Speech Analytics: the Key to Extracting Valuable Data from Calls

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Last month, LogMyCalls released an infographic revealing aggregate data extracted from millions of calls that ran through its system in Q1 2014. LogMyCalls’ Conversation Analytics uses sophisticated speech recognition technology and thousands of proprietary algorithms to analyze the content (i.e., words, phrases, and context) of phone conversations.

Among other insights, the data presented in the infographic shows speech technology helps determine likelihood of conversion, drives better quality leads, provides an opportunity to engage with missed opportunities, and more.  What makes this information so powerful? “The data in this infographic has never been gathered before, much less shared,” claims LogMyCalls, “It is truly groundbreaking data that will change the marketing analytics world.”

Let’s take a closer look at how speech analytics unlocks valuable data that can significantly improve your call center operations:

Better understanding of interactions with leads:

Statistics compiled in the LogMyCalls infographic show almost half (46%) of sales calls with high-quality leads fail to close. The company reports a 29% conversion rate during the first quarter of the year (examples of conversions include an appointment set, a reservation made, an intended purchase, an actual purchase, etc.). By determining the likelihood of conversion (via words and phrases used during the call), the technology can then automate suggested agent actions to complete the conversion, which can lead to a boost in sales performance.

Improved call communications/better customer experience:

The infographic highlights a powerful statistic: callers are approximately 10 times more likely to convert if the agent directly asks for their business! This type of straightforward communication can be beneficial to both companies and consumers who expect unparalleled customer service in today’s customer-centric landscape.

However, the research shows agents only asked for the customer’s business 13% of the time during Q1 2014. Fortunately, speech analytics can deliver direct performance feedback to contact center managers, supervisors, and agents, which can be used to focus and personalize individual agent training and ultimately provide a better customer experience.

Automated scoring to measure business performance:

Beyond those benefits listed above, speech analytics also provides automated lead scoring based on the words, phrases, and context extracted from calls. CallMiner’s automated scoring solution offers the ability to score every contact, and can be used to measure key aspects of business performance, such as agent quality, sales effectiveness, contact efficiency, compliance risk, customer satisfaction, and network reliability (in communications).

According to the infographic, LogMyCalls’ automatic scoring system identified 29% of leads as “great,” 28% of leads as “good,” and 6% of calls that resulted in caller dissatisfaction, insights that the company could then use to benchmark performance.

Final Thoughts

Those benefits listed above represent a fraction of the data that can be unlocked via speech analytics solutions. In the first quarter of the year alone, LogMyCalls extracted data from millions of call segments from dozens of sectors and industries, resulting in high-level metrics that the company could use to boost sales performance and improve call communications.

Is your company leveraging the power of speech analytics solutions? If not, you may be missing out on critical ways to improve your business outcomes.