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Product innovation is a critical part of maintaining relevance and enabling business growth. In highly competitive marketplaces, the companies that successfully innovate are more likely to maintain or grow market share and build stronger brand loyalty.
Customer feedback can facilitate innovation by providing a clearer picture of the kinds of products and features that audiences will most likely buy. By revealing insights into customers’ pain points, needs, and wants, product feedback can deliver product intelligence that inspires new ideas and revisions to existing offerings.
While customer feedback is essential to product innovation, it has traditionally been difficult to capture. The most common solutions – customer surveys, focus groups, and user testing – offer insight into a very small subset of customers, and feedback can often be distorted by the most satisfied or dissatisfied customers who tend to be highly vocal. Interactions with contact center agents could be a gold mine of customer feedback, but listening to and analyzing calls is extremely time-intensive. That’s where conversation intelligence from CallMiner can help.
Conversation intelligence technology uses AI and machine learning to determine the meaning of audio and text-based interactions. Through transcription, analysis, categorization, and scoring, conversation intelligence can reveal the intent and opinions behind a customer’s words as well as the sentiment and emotion that is driving their behavior. By combining the unstructured information in these conversations with structured metadata about the interaction, a conversation intelligence platform can provide a deeper understanding of what customers truly want and need.
This information can have a profound effect on the product innovation process. The right conversation intelligence platform can serve as an on-demand focus group, providing real-time insight into how customers feel about existing products. Conversation intelligence data can help teams test new ideas and act quickly on customer feedback. Product teams can better understand where current products are falling short and design new features to better meet customer needs. And conversation intelligence can reveal the unexpressed needs behind customer suggestions that can lead to superior new product innovation.
CallMiner Eureka is the industry’s most comprehensive platform for analyzing omnichannel customer interactions at scale. As the global leader in conversation intelligence, CallMiner makes it possible to analyze 100% of customer interactions across all channels: phone, email, chat, social, web, surveys, SMS, and more. By analyzing these interactions at the deepest levels, our platform can reveal insights for product innovation faster than any other solution on the market.
The benefits for the product development process are profound. With CallMiner Eureka, product teams can:
• Gain insights from every customer interaction to drive product innovation, improve market fit, and enhance the consumer product experience.
• Analyze solicited and unsolicited feedback to draw inspiration for new features, products, and service offerings.
• Uncover the unexpected ways that customers are trying to use existing products, leading to potential ideas for new features and functionalities.
• Examine the reasons for product returns to identify product deficiencies and to prioritize investments to remediate them.
• Share insights from customer conversations throughout the organization to align product teams around product innovation goals.
• Innovate faster by relying on automated collection and analysis of customer feedback.
• Understand the foundational drivers of customer suggestions to discover adjacent opportunities for product innovation.
The CallMiner platform provides product development teams with all the tools and solutions required to drive product innovation more effectively.
• Analyze. As mission control for the Eureka platform, CallMiner Analyze makes it easy to understand conversations with root-cause analysis and discover what matters most to customers on their omnichannel journey.
• Visualize. Providing an interactive, easy-to-use interface for creating graphical presentations, CallMiner Visualize helps stakeholders to visually connect the dots between insight and action.
• Coach. With CallMiner Coach, supervisors can gain greater understanding of interactions between agents and customers to improve agent performance and enhance customer experiences.
• Alert. CallMiner Alert automatically notifies agents and supervisors when indicators suggest a customer is at risk of churn or a conversation is heading in the wrong direction. Real-time guidance and next-best actions help agents to turn around negative situations and improve customer outcomes.
• Redact. To protect customer privacy, CallMiner Redact automatically removes sensitive numeric data from audio and text-based conversations.
• Record. This full-featured recorder offers live monitoring and instantaneous playback to improve transcription and analytics.
• Screen Record. To drive greater insight into agent effectiveness, CallMiner Screen Record captures every aspect of agent and customer interactions.
Trusted by the world’s leading organizations in financial services, retail, healthcare, insurance, hospitality, travel, and other industries, the CallMiner Eureka platform delivers the intelligence that businesses need to make better decisions around product development. Our platform has been designed with technology developed over two decades of innovation and through mining billions of hours of customer calls.
By revealing meaningful insight from customer interactions at scale, we help organizations dive deeper, move faster, and build cultures of improvement. Our focus on customer success includes hands-on guidance and a dedicated support team for each account as well as an active customer community that is a source of invaluable knowledge and crowdsourced innovation.
Product innovation is the process of creating a new product to meet an unfulfilled need or improving an existing product to better meet the expectations of customers.
Customer feedback reveals the true wants, needs, opinions, and emotions that customers have around products. By gathering accurate and comprehensive customer feedback, product development teams can gain inspiration and ideas for products that will better meet customer expectations and create exceptional customer experiences.
Conversation intelligence offers an easier way to automatically capture feedback from customer interactions across every channel. Using AI and machine learning, conversation intelligence determines the meaning and intent of a customer’s words as well as the sentiment and emotion driving their opinions and behavior. By capturing feedback from customers across phone calls, chat, email, surveys, websites, social media, SMS messages, and other channels, conversation intelligence delivers actionable insight that can drive more successful product innovation.
We implemented CallMiner to achieve faster time to insights with our analytics. We can pull comprehensive, ad-hoc reports for stakeholders on important CX-centric KPIs on the fly.
Director of customer care innovation, Radial
CallMiner Eureka is the most comprehensive platform for analyzing omnichannel customer interactions at scale. By capturing and analyzing 100% of conversations across all channels, CallMiner’s customer feedback management software produces meaningful intelligence to drive brand innovation and enhance the product planning and development process. Brand management teams rely on CallMiner to monitor brand sentiment and proactively take steps to improve it. CallMiner’s product feedback tools serve as an on-demand focus group and competitor intelligence platform, driving product innovation by delivering deeper insight into the customer’s mindset and the consumer product experience. With CallMiner, businesses can achieve truly customer-centric product development by better understanding what customers want and need.