In 1876, the customer service industry changed forever with a revolutionary piece of technology: the telephone. Since then, customer service professionals have become dependent on their ability to understand, react and communicate to the voice of the customer. But in today’s connected and digital society, the definition of “the customer voice” is much more expansive. Customers are interacting with companies through a variety of mediums, including surveys, emails, social media, SMS, chat and audio interactions. Every single interaction is an opportunity for companies to improve their overall customer service, and yet the thought of mining through each individual interaction can feel extremely daunting for service providers.
The influx of data doesn’t have to be overwhelming, so long as customer service providers rely on intelligent solutions to mine through the multiple data sources. Contact centers also need to look for analytics solutions, which will analyze and operationalize customer interaction data in a way that allows businesses to be proactive in their customer engagement approach.
Interaction analytics helps to improve the overall customer service experience, and can also assist companies in advancing their bottom line. By 2020, Gartner analysts predict that smart personalization engines used to recognize customer intent will enable digital businesses to increase their profits by up to 15 percent. With the many challenges facing customer service professionals today, here are four ways interaction analytics can help service providers improve their operations, enhance customer engagement, and increase their bottom line.
Customer retention is crucial to business success, and it can be difficult for companies to pinpoint exactly why a customer discontinued their services. In the past, companies would need to analyze multiple reports to understand churn, getting at the reason customers were leaving. Now, technology will proactively identify these customers and their behavioral trends based on the incoming data. With interaction analytics, companies can now spend less time trying to understand the problem and instead focus on where these trends exist, working to address and even preempt the issues.
Increase overall sales effectiveness:
Interaction analytics technology can help businesses identify trends in how sales offers are resonating with customers. The use of neural networks is particularly effective here as they can scan a database of audio and text conversations between customers and service agents on a variety of platforms, including calls, chats, emails and surveys. Neural networks create word-level transcriptions of these conversations, perform phonetic indexing, and provide customer sentiment scores. What this means is that companies can quickly and accurately pinpoint specific words and phrases that are repeated, and detect triggers for customer dissatisfaction, in order to understand customer issues and reactions to different types of sales pitches, which will ultimately help them enhance their sales impact.
Improve cost management:
It is important for contact centers to manage the cost of their operations by examining customer interactions. For example, how long does it take staff members to handle each customer and how many of them can resolve an issue during their first call? An analysis of these statistics can help companies to reduce call volume by resolving systematic issues.
Enhance employee performance
A contact center is often a complex management challenge. With many tasks underway and multiple desktop applications in use, it can be difficult to judge employee effectiveness, measure true handle times or identify process inefficiencies. Having a platform that can analyze every agent interaction gives companies the ability to evaluate their staff and provide coaching and management training that will help them be more successful.
Adhere to compliance regulations:
In the U.S. and internationally, governments have implemented regulatory guidelines around customer service standards. For example, the Federal Communications Commission (FFC) adopted federal standards that are aimed at improving the quality of customer service rendered by cable operators. These address a variety of operational requirements, including telephone availability for customers and billing requirements. By using interaction analytics, companies can more quickly identify, analyze, and respond to customer issues, allowing them to remain compliant.
The telephone may have changed the customer service game in the 1800s, but today contact centers must rely on technology that offers interaction analytics to revolutionize their business strategy and improve their customer engagement tactics.