Increasing Sales with Speech Analytics
Today sales success depends on how well you understand your customers. Understanding customer needs and expectations require listening to them while monitoring their end-to-end journey; this points out the importance of Voice of the Customer (VOC) tools.
VOC tools help organizations not only to understand customer behavior but also to measure the sales performance of customer representatives. Measuring sales performance by tracking data like the number of appointments made or the number of phone calls is no longer enough for an accurate evaluation. In addition to these numbers, we need to know the reasons behind them. And VOC tools provide these reasons by collecting both qualitative and quantitive data regarding customer feedback.
Why We Need Speech Analytics
Customer interactions represent a huge data source, including details about agent performance, product/service quality, and customer expectations. As a VOC tool, Speech Analytics helps organizations to mine this data and uncover hidden root causes. For example, Speech Analytics can help sales managers learn why some calls convert to sales, and others don’t, and why some agents perform better than others. Using 100% of the recorded calls as a data source also contributes to objective performance analysis, unlike manual evaluations, where only a limited number of randomly selected calls can be analyzed. By using the software, organizations can accurately measure sales performance and gain actionable insights into increasing sales effectiveness.
Speech Analytics contributes to call center performance by ;
Increasing Efficiency in Sales Efforts
- Recognizing potential sales opportunities
- Identifying and analyzing missed sales opportunities
- Increasing cross-sell and up-sell efforts.
- Uncovering causes of sale failures
Objectively Evaluating Agent Performance
- Implementing training programs to utilize best practices
- Ensuring compliance with sales scripts and industry regulations
- Evaluating the effectiveness of the sales pitches
- Comparing sales efforts and strategies
Improving Customer Experience
- Recognizing changing trends in customer buying behavior
- Enhancing the effectiveness of marketing campaigns
- Identifying customers who require immediate attention
Case Study: Speech Analytics for Cigna Finans
Cigna Finans is a pension and life insurance company, formed by a partnership of QNB Finansbank and Cigna Insurance Group.
Before Sestek Speech Analytics
The telesales department of Cigna Finans Call Center was planning to improve the sales performance of customer representatives, who sell life and personal accident insurance products, and therefore increase the company’s sales figures. This process required detailed data and analysis of the performance of the customer representatives.
The Implementation of Sestek Speech Analytics
Sestek Speech Analytics technology was implemented at Cigna Finans Call Center. The software transcribed and analyzed all recorded calls and provided analysis for the specific areas of improvement.
After Sestek Speech Analytics
Following the implementation of Sestek Speech Analytics, Cigna Finans Call Center observed significant improvements in three critical areas:
Increase in Product Sales
- Cigna Finans’s goal was to analyze the calls made by sales representatives with a historically high sales performance and to obtain data on the successful sales methods employed.
- Sales representatives with high performance were then compared to sales representatives with lower performance, in the same product range, by using gap/difference/comparison analysis.
- The calls of sales representatives with high performance were also analyzed in acoustic parameters and word choice.
- By studying the characteristics and methods of sales representatives with high performance, Cigna Finans prepared new action plans relating to sales training and coaching.
- These plans were then presented to the rest of the sales representatives.
- Sales numbers for the same product range increased by 48% following the month the action plan was implemented.
Improvement in The Performance of Sales Representatives
- Cigna Finans aimed to identify, resolve, and prevent any issues that could lead to customer dissatisfaction caused by the poor performance of sales representatives. Identifying areas of concern would enable them to improve the quality and performance of the telesales department.
- Three main issues were identified thanks to in-depth analysis using Sestek Speech Analytics:
- Silent calls: Sales representatives do not talk when they answer a call.
- No answer: Sales representatives terminate the call when it is routed to them.
- Pretending not to hear: Sales representatives pretend they cannot hear the caller and end the call.
- Calls that drew attention due to the silence rates or call duration were analyzed and reported on an individual customer representative basis.
- These reports then assisted in developing and implementing new action plans.
- Customer representatives who were considered to have behaved irresponsibly received verbal or written warnings. The improvement and development of each representative were continually observed, and monthly controls were implemented.
- As a result of the warnings and regular monitoring, a 90% improvement was seen when compared to the period before the use of the system.
Increase in Call Quality
- With the objective of increasing call quality, Cigna Finans was planning a measured improvement in script adherence by customer representatives.
- By using the Automated Quality Evaluation module of Sestek Speech Analytics, all the recorded calls were able to be analyzed and evaluated on a monthly basis.
- Script adherence in both opening and closing scenarios were measured using the automatic evaluation forms of Sestek Speech Analytics.
- By highlighting the issues and warning those customer representatives with low performance, an important step was taken towards improving the overall results.
- At the end of this process, a 23% increase was observed in script adherence.
As Sestek, we will be exhibiting at The Call & Contact Centre Expo which will take place in Excel London on 27th-28th March 2019. At the event, together with our partner Cigna Finans, we will be sharing the details of this case study. Visit our stand to learn more about Sestek’s conversational technologies, including Natural Dialog, Voice Biometrics, and Voice of the Customer. Grab your ticket now!
Author: Hilal Bakanay, Senior Marketing Specialist, Sestek