Gaining insight into the true voice of the customer: How context elevates intelligence WHITE PAPER Despite the soaring popularity of social media, e-mail and chatbots for customer support, phone calls to a contact center remain the most popular option by a very large margin. Even companies built for online-only self-service still process 50% of their sales and policies over the phone. Generally speaking, callers want a problem solved quickly through personal interaction with a skilled agent. They want to feel heard and understood. As such, companies invest tons of time, money and effort trying to understand their customers and improve the overall experience, with the ultimate hope of improving business performance. Traditional approaches include surveys, emotion/sentiment tools and basic keyword spotting. While these options are perhaps better than nothing, all of them provide limited value and even worse – flawed data and no true insights. What’s more, companies invest in these solutions only to find they are buried in a mountain of biased, flawed data that isn’t helping to achieve their end goal of driving increased loyalty and improved financial results through a better customer experience. Finally, however, AI-powered customer intelligence platforms go much deeper to generate actionable intelligence. This newly unlocked intelligence can illuminate the context of each conversation to better understand the customer journey and customer experience while delivering meaningful insights and business intelligence to positively impact the bottom line. Abstract 1 of 4 Learn more at: tethr.com | (512)-910-4440 | ©2018 CollabIP, Inc. All rights reserved. With customers preferring to solve an issue on the phone call with a live agent, modern-day business intelligence tools should utilize an AI-powered conversation intelligence platform.
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Gaining insight into the true voice of the customer: How context elevates intelligence
WHITE PAPER
Despite the soaring popularity of social media, e-mail and chatbots for customer support, phone calls to a contact center
remain the most popular option by a very large margin. Even companies built for online-only self-service still process 50%
of their sales and policies over the phone. Generally speaking, callers want a problem solved quickly through personal
interaction with a skilled agent. They want to feel heard and understood.
As such, companies invest tons of time, money and effort trying to understand their customers and improve the overall
experience, with the ultimate hope of improving business performance. Traditional approaches include surveys,
emotion/sentiment tools and basic keyword spotting. While these options are perhaps better than nothing, all of them
provide limited value and even worse – flawed data and no true insights. What’s more, companies invest in these solutions
only to find they are buried in a mountain of biased, flawed data that isn’t helping to achieve their end goal of driving
increased loyalty and improved financial results through a better customer experience.
Finally, however, AI-powered customer intelligence platforms go much deeper to generate actionable intelligence. This
newly unlocked intelligence can illuminate the context of each conversation to better understand the customer journey and
customer experience while delivering meaningful insights and business intelligence to positively impact the bottom line.
Abstract
1 of 4Learn more at: tethr.com | (512)-910-4440 | ©2018 CollabIP, Inc. All rights reserved.
With customers preferring to solve an issue on the phone call with a live agent, modern-day business intelligence tools should utilize an AI-powered conversation intelligence platform.
Companies striving to stay ahead in highly competitive markets must keep their finger on the pulse of their customers.
Core to this is having a clear understanding of customer experience, how and why customers buy and what causes
customer churn. Fortunately, customers still want to speak with a human being making the voice channel a rich source of
customer data. However, in the past, companies had no way to turn voice channel data into intelligence. Today,
AI-powered conversation intelligence drastically improves understanding because context is clearly understood, making
insights actionable. This new realm of technology has remarkable potential to improve contact center operations and
inform decision-making within business units across the enterprise.
The challenge is that most companies do not leverage AI-powered conversation intelligence platforms. Due to the deeply
engrained traditional approaches used to track customer phone calls, the full value from this powerful data set has not
been unleashed. In this paper, we will establish current issues with legacy methods applied to gathering customer
insights, as well as today’s cutting-edge solutions that provide deeper intelligence into the context of customer calls to
drive meaningful change across the enterprise.
Introduction
Surveying customers after an interaction is a rudimentary approach taken by many companies. While some insight is provided, the flaws are numerous. First, the dataset is skewed because the people who respond most often are either really happy or really mad. Or, they’re just people who want the incentive offered for completing the survey. Many people simply fill out the survey as quickly as possible without regard to accuracy, which makes the data quality incredibly suspect. As
SURVEY LIMITATIONS
Legacy methods for gaining insight into “voice of customer” and customer experience are limited at best. Tools and approaches such as surveys, sentiment and keyword spotting merely provide data, not intelligence. Here’s why:
Problem
indicated by extensive research from CEB, a high level of “effort” is the primary factor causing disloyalty and churn. Therefore, it doesn’t make sense to ask a customer to fill out a survey (which requires effort) after they just had to endure the separate effort of calling into customer care to resolve an issue.
