Organizations are using speech recognition technology to better understand NPS and CSAT scores to improve the overall experiences of customers. If you want to learn more about this topic – check out my recent webinar on ‘How to leverage voice technology for NPS and CSAT‘!
Growth is a key measure of success for many organizations. Whether it’s revenue, profit, share price, workforce, market share or geography, growth is on the minds of C-Level Executives across the world. Organizations invest a huge amount of time, money, effort and expertise into business growth.
The benefits of rapid growth stretch far beyond profitability and share price – and into brand exposure and customer loyalty. With growth a primary focus for many businesses, it’s important to understand what the key driver for growth is – the customer.
Customer loyalty is a key avenue for growth and profitability. According to MyCustomer, it costs businesses five times as much to attract a new customer as it does to keep an existing one. Customer loyalty is born out of satisfaction with a product, service or brand. For this reason, NPS and CSAT are vital metrics for organizations to understand the loyalty of their customer relationships.
So, what is NPS? NPS is a customer loyalty and satisfaction measurement taken from asking customers how likely they are to recommend a product or service to others. CSAT is a metric used to quantify the degree to which a customer is happy with a product, service, or experience – usually calculated using a customer satisfaction survey.
NPS and CSAT metrics enable organizations to benchmark against themselves and other companies over time. They help businesses understand more about customer feelings and perceptions, based on direct and instant feedback.
NPS data is often gathered using a survey at the end of a call. However, people don’t always have time to answer survey questions – and incentivizing customers is a challenge. Another drawback with NPS and CSAT scores is that they are limited to a single value – making it difficult for organizations to understand why customers feel the way they do and improve customer experience.
Voice technology provides a unique opportunity for CSAT and NPS, as organizations get direct and instant feedback from customers all the time when interacting over the phone. Call recording and transcription provides the opportunity for brands to derive new insight into NPS and CSAT data without having to engage the customer and add friction to their experience.
Compliance legislation has forced organizations to record calls to ensure they meet legal standards – so it makes sense to also extract value from these recordings. Organizations are sitting on a wealth of data from customer and agent interactions. However, research from Call Centre Helper suggests that contact centers analyze less than 3% of interactions. This leaves 97% of call data untouched as it is difficult to evaluate in audio format.
By transforming calls into text, call data can be combined with data extracted from other communication channels to get an accurate picture of the customer. With all call data available as text, contact centers can identify products or services with low NPS and CSAT scores – and investigate why scores were given. For example, a product can be searched for by keyword to analyze the customer’s interaction with that product.
With this knowledge, contact centers can adapt and improve future customer experiences. Brands are no longer constrained by a single number determining how they are performing. By using voice technology, companies can unlock a deeper level of customer understanding beyond NPS and CSAT.
Nearly half of customers (44%) prefer to interact with organizations over the phone, according to a Microsoft study in the US – significantly higher than live chat, which was the second most preferred customer service channel with 23%.
Voice technology enables call centers to capitalize on these interactions – using call recordings and transcription to gain direct and instant customer feedback to understand and improve contact center NPS and CSAT scores through better customer experience.