Attracting New Customers Is Expensive
It is always cheaper to keep your current customers than attract new ones. According to the Harvard Business Review, acquiring a new customer is anywhere from 5 to 25 times more expensive than keeping an existing one. This is why you need to find better ways of retaining your customers. One of the best ways is to increase customer engagement, because engaged customers are great brand advocates. They are also repeat buyers who have a direct influence on profitability.
According to Gallup, a global analytics and advice firm, customers who are fully engaged spend 23% more in terms of wallet share, profitability, and revenue than the average customer, so investing in customer engagement builds a strong brand with loyal customers.
Increasing Customer Engagement with Conversational Technologies
Customer engagement is about enhancing the customer experience and encouraging customers to interact. It is also about influencing customers in ways that build long-term relationships.
To increase customer engagement, organizations need to enhance the customer experience by:
- Offering high-quality solutions
- Answering customers’ needs on time
- Being reachable on any channel
- Providing personalized solutions
Conversational technologies are great tools for increasing customer engagement. These technologies include speech recognition, text-to-speech (TTS), natural language processing (NLP), and voice biometrics.
Conversational technologies use voice as a natural interface to facilitate human-machine interaction. Thus, they empower intelligent automation solutions that enhance customer experience and engagement through smart self-service.
By using these technologies, you can cut costs without sacrificing customer satisfaction. With the automation they provide, conversational technologies decrease customer service costs, the need for human workers, and the working hours spent on conventional service approaches.
Conversational technologies can be integrated into any channel, and they are available 24/7. This enables customers to reach your organization any time from whatever channel they prefer. Always being available means uninterrupted service for customers. By using conversational technologies, you can provide effective omnichannel self-service for your customers.
Empower Customers with Qualified Self-Service Through Natural Dialog
NLP-based technologies enable users to interact with any system by using their own words instead of conventional interfaces. These technologies ensure a natural dialog between users and systems and can be used in IVRs, chatbots, and virtual assistants.
By implementing NLP-based natural dialog technologies in your solutions, you can empower your customers to help themselves. These technologies understand your customers’ natural speech and intent and offer them the solutions they need any time from any channel they like. For example, when implemented in IVR systems, conversational technologies allow users to navigate across menu options via natural speech. Time-consuming touch-tone and agent-assisted menu navigations are replaced with everyday language. Customers can reach the right self-service menu option by stating their needs quickly and easily, in their own words.
Another use case for these technologies is chatbots and virtual assistants. These popular applications draw their strength from NLP technology. With the help of NLP, both applications understand the intent and meaning behind users’ statements with high accuracy, answering customers’ questions with ease, no matter how complex they are.
As intelligent automation solutions, natural dialog technologies can help you to increase customer engagement by:
- improving and optimizing business operations
- reducing average handle times
- offering simplified and personalized self-service
- enhancing the customer experience
- ensuring consistent self-service across multiple channels
Enhance Security with Voice Biometrics
Today’s customers are deeply concerned about security, and given the security threats that exist, they are not wrong. Traditional security measures like PINs, passwords, and security questions are poorly equipped to stop the growing incidence of fraud and identity theft.
As a conversational technology, voice biometrics offers an effective security solution. The technology verifies users’ identities via each user’s voice. Everyone’s voice is unique, just like fingerprints and irises, which makes voice authentication far more secure than traditional security measures.
The technology not only increases security but also enhances the customer experience. Conventional security measures like PINs, password, and security questions can be time consuming for customers—and sometimes easy to forget. Unlike these methods, voice biometrics enables reliable identity verification in a matter of mere seconds.
Voice biometrics automates security processes. By using this technology, you can optimize your security processes by replacing manual identity verification. This significantly reduces the number of security steps and time involved in the verification process.
Voice biometrics is a smart approach to identity verification. The technology contributes to customer engagement by:
- saving customers from complicated questions and easy-to-forget passwords
- providing a fast and easy authentication method
- offering simplified and personalized self-service
- increasing security and ensuring data protection
- reducing average wait times due to manual identity verification
Know What Your Customers Think About You with Smart Analytics
To provide your customers with what they are looking for, you need to listen to them. Effectively listening to your customers on their terms and acting on what they say are keys to effective customer engagement.
Customer interactions include a wealth of invaluable insights: the level of customer satisfaction, likelihood of churn, agent performance, campaign effectiveness, and more. However, the sheer volume of these interactions makes it impossible to manually review and analyze them. Manual review can process only a fraction of interactions and is far from providing objective evaluation results.
Interaction analytics solutions, also known as Voice of the Customer, can help you overcome this challenge. With these automated approaches, you can apply in-depth analytics to recorded customer interactions across multiple channels. These analyses include not only textual and statistical details but also emotional ones. With advanced features like emotion detection and sentiment analysis, you can gain valuable insights into how your customers feel.
By applying smart analytics to recorded customer interactions, you can identify and measure the drivers of customer behavior. Acting on customer feedback allows you to implement effective business strategies that improve self-service processes, staff performance, and customer experience. The result is happier and more deeply engaged customers.
Smart analytics solutions help you to gain intelligence from customer interactions by allowing you to:
- capture and analyze customer feedback
- discover what your customers care about most
- understand your customers’ needs and pain points
- gain actionable insights and act on these insights to enhance the customer experience
- improve customer experience and engagement
As Sestek, we will be sharing insights into the effective use of conversational technologies at the AVAYA Partner Summit 2019, which will take place on 4–5 December 2018 at the Event Center of the InterContinental Hotel, Dubai Festival City.
To learn more about the Avaya Partner Summit, please visit the event website.
Author: Hilal Bakanay, Senior Marketing Specialist, Sestek