Market research allows to know the opinions, preferences, motivations, obstacles, and even suggestions for product improvement, of customers and to obtain essential conclusions and insights to make the most appropriate strategic and operational decisions.
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But this market research is, at first, costly and this, added to the new forms of communication, such as the increased use of mobile telephony or social networks, has generated a greater amount of valuable information that may be exploited in a limited way and may be insufficient.
Given this reality, analyzing the interactions that take place with customers is the best way to enhance and complement the results of market research and to learn and acquire valuable information, beyond surveys, about behavior and consumption patterns, as well as suggestions for improvements regarding the products or services offered by the company. But manually reviewing and analyzing all interaction recordings is not realistic and not an efficient method because it would consume a lot of time and resources. That is why Artificial Intelligence-based technologies, such as Recordia Speech Analytics, emerge, which can transcribe and analyze 100% of calls and other interactions (such as SMS, emails or meetings in MS Teams) generating valuable information in order to reveal trends, concerns and opportunities.
In this post we show you how Speech Analytics helps you to optimize your company’s products and services. But first, let’s define what Speech Analytics is.
Speech Analytics, what is it?
Speech Analytics captures, classifies and groups 100% of the conversations at the enterprise level 24 hours a day. After indexing millions of conversations, Speech Analytics technology uncovers hidden information beyond surveys and reviews, allowing you to understand what is happening in your business based on the keywords and aspects of your business operations that you are looking to uncover.
Everyday Speech Analytics is more advanced and allows you to perform more complex and real-time analysis, not only on calls (audios) but also on SMS, e-mails, faxes, video calls through MS Teams or 1-to-1 meetings between the company and its customers.
Learn more about our Recordia Speech Analytics solution.
Benefits of Speech Analytics in product and service optimization
Monitor trial periods and new product launches
Many companies set test periods for their new product launches. With Speech Analytics, you can automatically analyze call recordings to identify and classify all calls related to the product trial period. You will then be able to detect what you like and what you don’t like in these test products, detect dissatisfaction or possible improvements and thus launch a definitive quality product that meets the real needs of customers.
Thanks to Speech Analytics, you will be able to measure which products are going to be successful in the market and generate a high level of customer satisfaction.
Obtain a competitive advantage and detect customer preferences
One of the best and most underused ways to benefit from Speech Analytics is to stay ahead of the competitors. Speech Analytics helps companies create targeted call searches that address the competition. Knowing which competitors are naming our customers or what they are talking about is interesting for the company to get useful information to meet industry standards.
Using Speech Analytics to track customer interest in other products or services offered by competitors is an opportunity for companies to learn about real customer preferences, what they demand and what they need, and to create products that match them. In addition, this information will help companies to understand the market environment and thus provide resources to the company that will enable it to face the competition better in the fight for consumer preferences, thus gaining a competitive advantage.
Match existing products to customer needs
Call recording can be very beneficial to the R&D department in terms of product development. By listening to what customers and potential customers are looking for in a product or service, it will help to improve and adapt products and services to their needs.
In short, through the active listening that Speech Analytics allows, companies obtain valuable data and information about the experience that customers have with their products or services, giving them the possibility to make improvements that will help them get the most out of their business, improving customer satisfaction and loyalty.
If you want to learn more about how Speech Analytics helps companies with product optimization, click here.
See you soon!