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January 27, 2021

The Dynamic Duo: Speech Analytics & CRM

Speech analytics technology and built-in CRM platforms are two distinct, but critical, tools to improve operations in a contact center. While they can often integrate together, the benefits of each need to be differentiated so they can be utilized effectively. 

Below we dive into the dynamic duo and explore ways that speech analytics and CRM can be integrated to improve and optimize your current operations. 

Speech analytics

Speech analytics is the process of analyzing the contents of a call, allowing you to monitor and assess agent performance and customer satisfaction. By analyzing trends and patterns across multiple calls, you can make evidence-based decisions. In addition to reviewing agent performance, you can use the information to better understand your customers’ pain points. This can help you think through product messaging and optimize answers to improve customer satisfaction, as well as upsell and cross-sell during contact center interactions.

According to an Opus Research Survey, 72% of companies believe that speech analytics can lead to improved customer experience, 68% think it’s a cost saving tool, and 52% have confidence it can lead to revenue enhancement. The global speech analytics market is expected to grow to $3.8 billion by 2025.

Before speech analytics technology, there was a wealth of data that was going untapped. Information about customers’ needs and information only made it to the agent’s ears. Now, with speech analytics,  businesses have access to new insights

CRM

A unified CRM allows agents to have a threaded view of customer interaction history. Agents can identify customers, their needs, and their conversational preferences to help provide a better customer experience. The CRM software allows the contact center agent to see all forms of communication with the customer (email, text, call). It also helps route the customer to an agent who is familiar with their needs and can provide the best customer service. 

A unified CRM system means that all departments are in the same system, creating better alignment across teams. 

How speech analytics and CRM work together

CRM and speech analytics provide different benefits to agents and customers in the contact center, but both create a holistically better experience. 

A CRM incorporates all of the existing customer information and interactions with a customer into one platform for use by the agents. They are able to see previous issues, preferred contact methods, and more. The unified experience allows agents to personalize interactions and more quickly address customer needs. 

Speech analytics, on the other hand, records those calls, and delivers actionable insights. Those insights can be used to optimize future conversations and improve outcomes.

How speech analytics and CRM improve the sales process

Let’s start with an impressive stat. In 2017, companies that properly implemented a CRM saw up to a 300% increase in conversion rates. 

A unified CRM helps align sales and marketing, standardizes qualified leads, and provides insights to improve the sales process. Interactions with a prospective customer, whether via email, call or chatbot, are tracked and catalogued, allowing sales representatives access to customer history in order to move the process forward. 

A CRM system tracks the sales process, eliminating the confusion created during the transition between team members. With all of the information at hand, sales people can personalize their pitches to customers, improving the customer experience. It also tracks feedback from customers throughout their lifecycle. Salespeople can keep track of pain points and concerns, address them, and help reduce churn.

Speech analytics, on the other hand, lets you listen and learn from each interaction with a customer. The software can then help you visualize trends. You can use this data to inform upsell and cross-sell opportunities with your sales team. Speech analytics can also be used to gather customers’ suggestions, which can be shared to make product or service improvements, influence marketing campaigns, or optimize the customer journey.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next-generation contact center platform that powers more than 14 billion interactions a year. By seamlessly integrating omnichannel communications, CRM, AI, and WFO capabilities, the Company’s technology delivers an exceptional agent and customer experience while reducing compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 500 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; New York City; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit livevox.com.

To stay up to date with everything LiveVox, follow us at @LiveVox, visit www.livevox.com or call one of our specialists at (844) 207-6663.

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