Translating customer conversations into data can help you measure customer satisfaction, improve your services, and make better decisions.
In this post, we explore every aspect of conversation analytics and the top solutions available in the market.
But let’s start with the basics first.
What is Conversation Analytics Software?
It’s a tool for analyzing, interpreting, and extracting actionable insights from customer-agent conversations across channels like calls, chats, and emails. The software processes data in real-time or from recorded conversations using natural language processing (NLP) and artificial intelligence (AI).
Conversation analytics software offers insights into customer sentiment, pain points, preferences, and satisfaction. It goes beyond simply identifying words; it identifies nuanced cues that signal customer sentiment. The tool also offers detailed analysis revealing opportunities for improving agent and contact center performance.
Components of Conversation Analytics
Analyzing conversations (text or voice) is a multi-step process, which includes:
- Natural Language Processing (NLP) – It transforms human conversations into a structured form, which is then used to extract meaning and context. This may include converting voice to text, cleaning noise, and identifying key entities to build context.
- Sentiment Analysis – It analyzes human speech to determine its sentiment and tone, a useful marker of customer satisfaction or frustration. This helps you identify potential concerns and pain points customers want to express.
- Topic Extraction – Conversation analytics identifies trends and patterns in customer queries to identify the main topic of the conversation. This allows agents to focus on the issue important to the customer’s current state of mind.
- Intent Recognition – This feature extracts insights about the primary goal/intent of the conversation. The data helps agents optimize customer interactions to better align with their needs.
- Performance Tracking – The conversation analytics software helps track performance across various conversation channels like chatbots, phones, and self-service. It measures KPIs like resolution rate and response times.
- Customer Journey Mapping – The software lets your contact center agents track and monitor customer journeys across multiple touchpoints.
Exotel is a leading AI conversation platform that helps businesses tailor customer experience by assessing conversations across touchpoints. You can book a demo to see its AI-powered conversation quality analysis software in action.
How Does Conversation Analytics Software Work?
Conversation analytics software helps understand customer needs and make data-driven decisions to optimize customer interactions. Here’s how it works.
Step 1: Collection & Pre-Processing Data
The conversation analytics software gathers data from channels customers use to interact, including call recordings, chat logs, emails, social media, and voice assistant interactions.
After data collection, the software cleans the data, removing noise and irrelevant data. The software then segments the data into smaller units based on target words and phrases. This process is called tokenization.
Step 2: Processing Conversation Data
Next, the platform uses NLP to process the tokenized data to identify sentiments, intent, context, and more. This step helps decode the true meaning of the conversation.
Step 3: Conversation Analysis & Reporting
Once the natural language processing and machine learning algorithms analyze the data, the software generates insights and reports. The report uses visual tools to present key metrics and actionable insights, helping users easily interpret the information.
What Type of Feedback Does Conversation Analytics Analyze?
Conversation analytics analyzes implicit feedback from conversations across multiple contact center channels. It extracts insight into how the customers think, feel, and behave.
The platform plays a critical role in analyzing unstructured and unsolicited data. This type of data includes:
- Social media mentions
- Phone calls
- Chatbot conversations
- Email interactions
Analyzing conversation data helps you uncover aspects of customer experience, like their true sentiments and driving factors. The insight helps you peak into the customer’s mind and get the whole picture that solicited data, like survey feedback, may lack.
Why is it Important to Analyze Customer Conversations?
Conversation analytics provides full context and intent for customers’ interaction with your businesses. This can help you:
» Increase Sales Conversion Rate
Using AI-driven conversation analytics software, you can gain nuanced insights into customer sentiment, behavior, and actions. It can help capture customer preferences, enabling the sales team to tailor messaging and sales approaches in real-time.
» Gain Customer Experience Insights
The platform can automatically identify trends, common concerns and customer sentiment across real-time interactions. It helps agents optimize customer interactions and enables companies to improve products and services to meet customer needs.
» Monitor Agent Performance
The software monitors agent performance across every interaction, scores their performance, and flags areas of improvement. The data-backed insights allow managers to identify top-performing agents and train others to improve overall performance.
» Reduce Customer Churn
The software alerts agents to potential customer churn by detecting customer sentiment and identifying patterns of dissatisfaction or frustration. This enables you to resolve issues that lead to customer attrition on time and retain valuable customers.
» Compliance & Risk Mitigation
Conversation analytics software reduces non-compliance risk by identifying when a conversation might deviate from regulatory compliance standards. It detects keywords and phrases that may trigger compliance or privacy issues and automatically alerts supervisors.
How to Use Conversation Analytics in Your Business
Here are some of the most common business use cases of conversation analytics software:
→ Customer Support: It helps businesses identify common issues and monitor agent performance across customer support tools to improve customer service
→ Compliance Monitoring: The tool monitors compliance with industry regulations and internal policies during every customer interactions
→ Marketing & Sales Optimization: It can analyze sales and marketing interactions to identify topics that influence customer conversions
→ Voice of Customer Analysis: The tool can analyze unstructured customer feedback across multiple contact center channels to gain a cohesive understanding of customer experience
Things to Consider in a Conversation Analytics Software
Here are some factors to consider when looking for conversation analytics software that aligns with your business needs:
→ User-Friendly Interface: Choose an intuitive platform with user-friendly navigation. A clean layout can ensure a smooth onboarding experience, shortening your team’s learning curve.
→ Analytics Capability: Look for a platform that offers robust analytical capabilities such as automatic transcription, sentiment analysis, keyword tracking, and AI-driven feedback. These capabilities allow you to monitor real-time performance and uncover meaningful insights driving business decisions.
→ Security & Compliance: Ensure the software complies with the highest security standards and regulatory compliances. Additionally, the platform should secure data handling and encryption and automate quality controls to ensure constant alignment with SLAs.
→ Reporting: The software should offer customizable reporting options to generate reports that match your business campaign needs.
The Bottom Line
Conversation analytics software is essential for customer-centric businesses focused on improving customer engagement. Companies can gain meaningful insights into customer behavior, preference, and satisfaction to deliver better service across all touchpoints.
Exotel is an AI-powered communication solution that augments customer interactions across touchpoints. You can use it to gain deep insights into every interaction with its conversation quality analysis and drive meaningful conversations.
Book a demo today with our team to find out how it can help you improve customer interactions with its powerful analytics features.
FAQs
1. What’s the Difference Between Traditional Analytics & Conversational Analytics?
Traditional analytics analyzes quantitative data to identify patterns and metrics, providing answers for “what.” Conversation analytics converts qualitative data from text and voice interactions into insights. It uses NLP and speech recognition to uncover the “why” behind customer behavior.
2. How Can Conversation Analytics Software Improve Customer Service?
The software can help identify frequent customer concerns and track negative sentiments in real time, allowing agents to resolve matters before they escalate. It can additionally help reduce resolution time and enhance service quality.