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Why use speech analytics tools

Why use speech analytics tools

Quality management, customer feedback, brand mentions, product development, competitor analysis, team training, trends, consumer insights, improved CX, podcast monitoring, conversational intelligence, fraud management. This. This is what speech analytics tools bring to your organization. Instant access to market intelligence. Going beyond social listening and activating the voice of the customer.

Activate The Voice Of The Customer!

Speech analytics collect insights from consumer conversations - online and off - so you can understand consumers’ needs and wants. Meaning you can better target your marketing strategy and drive revenue.
For the full picture, download our free consumer intelligence dashboard template.

Podcast monitoring dashboard from Talkwalker, showing campaign measurement and optimization.

Talkwalker podcast monitoring - analyze the presence of your brand, industry, and competitors across text, images and video and audio.

Without speech analytics technology, your view of consumers is limited. Yes, you’re using video analytics tools and image recognition to find your logo, even when it’s not mentioned. Social listening is pulling data from consumer conversations, online and offline. But, what about the conversations your support team are having with customers? The calls that your sales team are making to prospects? Unscripted conversations, such as those taking place on podcasts.

Speech analysis helps you understand your brand’s position in the market and consumers’ preferences and pain points. Enabling you to optimize marketing campaigns, paid ads, and business processes to reduce churn, drive revenue, and maximize marketing spend.

Brands recognizing that their picture of consumers is incomplete, are adapting their social analytics to include speech recognition technology. Meaning that they can collect and analyze customer and prospect data from their customer-facing teams.

“This call may be monitored… ”

“This call may be monitored or recorded for quality and training purposes.”

Heard this, when calling a customer support agent?

Yikes, best not swear or lose my temper.

In reality, not that many calls were listened to. Great shame, because they’re stuffed with consumer insights that could improve business processes in marketing, sales, product dev, customer service.

Speech analytics - audio mining - recognizes speech and converts it into data. With the data structured, conversations can be analyzed and will provide valuable insights into consumers’ behavior, such as sentiment, brand awareness, buying habits, preferences, etc.

This article is going to explain what speech analytics is. Why it’s critical that your organization adopts this technology. Plus, how podcast monitoring gives companies a 360° view of their brand impact, by combining social listening, trend analytics, and the voice of the consumer. Oh, and I’ll include the best speech analytics tools, to get you started.

Talkwalker Speech Analytics feature - podcast monitoring - emojis and most engaging posts.

Find brand mentions in podcasts, including top emojis and most engaging posts.

Table of contents

What is speech analytics?

The speech analytics definition - technology that extracts data from real-time or recorded conversations. Automating processes that include speech recognition and transcription, keyword searches, finding actionable insights, quality management, consumer behavior analysis, and more.

The speech analysis process isn’t restricted to merely transcribing phone calls. Advanced speech analytics tools include features such as sentiment analysis, meaning that brands can recognize the emotion that their brand stirs up in consumers.

While humans have been performing this process for quite some time, speech analytics solutions work faster and are more accurate.

Why your brand needs speech analytics

Companies using advanced call analytics have reduced average handle time by 40%, boosting the conversion rate of sales calls by 50%.

Back in the day, audio mining converted audio files to text, allowing you to search for keywords and phrases used by the speaker.

Speech analytics tools have moved on. Now you can search for emotions - stress, anger, happiness, and phonetics. You can also determine interaction trends such as quiet times, an agent speaking over a caller, and hold times.

Businesses lose about $62 billion a year, due to poor customer experience. With 70% of customers saying they would stay loyal to a brand with a good CX, and 65% recommending to a friend.

This conversational intelligence will give you actionable insights from real time speech. Enabling you to improve your services across the board - customer retention, revenue, customer experience.

Benefits of speech analytics for marketing

Speech analytics tools capture huge amounts of previously hidden data, so brands can power their business intelligence with real-time consumer insights. Let’s look at the benefits of using speech analytics tools…

Customer retention & conversion rates

If your business has customer-facing teams running call centers, whether it’s your sales team, customer service, finance, after sales, etc., and you’re not using speech analysis tools, you’re missing trends and patterns that would help you improve your selling technique, your customer support scripts, your payment process.

Speech analytics will drive ROI in call centers through improved conversion rates and reduced costs. Callbacks will be reduced, as scripts are fine-tuned to meet customer expectations on the first call. And, chatbots can be updated, to cut back on live calls with consumers.

Analyzing the live conversations you have with consumers, means you can improve every aspect. This in turn, will increase conversion rates and drive revenue, reduce customer churn, increase customer loyalty, and keep costs down.

