To begin with, we all know that the tipping point that can make or break our relationship with a brand is the long and arduous waiting time over calls to connect with a customer care executive, extended lead time to respond to queries, or unsatisfactory response or solution. It, therefore, comes as no surprise that AI-powered speech analytics has been rapidly picking up pace and changing the game for marketers’ VOC (voice of customer) programs.
And why not? Not only does AI-powered speech analytics help transcribe 100% of conversations held with customers over voice calls, but it also goes a step further to share meaningful insights, patterns, and metrics with customer care executives in real time.
Moreover, it suggests an appropriate response or solution to resolve customer queries more effectively, thereby enhancing the overall customer experience.
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Why businesses need VOC programs & how artificial intelligence can be the key differentiator
Voice of the customer or VOC is essentially a market research process that aims to capture customer expectations and feedback.
Leveraging AI in the VOC process can help businesses understand customers better, strengthen customer engagement, drive brand loyalty and improve customer retention to gain a competitive edge.
To delve deeper, here’s how AI-powered speech analytics solutions can help businesses:
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Analyze data pertaining to the customer journey
Customer journey data analyzed by AI can help businesses comprehend customer behavior at a much deeper level. This augments foundational purchase intentions, campaigns, and also remarketing. It works to build a solid baseline of the customer’s journey and tests new campaigns to know how to keep customer relationships seamless.
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Gauge customer sentiments and tweak responses accordingly
AI continually learns and updates and can perform real-time mining of textual data in order to analyze customer sentiment levels. By understanding your customer’s emotions, your customer service reps are better equipped to modify their response and service delivery based on AI analysis suggestions.
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Increase productivity
AI can automate and speed up some of the routine and manual tasks, thus freeing up customer service reps for more meaningful and complex tasks where human intervention is necessary. AI-driven tools can even provide virtual assistance to customer service staff by answering common queries and making announcements and keyword suggestions based on the conversation history. These suggestions are particularly useful for answering questions they otherwise may not have answers to or have difficulty responding to.
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Improve operational efficiency
Speech analytics solutions powered by AI automatically classify calls so that data helps to uncover hidden unbiased insights and exposes patterns that are not visible to the human eye. This, in turn, helps improve ROI in contact centers.
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Boost customer loyalty
AI can help document the exact experience of the customer, which helps companies optimize their performance and avoid customer churn. For instance, it can tell you when a customer’s interest is waning and suggest a change in response to prevent the customer from disengaging.
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Prevent customer churn using Net Promoter Score (NPS)
AI can also help with regulating NPS or Net Promoter Scores. NPS scores are measured with a single-question survey in which a number from -100 to +100 and a higher score are desirable. These reports help to discover which customer is more likely to churn to a competitor and why and take appropriate measures before the damage is done.
Conclusion
Customer retention is key to building a robust and sustainable business that can stand the test of time. And AI-powered speech analytics is an important step in that direction, and it is already a crucial part of the customer service landscape. The technology not only helps identify trends from customer conversations and manipulate the responses accordingly, but it can also help businesses identify their strengths and weaknesses and incorporate the feedback to improve the product or service in the long run. This allows it to deliver a seamless customer experience and use it to get a competitive edge.
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