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Speech analytics has a number of applications across any business. In this blog we focus on some of the marketing applications and how it can help improve your marketing efforts.
Customer service or customer experience is incredibly important for all businesses. And what is becoming increasingly important is how a business can maximize its customer service and experience at an affordable cost to the company.
Chat bots are a great way for any business to service customers in a timely and affordable manner. They can complement traditional support services such as phone, email and website FAQs.
When looking at costs, generally each customer interaction with a human being can cost a company up to $3 when they answer a phone call, reducing to $1 when the chat function is used.
However chat bots – an AI tool – can reduce this cost even further to potentially under $1.00, a significant cost saving for any business.
The application of speech analytics
Speech Analytics analyses call transcripts for specific keywords and phrases spoken. These keywords can be provided by you or can be detected by the speech analytics module.
These keywords can be used to group calls into different categories. Examples of call categories include Sales, Billing/Accounts and Support/Service.
The speech analytics data can then be ingested into the chat bot AI, where the information gained in calls can be used to:
- Identify the type of chat bot enquiry so answers can be retrieved sooner.
- Accurately answer the questions by using elements of call transcripts.
Personalisation is fast becoming an important part of digital marketing. The more personal you can make an experience feel for prospects and customers, the opportunity to convert them into a customer or up/cross sell to them, increases.
A recent survey from personalisation software provider Evergage found that 88% of marketers reported improvements in results from personalisation, with 63% seeing increased conversion rates from personalisation efforts.
Normally personalisation works by using the web user’s online experience – i.e. what they did on your website – to serve them personalised content the next time they visit. For example, if a user visits your website and browsers the section on Red Shoes, the next time they return to the site they can be served specific content about Red Shoes.
Speech analytics can further enhance this personalisation experience by pushing data captured in a phone call – what product or service the caller actually spoke about – into a personalisation platform. The information can then be used further personalise the digital experience.
For example if on a phone call the caller mentions a specific brand of red shoes, the next time they visit the website, content for that specific brand can be displayed, enhancing the personalisation experience.
Speech analytics data including keywords and call categories can be pushed into a bid management platform to serve ads specifically based on the content of the call.
According to CMO.com, targeted ads are almost twice as effective as non-targeted ads and a retargeted display ad will encourage 1,000 percent more people to search for a product.
By knowing specifically what the call was about – beyond just the landing page, referral URL and keyword – more targeted ads can be served, improving ad effectiveness.
When a call is made to a company which is using speech analytics and call tracking technology, the caller’s phone number is captured.
Ad serving platforms can use the captured phone number to serve ads on social platforms such as Facebook where the caller’s number is displayed.
Speech Analytics takes this further by combining data captured on the call – such as keywords and phrases spoken – with the captured phone numbers. This means the caller can have targeted ads served on their social platforms about what specifically was mentioned in their phone call, making the ads even more personal.
Personal Identifier Information (PII) is used to identify individual callers. In most cases, the phone number, email address or both are identified.
Speech Analytics enhances this by combining the above PII information with data from call transcripts, specifically around what the caller wanted.
This data can be ingested into bid management and ad serving platforms to run highly targeted ads at the callers.
Speech analytics can also help with reducing your operational costs:
As chat bots become more sophisticated and able to answer enquiries faster and more accurately, they can potentially be used to replace call agents and chat agents, reducing your labour costs.
Lead scoring can help sales teams identify which leads are most likely to purchase so they can focus attention on leads which are more likely to convert into a sale. Scoring is based on a pre-determined criteria set around activities and interactions the user has with your company such as opening an email or visiting a web page.
With speech analytics, a lead score can be more accurate as it is based on the conversation as well as the web interactions.
By using the data from a phone call, a lead score can be updated based on their likely intent to purchase, which can be obtained from the keywords used. I.e. if sales specific keywords are used, the lead score can be increased based on the likelihood of the caller to purchase.
Your sales team can then use this information to prioritise calling this lead and the marketing team can use this information to target these customers with specific ads.
Using speech analytics provides a more targeted and accurate approach to lead scoring then simply relying on analytics and web session data alone.
Speech Analytics data, including the top 20 keywords and call categories can be pushed into CRM systems.
This data can then be used by sales agents to identify what was discussed on previous calls to help personalise future conversations.
Call Center managers can also use the data to see what agents have had the most sales calls so they can see if agents are converting sales intern calls into actual sales.