December 8, 2022
In this series we explore common industry phrases and explain what they really mean.
If you're a contact center leader, manager, or agent, you know that conversations with customers can be both rewarding and frustrating. On the one hand, they can provide insights into what your customers want and need. On the other hand, they can be time-consuming and difficult to manage, especially if you have a high volume of calls to handle, multiple channels and demand drivers. That's where conversation analytics comes in.
Conversation analytics is the process of analysing conversations in order to extract useful information and insights. This can be applied to a variety of different types of conversations, including customer service calls, sales calls, and social media interactions. By using conversation analytics, companies can invaluable insight into every customer interaction automatically - without the need for manually listening, transcription and quality assessment.
Sentiment analysis often proves very valuable to companies. This involves identifying the emotional tone of a conversation ('sentiment') and whether it's positive, negative, or neutral. This can help brands understand how their customers are feeling and whether they're likely to repurchase again. If a customer is expressing frustration or dissatisfaction, the system intelligently flags the customer for steps to address the issue and improve the customer's experience.
Brands can also use conversation analytics to provide topic modeling (like MOJO-CX© does on the fly). This involves identifying the main topics that are being discussed in a conversation. This can help companies understand what their customers are talking about and what issues are most important to them. For example, if a customer mentions pricing often it is a likely indicator that they are more price sensitive than customers who do not. Brands can use this information to tailor marketing efforts and improve purchase likelihood.
Conversation analytics also enables entity recognition. This involves identifying named entities, such as people (e.g. linking customers together into family plans etc), organisations, and locations that are mentioned in a conversation. This can help companies understand who their customers are and where they are located. This adds a richness to your insight that can be a vital competitive advantage.
Finally conversation analytics can be used to increase the speed to competency of Agents when paired with suitable coaching and next best action software. Traditionally, random sampling and human error restricted QA to just 5% of all contact - Conversation Analytics unlocks the remaining 95% and analyses it against your own business metrics. MOJO-CX© then pushes this information into its Learn module to prompt a coach to book a coaching session.
If you'd like to learn more about the power of conversation analytics, book a discovery call with one of our experts. We promise you'll be as excited about it as we are by the end of our 30 minutes together.
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