Is there a way to identify pain points, get improvement suggestions, and find out about the client’s areas of focus? Valuable data often slips through the cracks during dialogue. That’s why company representatives often go to great lengths to avoid this, and take meticulous notes to capture data into a CRM in order to spread it within the team.
This, and similar processes, can be not only tiresome but downright impractical. Apart from the long-standing call recording practices, enterprises started using a more intuitive solution — conversation intelligence (CI).
The latest regulations like GDPR and CCPA made it more challenging for enterprises to access first-party data. That is why businesses started looking for a conversation analysis tool to unlock valuable insights.
The ultimate goal of CI is to turn stagnant information into a dynamic and useful tool for businesses, especially since it combines such features as call tracking and conversation analytics, all of which are found in Phonexa’s Call Logic. With the valuable intel it can provide, companies can get actionable insights into product development, sales, CX, and marketing — all that from just a phone call.
Let’s take a closer look at conversation analytics and analyze its true value to the overall business performance.
What Is Conversation Analytics?
Conversation analytics, in its essence, is a study of real-time phone conversations and recordings. Think of it as a program or a virtual assistant that is trained to understand human speech. The only difference here is that this technology extracts data from person-to-person conversations.
Since calls are considered one of the most reliable data sources, this technology enables businesses to process the used language and tap into client sentiment and emotion. With the use of AI, the technology can combine two methods of speech processing: acoustic and language.
The acoustic method is based on analyzing the tone of voice, environment, language, and accent. The language method is about structuring the data received during the acoustic interaction. Simply put, it creates conversation maps.
Naturally, the technology has a wide range of applications. Here’s the deal: it obtains critical information from conversations with clients, organizes and converts it into data. It means that such industries as travel and hospitality, legal, or home services can significantly benefit from utilizing it.
Why Use Conversation Analytics
The five most popular customer service channels are email, phone, search engine, live chat, and FAQs. The first online customer interaction typically starts with using a laptop or a PC. But when it comes to assisted service, the most traditional channel — phone — is what most consumers choose.
Historically, brands have been focusing on delivering a satisfying CX. With the introduction of email and live chats, they were determined to quantify data captured from these channels. Unfortunately, only some businesses were able to examine call data with the same thoroughness.
With conversation analytics, enterprises can close this gap and enhance their data collection practices. Ultimately, transforming calls into a data-rich channel will help them improve the efficiency of the outreach, targeting efficacy, and CR.
Benefits of Utilizing This Technology
The key to a successful implementation of technology like Call Logic lies in choosing the right call analytics software that can fine-tune the company’s development goals and help it meet specific customer needs.
Here are four key benefits Call Logic technology offers as part of Phonexa’s all-in-one marketing solution for calls, leads, clicks, email, SMS, accounting, and more:
Boosting Sales and CR
There’s no denying that having meaningful conversations with consumers is crucial, and such conversation intelligence tools can be especially helpful when it comes to person-to-person communication.
Sales teams often have to use phones to talk to clients. Traditionally, they recorded all the calls so that they wouldn’t miss out on the valuable details. Afterward, they would go through every conversation, carefully listening and extracting the most relevant data.
With this technology, they can learn more from customer interaction without devoting precious time to routine tasks like going through an infinite number of recorded calls.
Predicting Behavior
It’s no secret that businesses focus on identifying specific trends in consumer behavior. It helps them develop products and services that better suit the needs of their target audience. Conversation analytics allows finding these trends on a per interaction basis and cross-reference figures of speech, keywords, or emotions with other details.
Reducing Customer Churn
Companies can notice call volume spikes due to specific issues or requests like refunds, for instance. Conversation intelligence tools can be extremely helpful in this case.
Let’s say that your clients suddenly started requesting refunds. With conversation analytic tools, you can track the word “refund” each time it comes up in a conversation. It also allows getting the transcripts of specific conversations and the ones before them. This way, you can gain a deeper understanding of the situation and start a causality analysis. Eventually you’ll gain specific insights, find out if there are any common issues causing customer churn, and determine which steps can help you tackle it.
Enhancing CX
In the most literal sense, conversation analytics helps businesses tap into the voice of the customer. So ultimately, the data obtained from conversations is a coherent account of consumer expectations, feelings, and needs — a ready-for-use roadmap to enhancing CX.
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