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Intelligence requires you to understand the context of the entire conversation and customer journey. Today’s business intelligence requires you to understand what other channels (i.e.: website, chat, email, mobile) the customer tried before calling, the issues they ran into on other channels and what was said before and after they raised an issue. An AI-powered conversation intelligence platform empowers you with this knowledge. It can correlate multiple, inter-related events that occur during a conversation to provide true intelligence. For example, you can identify specific customer objections, analyze the responses across numerous agents, then determine which response yields the best outcome (ie: sales conversion). Another
CONTEXT MATTERS
AI-powered conversation intelligence generates actionable intelligence, creating the opportunity to drive measurable financial results through rich analysis of customer phone conversations. Here’s how:
Solution
Other legacy tools provide very basic keyword spotting, which overloads people with data, but once again – no true actionable insight. For example, keyword analysis might identify that 10% of customers said the word “frustrated” or “mad” or “problem”. Again, this is important to know that people are frustrated, but you don’t know why. It’s just data, not intelligence.
KEYWORD SPOTTING LIMITATIONS
Early “legacy” tools provided audio analysis of phone conversations, generating positive or negative emo-tion/sentiment based on vocal inflections. This approach leads to many false positives. For example, not everyone who raises their voice on a call is mad, and not everyone who speaks with a soft tone is sad. What’s more, there’s limited actionable intelligence in emotion and sentiment. For example, audio analysis might tell you 10% of your customers are frustrated or angry. Of course it’s important to know that your customers are unhappy, but there’s limited value because you don’t know why they’re unhappy and there is no clear solution to address the issue and improve results. It’s just data, not intelligence.
example would be identifying which three probing questions led customers to buy and which probing questions caused them to decline the offer. Time is yet another important element of context. AI-powered conversation intelligence reveals that specific statements made within the first 90 seconds of a call will produce a better result than if the statements are made later in the conversation. That’s true intelligence.
EMOTION/SENTIMENT LIMITATIONS
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Data has little value if it’s not actionable. You need to be able to make intelligent decisions based on the insights being provided, or be able to take action that will improve results. AI-powered conversation intelligence will do just that. Imagine being able to execute a highly targeted marketing program to customers who men-tioned specific things in a phone conversation today. For example, a conversation intelligence platform could identify every customer that declined a sales offer and mentioned one of your competitors during a phone conversation, then share that insight with your CRM system and have your marketing automation tool launch an automated email extending a special offer, while noting advantages over the specific competitor men-tioned on the call. Now that’s actionable intelligence!
ACTIONABLE
Finally, a conversation intelligence platform is designed with the specific intent to radically impact financial performance. Understanding context and providing contextually relevant insights that are actionable provides the foundation required to improve financial results.
FINANCIAL PERFORMANCE
With customers preferring to solve an issue on the phone call with a live agent, businesses have a unique opportunity to
gain greater customer intelligence utilizing an AI-powered conversation intelligence platform. This is the most rapid and
effective solution for harnessing the voice of the customer to generate actionable insights. A deeper dive into the context of
these calls will unlock remarkable potential to improve contact center operations and inform business units across the
enterprise making customer experience-related decisions.
Conclusion
CONTACT US TO LEARN MORE:
TETHR.COM(512) [email protected]
Five primary areas of financial benefit are delivered by a conversation intelligence platform:
Loyalty/Retention: Reduce effort (do & feel) to improve customer experience, increase retention and reduce churn, thus increasing revenue and customer lifetime value.
Sales Conversion: Identify sales best practices, including probing questions, objection responses and offers through analysis. Then train, enforce and optimize those best practices through daily monitoring.
Operating Costs: Automate QA to reduce QA headcount, reduce repeat calls and channel switching, reduce AHT by identifying major anomalies across call types and agents.
Product & Marketing Effectiveness: Improve product and marketing effectiveness by gaining access into actual voice of customer insights to improve products, services, marketing messages and offers.
Regulatory Compliance: Proactively identify infractions to mitigate regulatory risk and fines and redact PCI/PII data from audio and transcript.
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