What is conversation analytics?
Conversation analytics is a crucial component of understanding customer behaviour. Successfully harnessing this tool can allow a company to enhance its knowledge of customer journeys, and effectively use this to further their Return on Investment (ROI).
This article will delve into this process and reveal why it is essential for every company.
What is conversation analytics?
Conversation analytics is the process of gathering, structuring and evaluating data from verbal conversations. These are often verbal exchanges made through phone calls or virtual communication.
When communicating with a client or customer, even the briefest of conversations can reveal substantial amounts of valuable information to the company.
How does conversation analytics work?
The intricacies of the process may vary slightly depending on the software used, but conversation analytics often involves recording and transcribing verbal communication.
For instance, a phone call with a customer will be recorded through the software, before it’s transcribed to a digitally written format. This allows the software to organise the conversation into vivid, structured data.
The specific data obtained by conversation analytics software usually involves identifying key words and the purpose of the customer call, as well as tracking the entire journey of the caller.
Who can use conversation analytics?
Conversation analytics can be used by any company wishing to elevate their understanding of customer behaviour. In any industry or sector, the customer journey is a vital factor in the total ROI of a company, contributing heavily to the levels of engagement and customer satisfaction.
Ranging from small business start-ups to established corporations, obtaining a sufficient conversation analytics software can prove a highly profitable opportunity.
Why is conversation analytics essential for companies?
Understanding the process of conversation analytics is merely the start. There’s a vast range of benefits when incorporating conversation analytics into a company:
- Understanding customer needs
In every exchange, conversation analytics provide a way of extracting in-depth data surrounding various aspects of the conversation. For instance, identifying key words that are mentioned can heavily benefit the company, as it highlights a pattern of behaviour, and indicates the questions or topics customers are leaning towards.
With this information, companies can easily see the current needs of the customers and better address them accordingly.
- Refining conversation trajectory
Another key detail is revealed through an evaluation of the conversation progress — from the initial purpose of the call to the resolution. Companies can analyse this to strengthen their customer communication and achieve optimal outcomes with every call. Moreover, it becomes increasingly easier to spot potential leads which are likely to convert.
To further extend the data collected in the call, companies can also consider using the call tracking system with Mediahawk, for example. This not only reveals the journey that led the customer to the call, but provides expert analysis on the call itself. This call tracking feature offers high-end conversation analytics, for extensive understanding on how customers are interacting during calls.
- Streamlining marketing campaigns
Conversation analytics also contributes towards marketing attribution, providing endless opportunity for streamlining marketing campaigns. Through identifying the trends and patterns of customer behaviour, companies can expand their understanding of the customer journey, and the needs most frequently brought up in calls.
This allows marketing campaigns to better adapt, creating more engaging marketing strategies, which amplify the specific areas of the customer journey indicated in the analysis. As a result, marketing campaigns will be more closely tailored to increasing the engagement of the customer, and thus, the ROI.
- Improving customer experiences
Verbal conversations are an integral part of the customer experience, and therefore, require conversation analytics to refine how they are carried out.
The recording and transcribing of conversations allow companies to evaluate how the customer is engaged, how the conversation is progressed and what outcome is achieved.
This data is then used as a stimulus for establishing more engaging and successful communication, wherein the exchange is founded on a more informed knowledge of the customer experience. Consequently, a better customer experience means further engagement with the company – and its services.
The bottom line
With its array of benefits to greatly increase ROI, conversation analytics is something to be considered by every company.
