There are few things more important than data for a growing business.
Your company needs a complete view of everything from why your clients decide to connect with you, to what it takes to create a successful interaction.
With the right tools for collecting statistics and analysing trends, businesses can ensure they provide the best possible experience for their clients. This increases your chances of long-term sales and reduces the risk of losing consumers to your competitors.
In a world where the market for CX solutions will reach around $3.4 billion by 2023, successful analytical tools have never been more critical.
Today, we’ll explore why call analytics is so crucial for any business.
Building a Business Case for Call Analytics
Call analytics tools provide companies with the information they need to successfully grow.
Without the right analytical tools, organisations would be forced to guess at which processes and strategies are most suitable for their customers. Unfortunately, a trial and error process can end up losing a lot of sales opportunities.
With call analytics, business leaders don’t have to guess at what’s working for their clients. The best systems provide an end-to-end view of everything from how your customers prefer to contact your brand to where you’re most likely to see drops in call quality.
Using analytics, you can enhance your processes, get rid of potential issues with security or performance, and give your customers the meaningful moments they crave.
With call analytics, you can even improve your chances of attracting repeat customers to your organisation.
Top 10 Call Analytics Facts You Need to Know
Call analytics solutions offer the visibility that businesses need to make the right decisions regarding new technology, processes, and strategies. According to IDG’s report on the 2020 state of the CIO, 37% of IT leaders believe analytics will drive the biggest investments in IT.
At the same time, 95% of CIOs are concerned that they’ll need take on more responsibilities in the new landscape, to do with customer experience (46%) and data compliance (49%).
As the only reliable way for companies to ensure that they’re making the right decisions for business growth, call analytics solutions are essential. Here are some facts to keep in mind as you present a business case for analytics.
- Companies are increasing spend on customer retention: As the US market accelerates towards a value of $3.4 billion by 2023, business leaders are spending more on customer retention. They’re also using more data and AI to ensure better customer experience: Source – Enterprise Talk.
- Spending on customer experience is growing: Call analytics are essential to developing better customer experiences. By 2022, worldwide spending on experience will reach around $641 billion. Source:
- Companies are already seeing the benefits of analytics: Organisations are already using call analytics to reduce average handle time by around 40%. The same tech also improves self-service containment rates by up to 20%. Source: McKinsey.
- Analytics strengthens contact centre experience: CX analytics systems support stronger customer experiences. This can include improving IVRs, self-service, or routing. 75% of customers say they hate repeating themselves on the phone. Source: Contact-centre.com.
- There’s too much data to analyse manually: We’re creating too much data every day to handle the flow manually. Companies send around 294 billion emails, and 65 million instant messages a day. Source: Visual Capitalist.
- Call analytics improves the bottom line: Accessing the right analytics cuts costs by up to $5 million and increases conversion rates by around 50%. All the while, you benefit from better employee engagement and customer satisfaction. Source: McKinsey.
- AI can enhance analytics: 61% of modern companies say they’re using AI to help with driving better decision-making strategies. Machine learning and artificial intelligence leads to more advanced insights. Source: Venturebeat.
- Many companies aren’t using analytics correctly: Successfully using call analytics could give your business an edge. Only 37% of companies feel they’re using these analytics properly today. Source: McKinsey.
- Call analytics are starting to address more channels: Today’s analytics solutions also address different channels, in a world where 66% of customers use three environments to contact customer service. Source: Microsoft.
- Voice analytics is still important. In 2018, US citizens said that phone and email were still the easiest ways to access customer service and support. Source: Statista.
Top 10 Statistics to Support your Call Analytics Business Case
It’s hard to argue with the value of call analytics in an environment where your customers demand more support than ever.
Analytics give you the support you need to serve your clients in a way that’s best for them. At the same time, they’re a chance to determine what’s working for your company. Nearly 60% of consumers say that their expectations regarding customer service have increased lately.
Call analytics ensures that you’re supporting your clients in the way that’s best for them. Plus, you can see if your company is suffering with any productivity or efficiency issues. Here are some more stats to keep in mind as you make your investment:
- Customers are tired of dealing with bad support: 34% of customers say that they hate calling customer service channels because they’re frequently kept on hold. Source NewVoiceMedia.
- Customers need support on more channels: Call analytics allows you to support clients throughout their full journey. More than 50% of clients use four or more touchpoints to connect with companies today. Source: Knexus group.
- There’s a gap in experience: Although 93% of businesses say that consumers expect a seamless omnichannel experience, only 24% of companies say that they can deliver this flexible environment. Source: NICE.
- Poor experience is costly: Companies lose around $62 billion each year due to bad customer experiences. However, around 70% of clients say they would be more loyal to a brand after a good experience, while 65% would recommend that organisation to a friend. Source: Vonage.
- AI is becoming crucial to call analytics: With AI, companies can gain better insights, and create self-service solutions for customers. 63% of contact centre leaders say consumers can resolve issues faster thanks to virtual assistants and bots. Source: NICE.
- Reliable experiences are key to performance. Around 73% of business leaders say that offering a fantastic customer experience is essential to the overall performance of their company. Source: HBR.
- Data is key to transformation: 90% of enterprise professionals say that analytics and data are essential to their successful strategies for digital transformation. Source: Gartner.
- Improving data management is crucial to customer experience: Survey respondents say that improving data analysis capabilities is crucial to better understanding customer experience requirements. Source: eMarketer.
- Data strengthens experience: In a US study into senior decision making, analytics and big data emerged as two of the most important factors for improving customer experience. Source: Verndale CX Research.
- AI will update the call analytics stack: Around 60% of companies say that they’re now using AI for decision-making. AI solutions include everything from sentiment analysis tools to in-depth analytics. Source: Venturebeat.