There is a fundamental aspect of customer service called customer speech analysis that most companies tend to overlook. It is, in other words, monitoring what customers frequently say over the phone when talking to customer service and using that information to help improve the business.
One great benefit of utilizing the power of customer speech analysis is customer retention. Using software to tap into calls from customers who have recently stopped their business with you helps immensely in figuring out the the reason and working to prevent it from reoccurring.
One national payment processing company in particular used this method to establish a profile of customers who were most at risk of closing their accounts and focused their efforts to ensure they stayed on, saving over $1.7m in revenue. Often the customers who are looking to stop their business with you and find an alternative are the most important. Ensuring they are happy will result in the best return for your company.
Not only can you figure out what is causing customers to stop doing business with you, but by analyzing speech and assessing which sales calls are most effective and which have the highest conversion rate, you can focus on what works and what doesn’t.
One company that used this especially well found out that one phrase in particular was causing a drop in conversion for their sales calls of 8.8%. Simply by removing this phrase from their calls, they found that agents in some cases managed to double their conversion rates. This example shows just how important customer speech analysis can be when simple sentences and words can have such a drastic influence on performance. By fine tuning the way you approach sales, you can dramatically influence the power of your sales team and how they convert potential customers into long term clients.
More effective marketing
Customer speech analysis can be futher used in increasing sales by applying it on marketing analysis. By analyzing calls where customers had complaints about particular advertisements or marketing campaigns you can target which were most effective and why. This helps in improvingthe company's image and in turn increase revenue as your marketing in general becomes more effective.
By utilizing this software effectively, you will also reduce costs significantly not only in your customer service department but across the board. There are a few ways that this analysis can benefit your expenses: Reducing costs of staff in your customer service center, improving efficiency in your back-office and better understanding the customer mindset, their wants and needs from your business. Less money will be needed to hire staff if the few that are there know the proven effective methods for dealing with customers. Also, less money will be spent on marketing when you know the exact ads that do well versus those that don’t. The end result is a large reduction in expenses and therefore a larger profit margin for your business.