CallMiner introduces us to some of the ways that interaction analytics can help to produce a return on investment (ROI).
Interaction analytics can help contact centres to increase sales, agent coaching and overall customer satisfaction – while delivering a return on investment (ROI).
The chart below summarises the kind of ROI that CallMiner’s clients have received by changing the way their call centres operate.
The Problem With the Status Quo
No, our first point isn’t about the ’70s British rock band. It’s about the fact it’s time to replace costly and inaccurate manual feedback processes with insight from 100% of customer interactions.
If customer experience is measured by post-event surveys, as is the case in most companies, this means low sample rates, extreme emotions are highlighted (as those with stronger views are more likely to respond), feedback and analysis is slow, and context is lacking.
If agent performance is assessed manually or if small samples of calls are listened to, once again as most companies do, the process is costly, inaccurate, subjective, inconsistent and lacks business insight. It’s exactly because organisations persist in running these ineffective QA and feedback processes that the rate of switching has trebled in the last five years!
Is There a Serious Business Cost?
Absolutely there is a cost to persisting with ineffective manual processes. If you can’t monitor at scale, identifying and resolving problems and process weaknesses is a huge challenge. This means:
- Seriously increased operational costs
- Significantly reduced resolution rates
- Negative customer experience and therefore low NPS scores
- Increased compliance risk
- Reduced revenue collection
- Increased customer churn
- Increased agent attrition
The #1 issue is long waiting times. You can identify issues with call waiting and call routing by ingesting data from IVR and other operational systems and analysing it with interaction analytics.
It doesn’t matter what business you are in, interaction analytics enables you to have tailored categorisation, tagging, scoring and tracking so you can identify and improve the processes that are driving your customers away – and costing you money in the process.
Identifying and Eliminating Sources of Frustration
The CallMiner Index shows that agents have a tough job because customers arrive emotionally charged. In fact, a third arrive annoyed and one in six arrive angry and ready for an argument.
Also, the report showed that some call centres are good at taking the heat out of the situation and send 35% of customers away satisfied. But the second highest number, 32%, leave frustrated. And that can be down to completely avoidable call centre behaviour.
The chart below shows how interaction analytics can identify key words and phrases such as: ‘This is my third time calling’ and ‘you overcharged me on my last bill’. Both indicate process issues that can be addressed.
The first shows how agents failed to resolve the problem on two previous occasions. The second is away from the call centre – but shows how interaction analytics can pinpoint how other business processes are giving customers negative reasons to be in contact. Finally, it shows that the failure to resolve problems, and asking people to provide account information multiple times, really frustrates people.