Our 7 favourite use cases for Speech Analytics

Understanding your customers is, and always will be, paramount in successful marketing strategies. Thanks to cutting-edge technologies, your business now has a powerful resource at its disposal – Speech Analytics.

This software not only helps in understanding customer interactions but also provides actionable insights to drive significant improvements across all aspects of your marketing. Read on as we share our seven favourite speech analytics use cases, from enhancing customer service and compliance, to boosting the overall efficiency of your marketing processes.

What is speech analytics?

Speech analytics is a powerful solution that captures, records, and transcribes customer phone conversations. The software also uses speech recognition technology to identify important keywords spoken during the call, as well as highlighting the purpose of the call.

With this, you gain vital information on every customer interaction, allowing you to categorise each call based on factors such as the caller’s intent and lead value. The automated transcription also takes a huge part of the process off the hands of your employees, further boosting efficiency.

Using Artificial Intelligence (AI), Mediahawk’s Speech Analytics software takes your insights to the next level. Each customer call delivers automated, deep insights that reveal the type of call and determine the success of outcomes, for example.

You’ll receive these insights on both an individual and macro level, so you can benefit from the detailed analysis of a single call, as well as highlighting trends and patterns across several interactions. You can simply ask the Mediahawk platform a question such as, “Was this a sales call?” – and it will deliver a detailed response that factors in multiple categories of calls.

At its core, speech analytics software analyses voice data from customer interactions to provide you with valuable insights to help guide your marketing strategy. Consequently, there are a number of ways to leverage speech analytics with the platform

How does it work?

Speech analytics works by converting voice data into a format that can be analysed by software algorithms. Here’s a step-by-step breakdown of how this technology operates:

• Recording calls: The process begins with the software recording customer calls and storing these recordings for further analysis.
• Transcription: The recorded speech is converted into text using speech recognition technology. This text is then analysed for specific keywords, phrases, or patterns to help categorise the call and identify leads, trends, and more.
• AI-powered insights: Advanced AI algorithms automatically analyse the transcribed text to provide insights on an individual and macro level. This is based on questions you ask, with which the software will give detailed responses on aspects such as call outcomes, trends, marketing attribution, and more.
• Reporting: Detailed reports and dashboards collate the insights and provide easy access to information on your customer interactions.

By integrating speech analytics into your operations, you’ll gain a deeper understanding of customer needs, and receive actionable insights for improved decision-making across your whole business.

The top use cases for speech analytics software

Speech analytics is a flexible tool that can enhance multiple business functions. Here are our top seven use cases that showcase the power of this technology

1. Monitoring and supporting compliance

One of the most critical speech analytics use cases for your business is monitoring and contributing to compliance with industry regulations and internal policies.

The software helps protect your customers’ privacy and financial security by automatically and intelligently detecting when customers are providing sensitive personal financial details, and removing this information from call recordings.

For example, your car dealership calls can be analysed to ensure that credit card information isn’t compromised.

You can also review call data to check whether information was communicated to your customers in the right way, and that the correct call handling procedures are being followed..

2. Gain actionable insights into customer needs

Another vital speech analytics use case is that it provides your business with invaluable insights into customer needs, preferences, and pain points.

The software analyses customer interactions to identify common enquiries and frequently asked questions, helping to determine the level of customer satisfaction on an individual and macro scale.

This enables you to spot where your calls can be improved—helping ensure customers are fully informed and more inclined to purchase—so you can enhance your communication strategy and maximise conversions.

3. Reducing average handle time (AHT)

Reducing the average handle time (AHT) is another way your business will benefit from using speech analytics.

It can help you remove bottlenecks and delays in call handling processes by accurately categorising calls and detecting valuable insights.

With the care home industry, for example, care seekers prefer phone calls rather than email communication, and each call could last a long time with several things being discussed. Speech analytics filters out the noise and accurately picks out the key parts of calls, such as what did the caller want to know, did they book a showround, and if they need a follow up.

This significantly reduces the time needed to review and handle each interaction, producing a more effective workflow. If you use speech analytics in conjunction with call tracking software, you can further improve this by understanding the average time to conversion across the entire customer journey.

