Speech Analytics is becoming one of the most demanded technologies in recent years by companies from different sectors. Most companies have implemented Call Recording software for quality control or to ensure regulatory compliance, but many companies realize that the data and information contained in these recordings can be used for other purposes, bringing great benefits to the different deparments of the company. In fact, in departments such as sales or marketing, Speech Analytics technology has been growing in recent years.
But what is Speech Analytics and how can it helps companies to increase sales? Let us explain you how.
<<< Discover how Recordia helps companies to increase sales >>>
What is Speech Analytics?
Speech Analytics is a technological tool powered by Artificial Intelligence, that automates the process of listening and analyzing conversations with customers. Speech Analytics extracts, analyzes, and processes information from customer interactions that, without this technology, would be impossible to perform manually. With this information extracted from customer interactions, Speech Analytics allows making decisions based on data and knowledge, improving performance through statistics and metrics extracted from interactions, innovating the business, understanding what is happening at any given moment and predicting how it can affect the company to anticipate changes.
Learn more about our solution Recordia Speech Analytics.
How does Speech Analytics help to increase sales?
Getting real information from real customers
To understand the needs and desires of customers, it is best to listen to exactly what they are saying. It is impossible for companies to listen to thousands of calls they receive every day, which is why many turn to AI-based technologies such as Speech Analytics. Speech Analytics software captures, classifies, and aggregates 100% of all interactions at the enterprise level 24 hours a day. After indexing millions of conversations, they uncover hidden information beyond surveys and reviews, making it easier and simpler to understand customers by detecting customer needs or potential dissatisfaction.
Identification of sales opportunities and analysis of the current market and trends
An effective call analysis strategy with Speech Analytics allows companies to gain valuable insights into customer interactions, helping to gain a better perspective of the sales and marketing team. Speech Analytics allows you to extract call data related to products, services, pricing and service quality. By analyzing conversations with customers, companies are able to identify what matters to them, categorize key issues and discover which processes need improvement. This, in turn, will enable companies to solve problems before they escalate and reduce customer churn.
Speech Analytics can help a company understand what needs to be strengthened to maintain customer loyalty, from detecting which competitor’s products and services are capturing customers’ attention and improving marketing campaigns that are not working, to making improvements to the company’s own products or services.
Detection of unsuccessful calls and agent training
Speech Analytics can automatically detect which sales techniques are successful and which are unsucessful and why, as well as identify keywords and topics to improve and optimize the entire sales process and sales pitch.
With all the information extracted from Speech Analytics, sales reps can train their agents and identify best practices and techniques. In addition, these calls can serve as examples for agents, newly onboarded or not, helping them develop scripts to be more successful in their future calls. Having background, such as scripts and records of actual calls or meetings, as part of the training for newly hired sales agents will help them internalize best practices and how to approach each vertical more quickly and effectively.
Sentiment Analysis together with Speech Analytics
Some more advanced Speech Analytics software, such as Recordia, allows you to not only analyze text but also customer sentiment (Sentiment Analysis). After defining and tagging calls with associated sentiments using key words or phrases, you can analyze, through Artificial Intelligence and Machine Learning, the user’s behavior during calls, defining the sentiments of the people who are speaking,
Speech Analytics together with Sentiment Analysis technology gets to the bottom of customer dissatisfaction by revealing the pain points and underlying reasons why people are dissatisfied with your product or service. The result is that queries are resolved quickly, and small problems don’t escalate, helping to reduce churn rates and increasing the probability that customers will return to those products or services.
If you want to learn more about how Speech Analytics helps to increase sales, click here.
See you soon!