Reduce Churn and Increase Customer Satisfaction With Speech Analytics

It’s no secret that excellent customer service is the key to increased business and revenue. According to Gartner, a mere 5% improvement in customer retention can increase business profits anywhere from 25% to 125%.1 Contact centers have emerged as an important strategic asset for many companies since front line agents have an immediate and significant impact on customer experience.

Contact analytics takes the raw data that is trapped in customer interactions like phone calls, emails, and chats and turns it into meaningful information that can be used to improve the customer experience and agent performance. Analytics systems can provide incredible insight into all aspects of sales, marketing, customer service, and operations. Automatic scoring can reveal which agents are performing well, which are falling behind, and which customers are at risk for churn.

There are several ways contact analytics or speech analytics can help improve the customer experience.

Analytics can reveal the most common reasons for calls and the most commonly asked questions. Based on this information, companies can reevaluate how customers are educated and find areas for improvement.

Tools can reveal the reasons behind long call times, frequent holds, or repeat contacts.

Analytics can help pinpoint why customers are dissatisfied and perhaps most importantly, reveal which customers are most likely to churn.

According to Gartner, “pervasive, advanced analytics will become necessary for leading organizations that want to gain competitive advantage. A new white paper Reduce Churn and Increase Customer Satisfaction With Speech Analytics, discusses benefits of contact analytics including a reduction in average handle times, a reduction in call volumes, and the delivery of performance feedback directly to agents..

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