In today’s data-driven world, companies rely on customer analytics software more than they ever have in order to refine their strategies for keeping up with customer demands. According to an IBM consumer report, 82% of consumers around the world still want effortless and uncomplicated experiences that are as “friction-free as possible.”
Customer analytics software is designed to help companies monitor and improve their products, services, and the entire customer experience. That said, there are so many practical uses for customer analytics technology. In this post, we’ll look at 5 practical uses for customer analytics software to help you get started on leveraging this kind of technology. So let’s get started!
1. Discover Trends to Determine Business Drivers
Business drivers are the keys to understanding what ultimately drives your business’s operations and revenue; therefore, it’s critical to have an understanding of the main drivers of your business.
Here are some common examples of business drivers:
- Number of products sold
- Number of stores
- Website traffic
- Number of salespeople
- Efficiency rates & downtime
Using this information as a guide when creating business strategies will ensure the effectiveness of those strategies. For instance, if one of your main business drivers is the number of products sold, and that number is declining, then you can take a closer look at why that’s happening using customer analytics software. Start with a few questions about your customers.
- Are customers not buying due to price or other concerns?
- Are customers buying from competitors because they offer something different?
- Have customers lost faith in your brand for some reason?
While these example questions may seem obvious, finding answers to these questions may not always be so obvious. Most companies don’t know that they can gather intel using the data from recorded calls. And customer analytics makes it easy to search call transcriptions to uncover trends and extract the answers to the questions that matter most to your business.
2. Improve Scripts & Average Handle Times
It’s widely accepted that long wait times are a leading cause of customer churn. One way to prevent this is to reduce the Average Handle Time (AHT), which you can do by improving your call scripts. The beauty of an automated customer analytics solution is that you can get a more accurate assessment of an agent’s performance, rather than basing it on a handful of random calls. In fact, when QA managers have easy access to a larger sample size of customer interactions, then they have more data and insights to shape coaching needs.
In one case study, customer analytics led to a 3-minute reduction in AHT, with agents following a call structure to improve close times by 6%. When managers have the ability to easily zero in on specific calls with low scores, it’s easier to determine whether your frontline employees are taking callers through the appropriate script. If so, then you may need to make improvements to your call scripts. Plus, you can use that intel to improve scripts.
3.Increase Customer Retention
The customer experience will continue to gain importance and relevancy as it pertains to implementing successful business and marketing strategies. Another advantage of interaction analytics is that it provides a beat on the customer experience. For instance, you can assess the following:
- Do customer service agents appropriately address callers’ needs?
- Does the service provided help build or retain a positive customer relationship?
- Are there common customer complaints that can be resolved quickly?
There are many ways you can use customer analytics to assess your agents’ customer service skills. Most importantly, you can use those insights to understand why customers leave and improve the areas that need attention.
4. Identify Employee Training Opportunities
As mentioned above, you can use customer and agent insights to improve call scripts and employee training overall. You can also look at areas within your sales team that you can strengthen. Do they have thhe skills they need to be successful? Are your call scripts designed to close deals? Answering these questions is the first step in improving employee training.
5. Monitor Customer Interactions With Competitors
Last but not least, customer analytics insights are often used to assess the competition. Is there a particular competitor threatening the success of your sales team? Do your competitors offer better prices, or better services? Having a deeper understanding of where you stand against your competitors goes a long way toward your overall success.