Speech Analytics: Increase collections while reducing compliance risk
60 ideas in 60 minutes - Speech Analytics
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60 Ideas in 60 Minutes – Speech Analytics
Moderator: Vicki Herrell
Executive Director
Quality Assurance & Training Connection (QATC)
www.qatc.org
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Panelists
Aspect – Kathleen Schroeder
NICE Systems – Dr. Vasudeva Akula
Verint – Daniel Ziv
Utopy – Mike Miller
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3 ©2011 Aspect Software, Inc. All rights reserved.
Enhance the Customer Experience
What are my customer’s impression of my company – are we
meeting their expectations?
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Use Real-Time Speech Analytics to Shape Interactions at the Decisive Moment
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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.
Become Part of a VOC Community
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Comprehensive Call Reason Tracking
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?”
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Maximize Sales Effectiveness
Are we maximizing every revenue opportunity?
Contact
Center
Enterprise 2.0 Contact Center
Back Office
Experts
Consumer 2.0 Blogs
Social Sites
Communities
©2011 Aspect Software, Inc. All rights reserved. 7
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Combine Speech Analytics with Real-Time Decisioning and Guidance
Real-time
Next-Best-Action
Guidance
Next-Best-Offer
for Sales &
Retention
Workforce
Management
Quality
Management
Cross-Channel
Interaction Analytics
Predictive
Next-Best-Offer
Model
Campaign
Management
Real-Time
Speech
Analytics
CRM &
Desktop
Applications
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Holistic Voice of the Customer
Phone Calls
Chat
conversations
THEY initiate
with us?
conversations
WE initiate with
them?
IVR Survey
Email/Web
Survey
Post Call
Survey
PUBLIC conversations
Web Social Media Communities
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Link Best Practice Call Libraries to Coaching Sessions
Coaching Session
Agent
Supervisor
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Categorize Calls to Perform 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.
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Use Speech Analytics to Keep Track of Customer Buzz
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Phone still #1 and Richest Customer Channel
79% of
consumers
selected live
phone call with
agent as #1
channel
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Uncover Valuable Surprises
Why are top agents taking longer than other agents?
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Improve Business Processes
How does the way calls are handled impact my companies
bottom line?
©2011 Aspect Software, Inc. All rights reserved. 15
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Reshape the QM Process - Evaluate Calls That Matter
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Providing Early Warning
Calls Direct Customer
Feedback
Emails
Chat
Public Domain
Enterprise Domain
More Context
Higher Relevancy
Higher Cost
Early Warning
Social Media
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Identify Key Events in Interactions Quickly & Easily
Very disappointed
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Improve Self-Service Utilization
Why can’t our customers resolve their issues on our web
portal without calling for assistance?
19 ©2011 Aspect Software, Inc. All rights reserved.
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Take a Holistic Approach of The Voice Of The Customer
Interaction Analytics + Customer Survey Feedback + Customer Journey =
The Complete Voice of the Customer
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Get More From Your Quality Monitoring
Random Call Monitoring Typically Sample Mostly “Average” Calls
Distribution of Quality of Customer Contacts
• Low Customer Sat
• Disconnects
• High AHT
• Holds, Transfers
• Silence/Dead Air
• Repeat calls
• Anger
• High Customer Sat
• High quality
• High efficiency
• Sale achieved
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I Wonder How Often ………
Talking about survey biases results and adds 4 sec to AHT
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23 ©2011 Aspect Software, Inc. All rights reserved.
Improve Agent Performance
How are agents interacting with our customers?
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Use Speech Analytics to Optimize Customer Lifetime Value
From Workforce Optimization to Customer Lifetime Value
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Focused Quality Can Significantly Increase ROI
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Distribution of Quality of Customer Contacts
Random Sample + Speech Analytics = 100% View
• Low CSAT
• High AHT
• Holds, Transfers
• Silence/Dead Air
• Repeat calls
• Anger/Emotion
• High CSAT
• Complement
• Sale closer
• Retention
• New issues
• Objections
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Form Comprehensive View of Customer Activity
Analyze interactions by contact reason
Provide unified reporting of customer activity
Assess conditions driving customers to high cost solutions
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27 ©2011 Aspect Software, Inc. All rights reserved.
Identify Agent Coaching/Training Opportunities
Are we taking advantage of every opportunity to improve
agent productivity?
