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60 ideas in 60 minutes - Speech Analytics
This document provides an overview of a 60-minute presentation on speech analytics. The presentation will feature a panel of experts from speech analytics companies discussing how speech analytics can be used to enhance the customer experience, improve business processes, and optimize agent performance. Specific use cases that will be covered include identifying customer sentiment, improving sales effectiveness, linking call recordings to agent coaching, and predicting customer churn.
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60 ideas in 60 minutes - Speech Analytics
- 1. 60 Ideas in60 Minutes – Speech Analytics Moderator: Vicki Herrell Executive Director Quality Assurance & Training Connection (QATC) www.qatc.org
- 2. Panelists Aspect – Kathleen Schroeder NICE Systems – Dr. Vasudeva Akula Verint – Daniel Ziv Utopy – Mike Miller
- 3. Enhance the CustomerExperience What are my customer’s impression of my company – are we meeting their expectations? 3 ©2011 Aspect Software, Inc. All rights reserved.
- 4. Use Real-Time SpeechAnalytics to Shape Interactions at the Decisive Moment
- 5. Become Part ofa VOC Community VOC programs are becoming more complex and much more strategic within many organizations. Leverage insights from other customer experience executives from within and outside your industry. Sharing knowledge, ideas, best practices and successful case studies is a great way to increase your chances of success. – Look for a vendor that has an existing community of VOC executives and speech analytics users. – Some vendors also offer consulting services from experienced VOC analysts that can help you achieve rapid and significant return on your VOC investment. 5
- 6. Comprehensive Call ReasonTracking Most companies identify just one reason for a call. Measuring all call topics provides a deeper view into customer needs. “I’m calling to activate my phone.” “I have a new phone that needs to be activated.” “Can you help me activate a phone?”
- 7. Maximize Sales Effectiveness Arewe maximizing every revenue opportunity? Contact Center Enterprise 2.0 Consumer 2.0 Contact Center Blogs Back Office Social Sites Experts Communities 7 ©2011 Aspect Software, Inc. All rights reserved.
- 8. Combine Speech Analyticswith Real-Time Decisioning and Guidance Workforce Quality Cross-Channel Management Management Interaction Analytics Real-time Next-Best-Action Guidance Next-Best-Offer for Sales & Predictive Campaign Real-Time CRM & Retention Next-Best-Offer Management Speech Desktop Model Analytics Applications
- 9. Holistic Voice ofthe Customer conversations conversations THEY initiate WE initiate with with us? them? Phone Calls IVR Survey Chat Email/Web Survey E-mail Post Call Survey PUBLIC conversations Web Social Media Communities 9
- 10. Link Best PracticeCall Libraries to Coaching Sessions Supervisor Coaching Session Agent
- 11. Categorize Calls toPerform Root Cause Analysis Why has call volume dramatically increased? Is there a problem that our customers need to call for resolution? 11 ©2011 Aspect Software, Inc. All rights reserved.
- 12. Use Speech Analyticsto Keep Track of Customer Buzz
- 13. Phone still #1and Richest Customer Channel 79% of consumers selected live phone call with agent as #1 channel 13
- 14. Uncover Valuable Surprises Why are top agents taking longer than other agents?
- 15. Improve Business Processes Howdoes the way calls are handled impact my companies bottom line? 15 ©2011 Aspect Software, Inc. All rights reserved.
- 16. Reshape the QMProcess - Evaluate Calls That Matter
- 17. Providing Early Warning SocialMedia Public Domain Enterprise Domain Calls More Context Higher Relevancy Higher Cost Direct Customer Early Warning Feedback Emails Chat 17
- 18. Identify Key Eventsin Interactions Quickly & Easily Very disappointed
- 19. Improve Self-Service Utilization Whycan’t our customers resolve their issues on our web portal without calling for assistance? 19 ©2011 Aspect Software, Inc. All rights reserved.
- 20. Take a HolisticApproach of The Voice Of The Customer Interaction Analytics + Customer Survey Feedback + Customer Journey = The Complete Voice of the Customer
- 21. Get More FromYour Quality Monitoring Random Call Monitoring Typically Sample Mostly “Average” Calls • Low Customer Sat • High Customer Sat • Disconnects • High quality • High AHT • High efficiency • Holds, Transfers • Sale achieved • Silence/Dead Air • Repeat calls • Anger Distribution of Quality of Customer Contacts 21
- 22. I Wonder HowOften ……… Talking about survey biases results and adds 4 sec to AHT
- 23. Improve Agent Performance Howare agents interacting with our customers? 23 ©2011 Aspect Software, Inc. All rights reserved.
