mining. For example, companies can search entire indexes of text versions of conversations to find keywords that act as indicators of customer sentiment around a myriad of factors. This information, in turn, can be passed on to relevant business units for improved product development, supply chain management, marketing, etc.
Listening is a sign of Respect
As with any human relationship, rapport and trust are built by the sense that your voice matters and that you are being listened to. It’s a simple sign of respect. By using speech analytics to enable them to listen to and understand their customers, the Bank of Montreal is gaining valuable insights about their customers’ pain points and working on minimising them before their customers decide to leave them for a competing bank. Imagine what you could learn from your customers if you truly were able to listen?
If you’d like to learn about using analytics to listen to your customers and grow their loyalty to your brand, contact us!