Contact centers in the sales and collections industries are constantly on the lookout for ways to improve their key performance metrics. To this end, many contact center managers invest in tools such as speech analytics, survey systems, and other quality/performance assessment resources.
But, what if you could have a tool that allowed you to predict the outcomes of future calls so you could prioritize the customers that would say “YES” with a little more contact? What would such predictive analytics mean for your contact center?
You don’t have to wonder, because there is a voice analytics software program that can analyze the emotional behavior and tone of customers to predict their future behavior.
How could such a predictive analytics program drive your contact center forward?
Here are a couple ways:
Use Predictive Analytics to Gain Insights into Your Customers without Intrusive Surveys
As mentioned earlier, many contact centers use customer surveys as additional measures of quality. Many of these surveys try to ask customers to rank their experience with a phone agent on some predefined scale.
The trouble is that many customers simply ignore these surveys unless they have really strong feelings about their call. Also, to get more granularity of information means adding more questions to the survey, which makes the survey more invasive and annoying to the customer filling it out, further reducing the likelihood of survey completion.
This probably explains why, according to statistics cited by surveygizmo.com, “Internal surveys will generally receive a 30-40% response rate (or more) on average, compared to an average 10-15% response rate for external surveys.”
Basically, internal surveys distributed to employees are seen as part of the job, so they generally get a high response rate. External surveys given to customers, on the other hand, are interruptions and there is usually little incentive to spend time filling them out.
Because the response rate for customer surveys is so low, the value of the responses you do get can be diminished since many of the customers who take the time to complete the survey do so because they strongly disliked the outcome of the call. This may or may not be due to the phone agents’ performance.
The remaining 85 to 90% majority of calls will likely contain troves of valuable data, but you’re left without information on these customers you can act on because they didn’t complete the survey. Predictive voice analytics helps you sidestep this issue of incomplete survey data by automatically running an analysis of every customer interaction your phone agents have. Rather than trying get customers to commit to volunteering information about how they felt (info which may not even be accurate), you can get an automated, objective analysis on 100% of your calls.
Identify Your At-Risk Customers Fast So You Can Craft Proactive Response Strategies
For contact centers specializing in sales or customer support, maintaining customer loyalty is an enormous challenge. As pointed out in a statistic cited by kissmetrics.com, “it can cost 7x more to acquire new customers” than it does to retain existing customers.
The biggest reason for leaving? According to the Kissmetrics.com post, “71% of consumers have ended their relationship with a company due to poor customer service.”
Knowing this, it’s important for contact centers to be able to reliably identify customers that are at-risk of ending the relationship so they can take proactive measures to preserve the relationships that can be salvaged.
Here, having a predictive analytics solution can be an enormous boon, as the automated analysis can provide you insights into customer behaviors. Using this analysis, you can discover who your dissatisfied customers are and take proactive steps to retain your valuable customers before they leave.
Because the analysis is automated you get the results quickly, giving you more time to identify and respond to dissatisfied customers. where customers were open to making a purchase but the agent didn’t attempt (or not well).Overall, predictive voice analytics can be a powerful tool for driving your customer contact center’s performance. Find out how you can get started with predictive voice analytics solutions for customer contact centers today.