4. Identifying cross-selling and upselling opportunities

Speech analytics is also a powerful means to identify cross-sell and upsell opportunities during customer interactions. This can be particularly useful for marketing agencies.

By analysing conversations with your clients, you can automatically detect the keywords or phrases that indicate that a customer might be interested in using you for additional services. AI-powered speech insights can expand on this, by revealing the calls that indicate a client was pleased with the work or is looking for a new strategy, for example.

This leads to higher sales and a better client experience by delivering relevant solutions that align with their requirements.

5. Improving customer service

Customer service is at the heart of any successful business, and speech analytics is important for improving and maintaining effective communication.

It provides useful insights on the individual nature and outcome of a call, highlighting whether the call was successful and whether the customer was satisfied when the call ended. You can take these findings and apply them to your future phone conversations and scripts, so you know exactly which areas to improve on to produce more beneficial customer interactions – for both you and the customer.

Speech analytics can also detect when you’re receiving a high volume of calls related to the same thing. Depending on the reasons, you can then address the reasons for the high call volume, or you could highlight it in your marketing campaigns if it’s a trend or opportunity that you can use to your advantage.

6. Increasing process efficiency

One of the most important examples of using speech analytics is the ability to optimise your marketing processes for increased efficiency.

Analysing customer calls is essential for refining your marketing strategies, but doing this manually can take a long time. Speech analytics software automates this task for you, allowing you to easily identify key information and insights from calls on a macro level.

For example, if you’re reviewing the performance of a new campaign to determine whether to keep it going, you can search for mentions of this campaign in your calls. This might reveal that this campaign resonated with a large audience, and that it played a part in their purchase.

Straight away, you have the core information needed for informed-decision making, without the need for lengthy, manual processes.

Ashtons Legal recognised that they could make some time-saving improvements,, and implemented Speech Analytics software from Mediahawk. The automated features in Mediahawk helped Ashtons Legal cut their time spent listening to calls in half, producing more efficiency throughout the business.

7. Improving internal training processes

The last speech analytics use case that highlights the importance of the software, is how it plays a crucial role in improving internal training processes.

Your business can continuously find new ways to enhance communication and improve how employees interact with customers over the phone. With speech analytics, you gain valuable insights from real-life customer calls, identifying areas where your team can grow—such as improving how they answer queries or ensuring smooth transfers to the right department.

This way, you can more effectively improve your interactions with actionable data and targeted training sessions.

Speech analytics AI – frequently asked questions

Speech analytics is rapidly becoming a must-have tool for businesses who want to stay competitive in today’s fast-paced market. By leveraging the power of AI through Mediahawk’s Speech Analytics, you’ll gain deep insights into customer interactions, improve compliance, enhance customer service, and streamline operations.

1. What is speech recognition?

Speech recognition is a technology that enables machines to understand and process human speech. It’s the foundation of speech analytics, as it involves converting voice data (spoken words) into text that can then be analysed.

However, while speech recognition focuses on transcription, AI allows speech analytics to go a step further and analyse the text for purpose, categorisation, and more actionable insights.

2. Is speech analytics the same as voice analytics?

While speech analytics and voice analytics are closely related, they are not exactly the same. Speech analytics primarily focuses on the content of the speech, i.e., what is being said, so it can analyse conversations for keywords and insights.

Voice analytics, on the other hand, focuses on the tone, pitch, and other vocal elements to assess the emotional state of the speaker – helping identify things like sentiment.

As a marketer, speech analytics is more effective for providing a comprehensive understanding of customer interactions, especially when paired with advanced call tracking software.

3. Is it useful to look into speech analytics software?

Absolutely. If your business relies heavily on customer interactions, as well as online and offline campaigns to boost growth, speech analytics software is an invaluable solution.

It provides a wealth of insights to improve various aspects of your business, from customer service to compliance and sales. By investing in Mediahawk’s AI-powered Speech Analytics, you can stay ahead of the competition, better understand your customers, and ultimately drive growth.

Discover how you can use AI in Speech Analytics here, and take your marketing performance to new heights.