For just about every industry, voice data is becoming an increasingly valuable asset. Voice data has become a resource for companies to discover game-changing insights and use them for growth and expansion. It is no surprise that the voice analytics market is set to hit the worth of $1.64 billion by 2025.
For sectors ranging from healthcare to call centers, voice data is indicating how customers are interacted with, understood, and served. As customer experience is becoming a key brand differentiator, companies are leveraging all the data they have in an attempt to gain a competitive edge in the market.
Voice analytics is now used to analyze recorded or live conversations using voice recognition tools and software. Then, these analytics can predict customer sentiment and behavior over phone calls, detect the quality of conversations, and gather deeper insights into customer needs and problems.
While the technology is constantly evolving, there are several ways you can leverage it to gain a deeper, closer-to-reality version of what your customers value, and how they make purchases. Combining analytics from both speech and text can be game-changing for your business.
To maximize ROI from voice analytics, here are some best practices that companies can follow:
Creating a positive customer experience can be the driver of profit for businesses in this digital era. Positive customer experiences go a long way in facilitating brand image and helping onboard more customers and retain existing ones.
Customer services and support continue to be integral to the overall customer experience. Voice analytics is extensively being used in developing customer services and advancing support. Combining voice analytics with big data techniques are allowing companies to analyze numerous calls at once.
By doing so, they get a fair picture of the working of their customer service operations. By using the insights from voice analytics, companies can implement initiatives to reduce repeat calls and call duration.
Analyzing recorded or live calls can help service reps understand customer pain points and frustrations and avoid outbursts by addressing them in advance. Voice identification and analytics can be the pathway to improving customer experience.
Gain a comprehensive view of the customer across text and speech. Empower contact center teams with the right data to reduce agent call handle time and repeat calls. Discover the root causes of customer churn and predict at-risk customers to take preventive measures proactively and increase brand loyalty.