Call centers across the country measure a lot of different metrics to assess their overall performance and to create goals for the next quarter. These metrics can vary based on the industry your call center serves, such as collections, sales, and customer service.
But, which metrics are the most profitable for your call center and industry? And, which of these profitable metrics can be improved with predictive voice analytics?
Predictive analytics can have a significant impact on several key call center metrics, including:
In the customer service industry, customer retention is king. It is a commonly cited statistic that it costs more to acquire a new customer than it does to retain an existing one, although the difference cited varies. For example, Kissmetrics states that “it can cost 7x more to acquire new customers” while others such as Ian Kingwell state it can cost “between 4 and 10 times more to acquire a new customer than it does to keep an existing one.”
At any rate, it’s typically less costly to keep a customer rather than having to try and recruit a new one. Because of this fact, customer retention can be a very profitable metric for the customer service call center industry.
Predictive voice analytics can help improve this metric by analyzing customer voices during all of their interactions with your phone agents. This analysis can help to identify which customers are at the highest risk of ending the business relationship so you can more efficiently focus your customer retention efforts.
Predictive voice analytics can also identify which phone agents aren’t treating your customers in a way consistent with your company’s values and culture. If left to random spot-checking from your Quality Assurance team, it could be weeks before poor performing agents are identified. With Predictive voice analytics, 100% of your calls are systematically analyzed so you know immediately.
Follow-Up Call Success Rate
In sales and collections alike, the first call with a customer may not bear fruit. For many call centers in these industries, it’s necessary to have a follow-up call or a series of follow up calls with a customer to produce a positive result.
Deciding which customers to call back and/or prioritizing which customers should be called back first isn’t a straightforward task. Many customers give phone agents ambiguous responses to questions, and it’s typically up to the phone agent to assess whether a follow-up call can be fruitful, or if it will be a waste of time. Some phone agents aren’t as good at this as others.
Predictive voice analytics can run an automated analysis of 100% of your call center’s interactions. By studying key voice features, the predictive analytics solution can assess current customer tone and behaviors to predict future behaviors such as likelihood of payment or sale.
Once the analysis of a customer call is completed, that customer is put into a list that ranks each customer from most likely to say “Yes” to most likely to say “No.” From here, targeting your calls for maximum success is easy.
This increases your successful call rate and accelerates your conversion cycle, improving revenues for your call center.
Quality Assurance Efficiency
Assessing agent performance often takes weeks for your QA staff to complete. The issue is that every day it takes to assess an agent’s performance is another day that the agent’s poor performance can be hurting your call center.
The major limitation is that the typical QA team for a call center only has enough time to review 1 or 2 calls made by an individual phone agent each week. Unless the agent is doing especially poorly on those particular calls, a major issue might go unnoticed with random spot checks.
Predictive voice analytics software enhances QA efficiency by automatically assessing 100% of each phone agent’s calls. This gives your QA team a complete data set to evaluate from, reducing the time needed for assessing agent performance from weeks to as little as a single day.
This helps improve profits by helping your call center increase the overall quality of its phone agents more quickly than with manual assessments alone.
There are many ways that predictive analytics can help improve profitable metrics to drive success and growth. For more information, check out the DCI case study to see how they used predictive analytics to increase revenue and performance.