Customer experience

Remember, “This call may be monitored for…”? It’s a practice that’s existed for a while, but was previously done manually by humans, and didn’t listen to every call. Speech analytics technology has revolutionized audio monitoring, analyzing emotion, tone of voice, and stress analysis in the consumer voice. Along with why the call was made, whether the consumer is satisfied with the outcome, products or features mentioned, pain points, etc.

This enables call center and customer-facing managers to recognize consumer preferences and expectations, so they can understand how to manage issues that arise, and improve their sales pitch.

Improvements beyond your contact center

Speech analytics results can benefit your entire company. Insights collected during live consumer calls will benefit other teams and in the long run, improve customer experience throughout the customer journey…

  • Consumer feedback can initiate new features and improve product development
  • Identify issues concerning pricing
  • Listening to the tone and keyword usage of consumers will help improve your marketing messages to resonate with customers
  • Operations can be streamlined to eliminate any sticking points in the purchase journey
  • Get the intel on your competitors and how consumers are talking about them

How to use speech analytics for marketing

Drive ROI. Increase ROI. Prove ROI.

The relentless demand for marketers to prove this and prove that - so much pressure! Speech analytics tools will help you connect the dots between what you’re doing, and how consumers are responding. From a paid ad, to a call, to a sale.

Brand mentions

The best speech analytics tools can track paid, earned, and owned brand mentions across multiple channels, so you can determine your share of voice in your industry. Monitor the sentiment surrounding mentions, to prove your messaging is working, and your ads are earning clicks.

Sentiment analysis

How do consumers feel about your brand? Using speech analytics technology to track customer engagement and brand perception, you'll learn about your brand's health. You can collect insights from calls, without having to trawl through hours of audio, to understand the sentiment towards your brand.

Competitor intelligence

Use competitor intelligence to find mentions of your competitors to learn how consumers feel about them, and to calculate your share of voice compared to theirs.

Voice of the customer

Activating the voice of the customer - VoC - is the only way you’ll understand what consumers are saying - what they want, what they like, what they dislike. Yes, you can track consumer behavior and experience with market research, surveys, and customer reviews. You can employ image and video recognition, sentiment analysis, social media analytics.

What about voice? Analyzing the voice of the customer - speech analysis - gives you the full picture.

Voice of the customer data examples graphic

Examples of data you can combine to find the voice of the customer.

Keywords & phrases

What keywords are consumers using when talking? What phrases keep cropping up?

Your marketing team can use these common expressions in social media messaging, blog posts, website content, paid ads. Customer support can include in call transcripts, to further reach consumers. Product can use when naming features. Sales can talk the same language as prospects.

SEO & website

A good marketer knows the problem a consumer is trying to solve. A bad marketer assumes they know the problem.

Use speech analytics tools to monitor consumer conversations and understand what they’re searching for. Use the results to optimize your website content, blog posts, messaging, etc.

Not only will you be solving customer problems, you’ll be keeping search engines happy.

Hey presto! You’re ranking.

Targeting ads

Using speech analytics, you’ve collected conversational intelligence from last month’s calls with customers. Time to build your paid ads.

Pull out keywords, trends, topics, phrases that appear regularly in customer calls. This enables you to make your ad copy timely and relevant, for prospects. By using insights from existing customers, you can move new customers through the buying pipeline more efficiently.

Sales enablement

Use speech analytics to monitor calls with prospects, and assign a lead score on how likely they are to convert…

  • Did they schedule a meeting?
  • Did they sign up for a free demo?
  • Do they have the budget?

Prioritizing leads, means that sales can quickly contact the prospect and try to push a sale through. You can identify why a sale failed. If there’s a pattern as to why certain prospects are dropping off the buying process.

Podcast monitoring

I’d like to introduce you to Talkwalker’s latest feature. Podcast monitoring. Our proprietary speech-to-text recognition technology means that you no longer have to listen to hours and hours of audio to find brand mentions. You can now find actionable insights from podcasts in seconds.

Hear what’s being said about your brand and industry without having to listen to hours of podcasts.

With 54% of podcast consumers saying they’re more likely to buy products they hear advertised on podcasts, monitoring this insight-rich source is essential.

For marketers, using branded podcasts means you can reach a new target audience. An attentive audience. Monitor for brand and product mentions, competitors, trends, and topics. Then build a strategy that targets listeners who have already expressed an interest in a theme by listening to a particular podcast.

A study in 2019 - Audio:Activated - commissioned by BBC StoryWorks, researching the benefits of branded podcasts, found that the space is an effective place to promote brands to audiences. In particular, when trying to reach ad avoiders.

The study found that podcast marketing generates...

  • 89% higher brand awareness
  • 57% higher brand consideration
  • 24% higher brand favourability
  • 14% higher purchase intent

Speech analytics tools

Speech analytics tools analyze live or recorded audio, translating emotions, tone of voice, keywords, phrases, etc., for performance insights that brands can use to adapt and improve call center procedures, content targeting, quality assurance, compliancy, brand perception, and a whole lot more.

