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What Is Conversation Analytics?

Conversation analytics is a technology that can capture, transcribe, and analyze text-based and audio conversations. Conversation analytics solutions enable businesses to extract insight and intelligence from vast amounts of conversations with customers, employees, patients, and other audiences.

How does conversation analytics work?

Using artificial intelligence, natural language processing, and machine learning, conversation analytics solutions convert the unstructured information in human conversations into structured data that machines can read. Conversation analytics can determine the meaning of a person’s words and the intent and emotion behind them, revealing deep insights into the wants, needs, behavior, and expectations of customers and other audiences. By automatically analyzing and extracting insight from interactions at scale, conversation analytics helps businesses identify patterns and trends that can drive business improvement.

Why is analyzing conversations important?

The conversations that businesses have with customers are an invaluable source of unsolicited feedback on a wide range of topics. However, most businesses lack a way to access this insight at scale. Conversation analytics provides an automated solution for mining every customer conversation for intelligence that can lead to transformational business change.

What are use cases for conversation analytics?

Conversation analytics are most often used in contact centers to capture and analyze millions of hours of conversations with customers, providing intelligence that can lead to better decision-making in every area of business.

  • Marketing. Conversation analytics provides marketing teams with insight into the effectiveness of marketing messages, campaigns, and tactics.
  • Sales. Sales teams use conversation analytics to improve the performance of every sales agent and to identify the most effective way to approach each audience segment.
  • Product development. Conversation analytics can reveal customer opinions about existing products and services as well as ideas for new offerings.
  • Finance. By analyzing customer feedback, finance departments can take steps to make payment interactions as easy as possible.
  • Risk & compliance. Conversation analytics can measure compliance of contact center agents with regulatory requirements and internal standards.

What are the benefits of conversation analytics?

Conversation analytics can help businesses to:

  • Improve performance. Real-time conversation analytics empowers contact center agents with information and next-best-action guidance to resolve issues faster and improve outcomes. Supervisors can use conversation analytics to track and monitor agent performance to improve coaching efforts.
  • Reduce churn. Businesses use conversation analytics to reduce customer churn by accurately identifying pain points and negative feedback, using that data to improve practices, products and services. Conversation analytics can help reduce agent churn by giving agents the tools to be more successful at their work.
  • Personalize interactions. Conversation analytics enables companies to provide a more seamless customer experience by capturing all customer conversations across every channel, providing contact center agents with a customer’s complete history and context.
  • Product innovation. Many businesses use conversation analytics to track customer feedback about product experiences, using that data to make product improvements, identify ideas for new products, and discover new uses for existing products.
  • Increase satisfaction. By revealing what customers want and need, conversation analytics enables businesses to take concrete steps to satisfy customer expectations.
  • Enhance the customer journey. Conversation analytics enables businesses to understand the customer’s experience at every touchpoint – from initial interaction with the business through conversion and post-sale customer service. With a comprehensive view of the customer journey, businesses are better equipped to make improvements that enhance customer experiences and build greater loyalty.

Why is conversation analytics better than surveys and focus groups?

Companies have traditionally gathered customer feedback through surveys and focus groups. Because these methods only capture a small sample of customer conversations, they can’t provide a comprehensive picture of customer opinion. Additionally, respondents to surveys are often driven by highly positive or negative experiences, resulting in inaccurate data that doesn’t account for more nuanced opinions. In contrast, conversation analytics can capture 100% of customer interactions to provide a much fuller understanding of the customer mindset. The automated features of conversation analytics produces insight far faster than traditional manual processes for reviewing customer feedback.

What are the elements of conversation analysis?

Conversation analytics combines several technologies to provide a comprehensive solution for analyzing conversations. Text analytics captures and analyzes interactions in email, chat, web, social media, and other channels. Speech analytics transforms spoken conversations into data. Sentiment analysis identifies the feelings and emotions present in conversation based on the use of certain language and metrics like tempo, agitation, and silence in spoken conversation.

What is omnichannel conversational analytics?

Omnichannel conversational analytics refers to technology that can capture and analyze conversations across all audio and text-based channels, including phone, email, SMS text, chat, web, social, and more. Omnichannel conversation analytics enables companies to gain a complete understanding of a customer’s journey and history, leading to changes that can improve customer service and enhance customer experiences.

What is conversation intelligence?

Conversation intelligence is the term for the insights and information produced by conversation analytics technology.

What is conversation analytics with CallMiner?

CallMiner offers best-of-breed conversation analytics technology as part of the CallMiner Eureka platform. As the industry’s most comprehensive solution, CallMiner Eureka enables businesses to capture and analyze 100% of omnichannel customer interactions at scale, interpreting interactions at the deepest level to shed light on new areas of opportunity. Featuring automated performance, sentiment, and emotion scoring along with topic discovery and trend presentation, CallMiner Eureka delivers insights that matter most, faster than any other solution on the market.