- 24. Use Speech Analyticsto Optimize Customer Lifetime Value From Workforce Optimization to Customer Lifetime Value
- 25. Focused Quality CanSignificantly Increase ROI Random Sample + Speech Analytics = 100% View • Low CSAT • High CSAT • High AHT • Complement • Holds, Transfers • Sale closer • Silence/Dead Air • Retention • Repeat calls • New issues • Anger/Emotion • Objections Distribution of Quality of Customer Contacts 25 25
- 26. Form Comprehensive Viewof Customer Activity Analyze interactions by contact reason Provide unified reporting of customer activity Assess conditions driving customers to high cost solutions
- 27. Identify Agent Coaching/TrainingOpportunities Are we taking advantage of every opportunity to improve agent productivity? 27 ©2011 Aspect Software, Inc. All rights reserved.
- 28. Customer Churn Predictionwith Speech analytics Identify Churn Signals Calculate Churn Risk Score for each Interaction Proactively reach out to customers at risk with retention offerings
- 29. Improving Sales Conversion Increase Sales Conversion Identify rate of success of each step Pinpoint best and worst agents Surface positive language and best to reduce Find how practices none value calls Upsell 60.0% 57.6% “Can I have Success 49.8% … increase number another # Calls Rate 50.0% of proposals moment of 40.0% your time?” … and drive 32.8% 32.3% “you could 30.0% 50 % 23.5% Average conversion Rate the earning 35 % 20.0% 15.1% interest on 8% 12.9% 11.4% this balance” 10.0% 6.3% Key phrases In the call 0.0% 29 29
- 30. Identify Frequency andPlacement of Skill Build rapport Feature + benefit early in call better than feature only
- 31. Monitor Compliance Are weadhering to proper protocols on every call? 31 ©2011 Aspect Software, Inc. All rights reserved.
- 32. Convert Service Callsto Sales Calls with Speech Analytics Hidden Opportunity “Hi, I am moving in with my boyfriend (we’re getting married in November). I need to change my address.” Stated Topic
- 33. Focus on WhatMatters Most To Your Customers and Business • Analyzed “lost customer” interactions • Built “At Risk” VOC Category: – Ridiculous, You People, Looking NEAR Statement… • Saved 86% of at risk accounts by reaching out proactively • Total of 4500 accounts saved • Initial ROI achieved within 7 weeks Saved Cost Revenue (Verint + Staffing) ROI $12.5M $11.9M $600,000 33
- 34. Use Automation toUncover Emerging Trends Speech I got the new phone I’m having trouble with my I just recently bought the to Text model…it seems to be phone….the data service newest phone dropping calls works fine but my new model…..the video frequently….I upgraded phone seems to drop camera is great…the my account to a family calls…you guys should internet service has been plan because of the recent have thought of that spotty…my new phone Customer promotion on the family sooner has been dropping a lot Text plan…….. of calls… Analytics Discovery Analytics Agent Movers and Shakers Customer Term Percent Change Interactions new phone dropping calls 376.1% one month free 25.8% they’re overcharging me 5.8% recent tv advertisement -8.6% broken product in mail -18.6% cancel my account -21.3% trouble with form on website -23.5%
- 35. Improve Collections Effectiveness Whyaren’t customers paying on time? Is our payment method causing more confusion than resolution? 35 ©2011 Aspect Software, Inc. All rights reserved.
- 36. Speech Analytics –Analyze Beyond Spoken Words Talk Over Analysis Emotion Detection Call Part Analysis 8% 15% 10% 16% 10% 31% 10%
- 37. Listen to Customersto Inspire Evolution Customers Intelligent Enterprise Bridge the gap between listening and action 37
- 38. Track Coaching Sessionsto Measure Supervisor Performance
- 39. Increase Market Intelligence Whatdo our customers think about our products and services? 39 ©2011 Aspect Software, Inc. All rights reserved.
- 40. Combine Speech AnalyticsInsight with External Data Keywords and Topics Misinformed Speech Talk Over Analysis Phone Frustrating Emotion Detection Call Flow Analysis This is the 2nd time I’m calling Desktop Analytics Context Customer Demographics Web Interaction History Phone Survey Customer Feedback
- 41. What ROI toExcept ? Business Pain Example ROI Increase First • 10-15% less repeat calls Contact Resolution Improve Customer • 10-20% less dissatisfied Satisfaction callers Improve Self- • 30-40% reduction in Service related calls • 5-15% increase in Increase Sales conversion Reduce Customer • 10-25% less cancellation Churn calls 41
- 42. Automate the QMProcess Example: Critical Sales Skills Mapped Skill Phrases Build Rapport How are you today What’s the weather like How long have you lived in Building Rapport Probe for Customer Being Courteous Needs Probing for Customer What are you trying to do Needs What is most important to you What are you looking for Educating the Customer Create Urgency Create Urgency If you buy now The prices are great now Asking for the Sale We are having a sale right now
- 43. From Speech Analyticsto Interaction Analytics Speech Analytics
- 44. Determine Agent Skillsthat are Most Important Top and Bottom Agents: Skill Usage Comparison Key differentiators to sales conversion Even top performers are not good at discussing benefits No significant impact on sales conversion Top performers follow sales process significantly more than bottom performers