What is conversation analytics?
Conversation analytics is the evaluation of voice data from phone calls between two or more people in order to gain insights on customer behavior. By recording and transcribing call data, marketers can better understand and target leads.
How does conversation analytics work?
Conversation analytics requires several moving parts in order to turn conversation into data. The first step begins with using a conversation analytics software, which records call and transcribes speech-to-text. The indexing layers of the software sort the data so it becomes searchable, and a query tool allows users to search through it. The call reporting tool then presents search results, often in graphic form, so marketers can make meaning of the call data.
While this sounds labor-intensive, call transcription and scoring happens in real-time, which allows marketers to know in minutes if a call is a qualified lead. Having a fast response time with qualified leads maximizes conversions. Marketers are 400 times more likely to get a response by following up with a qualified lead within the first five minutes.
Why use conversation analytics?
81 percent of customers prefer to call companies on a regular basis rather than chat or email. Historically, brands have been able to quantify chat or email data, but unable to examine call data with the same rigor. Conversation analytics closes the gap by turning phone calls to data-rich text that allows marketers to compare calls with other channels.
With conversation analytics, marketers can efficiently score leads and spot patterns without having to listen to calls. These analytics provide at-a-glance information on which leads are qualified, as well as when leads converted and what was said. By knowing what is most effective at targeting a segment of their audience, marketers can tighten their messaging. This saves time and improves the accuracy of outreach, leading to higher conversion rates.
Sophisticated conversation analytics tools recognize emotion embedded in a caller’s tone of voice. When marketers can understand a customer’s emotional experience, they can better connect with a lead — for instance, by discussing how a product or service will positively address their needs.
What are the benefits of using conversation analytics?
Marketers receive a wealth of data about campaign efficacy so they can attribute conversions properly. Rather than wonder if the right keywords are optimized, marketers can perform a quick search.
By knowing what works, marketers can effectively spend their budget on strategies that demonstrate success while staying accountable to key stakeholders with graphics-rich reports of conversion rates, channel performance, and other metrics.
Staff can use call data to recover from a missed opportunity. If analytics show that a potential customer was dissatisfied or received a mistaken impression after a phone call, someone can reach out to recapture the lead.
For management, conversation analytics makes every phone call transparent through an easy search utility and powerful, graphics-driven reporting. Managers can reward employees for successful outcomes, tweak campaigns that aren’t delivering ROI, or dive deep into customer sentiment to better understand the needs of their target audience and cultivate trust and customer loyalty.
These analytics provide accurate, up-to-date answers to questions about lead quality, search keywords, user needs, and customer experience. Over time, conversation analytics leads to smarter decision-making and a better experience on all sides.