Let’s look at some of the best…

Talkwalker Speech Analytics | Podcast monitoring

Talkwalker's new Speech Analytics technology means that brands and agencies can add podcasts to their list of data sources.

Yep, we've got you covered for text analytics, images and video analytics, and now... audio.

Results over time - Verizon stocks - Talkwalker Podcast monitoring dashboard

News about Verizon spiked in February, then we found a podcast commenting on the news weeks after.

At the end of February 21, news channels reported that American investor and business tycoon, Warren Buffett, had bought shares of Verizon. After a sharp spike, the story died. Using Talkwalker's podcast monitoring feature, you can see above that the story was dozing, and the conversation resurfaced in a Bloomberg podcast. For a complete picture of your brand, it's vital that you monitor all channels.

Podcasts are a major source of news and entertainment, and are packed with conversational intelligence that brands must not ignore.

Features include...

  • Brand monitoring - find hidden brand mentions in unscripted conversations from consumers, experts, and influencers, to understand how your brand is perceived.
  • Influencer detection - find new influencers who are interested in your content and talking about your brand, to target niche audiences.
  • Trend research - use podcast monitoring at scale and find new market opportunities.
  • Campaign optimization - Get a 360° view of your brand to understand what's being said about your brand across all media types, and activate the voice of the customer.

Talkdesk | Cloud contact center software

Talkdesk - cloud contact center software for speech analytics - website homepage

CX transformation - Build resilient cloud contact centers with speech analytics tools.

Enterprise cloud contact center helping companies to improve their customer experience. Talkdesk allows businesses to adapt their contact centers to the team and customer needs. Leading to increased productivity and customer satisfaction, and cost savings.

Features include...

  • Fast implementation, with center agents set up with little to no training, and administrators able to make ongoing improvements
  • Includes out-of-the-box integrations with 60+ CRM and other business systems, plus a contact center app store - AppConnect - with 1-click access to 50+ productivity apps
  • Delivers industry-leading MOS call quality and offers 100% uptime SLA
  • High level of configuration done with clicks not code, plus options for customization

CallMiner Eureka | Speech analytics software

CallMiner Eureka - Speech analytics software - website homepage

Speech analytics tool that transforms the voice of the customer into operational intelligence at scale.

SaaS-based, AI-powered customer engagement and speech analytics platform that captures and transcribes customer interactions. CallMiner Eureka transforms the voice of the customer into operational intelligence at scale with automated performance and sentiment scoring, topic discovery and trend presentation.

Features include...

  • Automated scoring of call center agents’ performance
  • First call resolution
  • Call deflection
  • Customer sentiment analysis
  • Churn prediction
  • Fraud identification

Observe.AI | Contact Center AI tool

Improve your customer experience and agent performance by analyzing all your consumer interactions. Collect sentiment and interaction insights, to streamline workflows. This AI-powered speech analytics tool finds the most important calls and interactions for review and action.

Observe.AI - Contact Center AI tool - website homepage

Speech analytics tool to analyze interactions, evaluate performance, and coach teams in one place.

Features include...

  • Automatic speech recognition and Natural Language Processing
  • Data-driven feedback for agents
  • Review and score conversations in one view
  • Timestamped transcript for quick analysis of interactions

CallTrackingMetrics | Unified communication platform

Digital platform that uses call tracking intelligence to drive contact center automation. This inspires a more personalized customer experience.

CallTrackingMetrics - unified communication platform for speech analytics - website homepage

Full visibility of what inspires your customers to convert by combining marketing attribution with conversation intelligence tools.

Identify which marketing campaigns are performing best, and use this data to power your contact center. This speech analytics tool integrates with Google Ads and Google Analytics, Salesforce, Zendesk, Facebook, and Microsoft.

Features include...

  • Conversion tracking - find which campaigns are driving calls, texts, and chats
  • Remotely manage all your comms channels in one platform, with customizable automation
  • Free onboarding and support resources
  • Capture the customer journey across teams

Takeaway

Speech analytics solutions mine consumer insights from audio channels, to capture the voice of the customer in recordings and in real time. Listen to what consumers are saying. Find out how they feel about your brand.

Brands who haven’t adopted speech analytics technology are ignoring crucial voice of the customer data. Capturing VoC and leveraging the actionable insights throughout your organization will improve many aspects of your business processes. From sales and marketing, to product development and customer support. From quality management to customer retention.

If you’d like to see all the insights that can be collected from consumer conversations, download our free - simulated - consumer intelligence dashboard. Activate the voice of the customer...

Download button for consumer intelligence dashboard to capture online and offline converations