Customer experience is a mantra that many successful organizations live by. When felt valued, listened to, and cared for, the customer can be loyal to a company for a long time. By delivering a positive customer experience, companies can establish a strong, lasting relationship with their customers, ultimately leading to increased profitability and success.
Customer experience is crucial for companies because it:
- Increases customer loyalty and retention
- Improves brand reputation
- Boosts customer referrals
- Increases customer spending
- Provides valuable feedback for improvement
To improve customer experience, listening to the customer and gathering feedback is important. Customer interactions via voice and text channels are analyzed to understand what customers like and which areas need improvement. Speech analytics can leverage in this endeavor.
Speech analytics uses speech recognition and natural language processing to analyze and extract insights from customer interactions, including phone calls, chats, and voice recordings. It can help businesses understand customer sentiment, pain points, and needs and identify areas for improvement in customer experience. By analyzing speech patterns, businesses can uncover trends and patterns in customer interactions, such as common complaints, frequently asked questions, and areas where customers are dissatisfied. The information informs decisions about product development, customer service training, and process improvements, ultimately improving customer experience.
The following steps outline a broad journey to derive insights from customer interactions that can help businesses improve customer experience.
- Collect Customer Interaction Data: Collect and store customer interactions, such as phone calls, chats, and voice recordings, to be analyzed using speech analytics.
- Speech Recognition & NLP: Use speech recognition and NLP algorithms to transcribe and analyze customer interactions.
- Sentiment Analysis: Determine the overall sentiment of customer interactions through sentiment analysis. It can reveal whether the customer was satisfied, neutral, or dissatisfied.
- Keyword & Phrase Identification: Identify common keywords and phrases customers use to understand their pain points and areas of concern.
- Trend & Pattern Analysis: Analyze the data to identify trends and patterns in customer interactions, such as common complaints, frequently asked questions, and areas where customers are dissatisfied.
- Customer Journey Mapping: Map the customer journey to understand the experience from the customer’s perspective and identify opportunities for improvement.
- Actionable Insights: Use the insights gained from speech analytics to inform decisions about product development, customer service training, and process improvements, ultimately leading to improved customer experience.
- Continual Monitoring: Regularly monitor and analyze customer interactions to stay informed about customer needs and sentiment changes and identify opportunities for continuous improvement.
IGT has leveraged its expertise in speech analytics and helped organizations with meaningful insights into their customers. IGT’s solution focusing on customer engagement analytics, hyper-personalization, and loyalty analytics help improve customer engagement, help provide customized services basis customer journeys and attributes and identify loyalty triggers.
IGT employs proprietary frameworks to help its customers along the journey. IGT’s 20+ years of travel domain-led solution development experience enabling it to deliver end-to-end solutions, a worldwide operation presence, and its commitment to providing best-in-class solutions has helped it continuously deliver innovative solutions and business excellence.
Pratik Sharma is a Sr. Business Consultant in the automation practice at IGT Solutions. He has 4 years of experience in RPA in multiple capacities. Outside of work, Pratik is passionate about football and reading.
Source: Speech analytics: The value of the human voice | McKinsey | McKinsey