According to a survey conducted by Forbes in 2020, 96% of clients would leave because of bad customer service. The 80-20 rule, also known as the Pareto principle, suggests 80% of the business revenue comes from 20% of the customers. Further, 80% of the profit comes from that same 20%.
CallMiner conducted a survey in 2020, which found a direct phone conversation remains customer’s preferred method of contacting companies (52%). The same survey estimated the cost of acquiring a new customer is $400. This cost of acquisition is calculated across all industries after applying conservative estimates based on the incentives provided to new customers and the corresponding marketing and sales costs. This same survey determined existing customers leave because:
- 35% feel unfair treatment,
- 32% are not getting any reward on contract renewals, and
- 31% are not receiving discounts given to new customers.
Other reasons customers leave involve failure to solve problems on first contact (27%), not responding in time after reporting a problem (27%), and customer service agents being inexperienced or not knowledgeable (25%).
Call Centers are very important in ensuring customers stay loyal. Results show customers are likely to stay loyal after a positive call center experience (90%), and this has increased 8% in importance since 2018. Unfortunately, 19% of the customers reported that after talking with a call center agent, their emotional state changed from positive to negative, and 5 out of 6 problems customers find annoying are related to agent performance. 42% of customers whom say “they wanted to be listened by call center agents” left feeling unsatisfied.
24% of customers indicated when agents showed empathy, it positively changed their emotional state. Research shows situational empathy can be developed and, key to this is identifying agents who need improvement which helps call centers enhance customer loyalty. 66% of the customers wanted the staff to know their customer service history, 36% wanted the agents to apologize for unsatisfactory service, and 39% wanted more caring and polite agents. Further, 62% of customers want to know about the problem with their service and how the company is fixing it. The survey found 62% of the customers called to resolve a technical problem with the product, and 56% called to resolve issues with bills or invoices.
Today, most of the call centers use spot checks to analyze the quality delivered by their call center agents to their customers, but with the advent of Natural Language Processing (NLP) and Speech Analytics, the companies can now fully audit 100% of the calls.
Natural Language Processing converts the conversation between agents and customers during the call into transcripts. These transcripts are matched with auditory elements and then analyzed using speech analytics. This enables call centers to monitor whether their agents are following best practices. Through the CallMiner Speech Analytics platform, we can identify words and phrases used by the customer and the agents during the call. Then create categories to measure elements such as, silence, politeness, dissatisfaction, escalation, compliments, and more. We score these categories identifying the agent’s performance across all categories. This information is used by the supervisors and agents to identify the weak areas of agents that need to be worked on and improve customer service.
Speech analytics supports companies in generating revenue through increasing sales and enhancing sales conversion. Cases studies attest to improve its agents closing rate, improve customer account activation rate, and increase monthly sales. Within four months of using Call Miner, one company was able to improve its closing rate by 6%, customer account activation rate by 3%, and saw a 25% increase in monthly sales per agent.
CallMiner helps capitalize on market opportunities. For example, the call center is able to gain insight as there is an increase in calls from customers asking for a certain product. Companies can use this intelligence to adjust their inventory levels and therefore mitigate the risk of lost sales due to product unavailability.
Analyzing 100% of calls allows the company to test new marketing campaigns and products, for example, we can create a category in CallMiner to analyze customer reactions to a particular marketing campaign. This can rapidly assess whether an offer, new service, TV ad, email, or a phone campaign is converting well.
Businesses in healthcare and insurance, are subject to regulatory requirements. Breach of these regulations can be risky and costly. Speech analysis is used to monitor 100% of the agent conversations to ensure the business is meeting the regulatory and compliance requirements and thus reduce these costs. To begin with, the Macrosoft team starts with a complementary test drive where we apply the CallMiner speech analytics across your existing recordings. You are able to observe your own data using CallMiner to deliver intelligent insights to enhance your agent and customer experiences. Speak with us today to utilize your recordings to enhance customer experience, contact center optimization, sales effectiveness and risk mitigation.
By Talha Khan | September 3rd, 2020 | CallMiner