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Customer Churn Prediction with Speech analytics
Identify Churn Signals
Calculate Churn Risk Score for each Interaction
Proactively reach out to customers at risk with retention offerings
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Increase Sales
Conversion
# Calls
50 %
35 %
8 %
… and drive
conversion
… increase number
of proposals
Find how to reduce
none value calls
Improving Sales Conversion
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%57.6%
49.8%
32.8% 32.3%
23.5%
15.1% 12.9%
11.4%
6.3%
Average
Rate
Upsell
Success
Rate
“Can I have
another
moment of
your time?”
“you could
the earning
interest on
this balance”
Identify rate of success of each step
Pinpoint best and worst agents
Surface positive language and best practices
Key
phrases
In the call
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Identify Frequency and Placement of Skill
Build rapport
early in call
Feature + benefit
better than feature
only
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Monitor Compliance
Are we adhering to proper protocols on every call?
31 ©2011 Aspect Software, Inc. All rights reserved.
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Convert Service Calls to Sales Calls with Speech Analytics
“Hi, I am moving in with my boyfriend
(we’re in November).
I need to change my address.”
getting married
Stated Topic
Hidden Opportunity
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ROI $11.9M
Saved Revenue
$12.5M
Cost
$600,000
(Verint + Staffing)
• 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
Focus on What Matters Most To Your Customers and Business
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Speech
to Text
Use Automation to Uncover Emerging Trends
Customer
Agent
Customer
Interactions
I got the new phone
model…it seems to be
dropping calls
frequently….I upgraded
my account to a family
plan because of the recent
promotion on the family
plan……..
I’m having trouble with my
phone….the data service
works fine but my new
phone seems to drop
calls…you guys should
have thought of that
sooner
I just recently bought the
newest phone
model…..the video
camera is great…the
internet service has been
spotty…my new phone
has been dropping a lot
of calls…
Movers and Shakers
Term Percent Change
new phone dropping calls
one month free
they’re overcharging me
recent tv advertisement
broken product in mail
cancel my account
trouble with form on website
376.1%
25.8%
5.8%
-8.6%
-18.6%
-21.3%
-23.5%
Discovery Analytics
Text
Analytics
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Improve Collections Effectiveness
Why aren’t customers paying on time? Is our payment method
causing more confusion than resolution?
35 ©2011 Aspect Software, Inc. All rights reserved.
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Speech Analytics – Analyze Beyond Spoken Words
Talk Over Analysis
Emotion Detection
Call Part Analysis
10%
10%
8% 15%
16%
10% 31% 31%
16%
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Customers
Customers
Intelligent
Enterprise
Listen to Customers to Inspire Evolution
Bridge the gap between listening and action
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Track Coaching Sessions to Measure Supervisor
Performance
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Increase Market Intelligence
What do our customers think about our products and services?
39 ©2011 Aspect Software, Inc. All rights reserved.
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Combine Speech Analytics Insight with External Data
Sp
ee
ch
C
on
tex
t
Misinformed
Frustrating
This is the 2nd time I’m calling
Phone
Web
Phone Survey
Keywords and Topics
Talk Over Analysis
Emotion Detection
Call Flow Analysis
Desktop Analytics
Customer Demographics
Interaction History
Customer Feedback
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• 10-15% less repeat calls Increase First
Contact Resolution
• 10-20% less dissatisfied callers
Improve Customer Satisfaction
• 30-40% reduction in related calls
Improve Self-Service
• 5-15% increase in conversion
Increase Sales
• 10-25% less cancellation calls
Reduce Customer Churn
What ROI to Except ?
Business Pain Example ROI
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Building Rapport
Being Courteous
Probing for Customer
Needs
Educating the
Customer
Create Urgency
Asking for the Sale
Automate the QM Process
Example: Critical Sales Skills Mapped Skill Phrases
How are you today
What’s the weather like
How long have you lived in
Build Rapport
Probe for Customer
Needs
What are you trying to do
What is most important to you
What are you looking for
Create Urgency
If you buy now
The prices are great now
We are having a sale right now
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From Speech Analytics to Interaction Analytics
Speech Analytics
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Determine Agent Skills that are Most Important
Key differentiators
to sales conversion
No
significant
impact on
sales
conversion
Even top performers are not
good at discussing benefits
Top performers follow sales
process significantly more than
bottom performers
Top and Bottom Agents: Skill Usage Comparison