Conversation Intelligence: How Can Businesses Use CI to Drive Better Customer Experience

Conversation intelligence (CI) is a relatively new technology, but its use has been on the rise for some time now. This technology holds a lot of promises for businesses, such as saving time, cost, and labor. In fact, CI can take your entire business to the next level.

Though CI is already being used in many ways to transform sales and impact call center performance, it holds an enormous potential to change and improve the customer experience (CX) too. So, this is a field well worth exploring.

In fact, any business that regularly has conversations with its customers needs to use CI to mine this data and gain valuable insights from it to be competitive in the near future.

So how can CI help you deliver an excellent customer experience? Well, keep reading to find out how.

Why Customer Experience (CX) is Important?

A good customer experience is the key to business success. It has become a critical differentiator for consumers, and it is directly affecting businesses' bottom lines. Businesses that focus on CX build customer loyalty, boost retention, and increase revenue. We have found that companies that focus on delivering flawless customer experience tend to be:

Valued more: 87% of customers would come back to make another purchase from a brand if their previous experience(s) were recorded as very good.

Earn more: Businesses that focus on improving customer experience can increase their revenue by 80%.

Outdo the competition: Businesses that prioritize customer experience have a revenue increase of 4-8% higher than their competitor.

Today customers no longer buy or stay with a business due to its price or product. Instead, they purchase and remain loyal to companies due to the experience they receive. Your customers will leave you if you fail to deliver them the experience they demand. And that's why businesses face tremendous pressure to deliver a flawless customer experience.

So now more than ever, every leader needs to up their game to improve CX. As the reality is that over 80% of companies believe they deliver superior experience, but only 8% of customers agree.

How can you understand where you are falling short and how to improve?

The answer is the voice of the customer (VOC). To deliver an exceptional CX, you need to understand what your customers want. And there is no better way of knowing your customers than through customer interactions or the voice of the customer themselves.

Why is Conversation Intelligence Important?

Business runs on online communication these days - analyzing these conversations helps you to get the nuanced story, but the problem is that virtual conversations are notoriously difficult to analyze. Conversation intelligence technology allows companies to analyze vast quantities of conversational data to get value from these conversations.

When you have conversations with your prospects or customers, they tell you exactly what they want and what ultimately drives them to make a purchase.

These conversations contain a depth of knowledge and from these conversations, you can uncover:

• Common blockers to sales conversions
• The winning behaviors of your top researchers
• Product feedback (what they think about your product and services)

But only if you can unlock the hidden insights from these conversations. And this is where conversation intelligence comes in. With a CI platform, you can extract valuable insights from your interactions with your customers, whether it is a research call with users or a sales conversation.

CI platforms transcribe and analyze your customer conversations and surface insights that improve CX - which is nearly impossible for even the most competent human analysts to do.

Why Use Conversational Intelligence to Improve CX?

We are in a CX-driven era - in this era, every brand is trying to gain a 360-degree view of the customer. To deliver a truly exceptional experience to customers, you need to understand whom you are talking to.

In this pursuit to know the customers, brands collect data from numerous data points — from demographics to location to past behaviors and transactions. However, none of this customer data is as valuable and untapped as what customers are actually saying (conversation data). This data confirms it right from the proverbial horse’s mouth.

An ability to record, transcribe, analyze, and ultimately act upon the actual words' customers are saying would surely help brands to mitigate the customer experience gap. And enable them to deliver excellent and seamless experiences their customers pine for.

So, what is holding them back?

Well, the ability to analyze and drive insights from this conversation data.

Now, imagine a business could access everything a customer has ever said to them and get insights from it - with conversation intelligence, businesses can unlock this conversation data and deliver an exceptional customer experience.

4 Ways That Conversation Intelligence Is Improving the CX

1. Centralizing All Customer Conversations in One Single Dashboard

Bringing all your user research and customer conversations across platforms to one place can bring a lot of advantages. The most important ones are:

It saves you time - Did you know that 62% of companies use three or more video calling platforms?

If you want to check these conversations, you need to spend minutes or even hours. Waste a lot of time every day going from one platform to the next to check these conversations. With a conversation intelligence platform like Decode, you can centralize all these conversations in one place. Access these conversations more quickly, thus reducing the time spent checking them.

Enhance customer experience - When all your customer conversations are in one place, it creates a single source of truth for your employees. So, you do not have to worry about missing messages and losing context. No matter which team member picks up the conversation, rest assured they will be able to see all the conversations in one place. Having all the context in one place allows you to provide better support for all your customers, which will help you provide a better customer experience.

Having a centralized platform for recording your customer conversations is crucial to delivering an excellent customer experience.

Without a centralized platform, your employees will waste time switching between different video conferencing platforms and trying to find past customer conversations. But the more quickly your team can find your customer messages, the better support they will be able to leverage these conversations, thus ultimately improving your bottom line.

Categorize Your Customer Conversations - No matter how small your business is, you probably have different teams for different aspects of your business. For example, you might have a customer service team for handling customer issues-related conversations. Or a marketing team that handles presale conversations or a sales team to manage sales and customer onboarding conversations. Or a research team for handling your market research interviews/conversations.

Having a central recording system for all these customer conversations is necessary if you want to get value from these conversations, but that is just the first step. And just because all your customer conversations are in a single place does not mean it is easy to get value from them.

Why? Well, with so many conversations, finding what you are looking for becomes tough.

Decode makes it easy to index these conversations into collections and groups for different teams so you can easily find each conversation in the appropriate group.

Quickly Search Conversations - Want to find something from your customers' calls quickly? With CI tools, you can easily go through and search prior conversations. Quickly finding the information you are looking for can help you save ample time, making referencing important conversation logs easy.

Also, these tools let you easily organize and categorize your conversations. You can even tag key moments with predefined notes or action items in these meetings. These powerful features help you scan the key moments and get insights that are most meaningful to your business.

2. CI/Emotion AI Facilitates a Better Understanding of the Customer

The combination of Facial coding, Voice tonality, and Text-based sentiment analysis helps brands tap into the subconscious behavior of their consumers- one that drives 95% of their purchase decisions. It lets brands tap into their customers' emotions, which informs your customers' decisions, including their purchase decisions.

Capturing and analyzing customer emotions is at the heart of understanding, measuring, and improving customer relationships. This data enables brands to gain a much more accurate understanding of their customers, which is the key to making informed decisions. These insights drive better, more informed decisions based on direct feedback that provides the "why" behind customer actions.

Traditional virtual meeting platforms do not let brands capture this emotion data; with Decode you can do that. Our emotion AI, voice tonality, and text-based sentiment analysis enable you to capture customer emotion data. Once you have these insights and data on such emotions, you can evolve your business, product, or service to meet your customers' needs in real-time and enhance their experience.

In short, customer emotion data enables brands to gain a much more accurate understanding of their customers, which can help them improve the customer journey and experience.

Wrapping Up

Customer conversation data has become one of the most significant assets for businesses. This data reveals valuable information and important insights into what makes your customers tick. This data can tell you what is important to your customers, their unique issues, and what they want. But there are very few organizations that are tapping into this data. Though, it does not take data scientists to leverage this data. You only need a CI tool to record, organize, and analyze countless conversations.

As customer expectations continue to rise, conversation intelligence will soon become essential to delivering a flawless customer experience.

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Author Bio: Reshu Rathi is an online marketing and conversion rate enthusiast. She specializes in content marketing, lead generation, and engagement strategy. Her byline can be found all over the web. Reach her @LinkedIn