The Competitive Edge of Call Data Analytics
Call data analytics stand out as a crucial metric for any business in retail or facing consumers directly. Not only will it help sales managers and their teams navigate customer behaviors, preferences, and pain points, but it also helps increase revenue, decrease marketing costs, and harness positive momentum for future sales learnings. In fact, Forbes.com says that 84% of companies that put an emphasis on and effort towards improving customer experience see boosted revenue.
And companies of all sizes are taking note: According to Grandview Research, contact center analytics was a $1.4 billion industry in 2021, and is growing exponentially year over year, with the retail and consumer goods sectors expanding the most rapidly.
The crux of call data analytics lies in its ability to summarize the positives and pitfalls of the consumer experience, allowing companies to maximize beneficial interactions and enhance the customer journey for every sales interaction. There are benefits to this understanding and practical application for both businesses and client populations. To get the most out of such information, data analysis is most powerful when done at scale, a task for which artificial intelligence is quite useful.
From Data to Decision
Businesses can gain valuable insights by analyzing aggregated call data from across the company. This analysis helps sales teams identify key behaviors and indicators, such as the length of a call, that can increase the likelihood of closing a deal. Conversely, it also highlights interactions that may result in lost deals or customer churn, especially since 74% of a survey respondents stated they would stop doing business with a company after a negative customer service experience. In training sales teams using this data, managers are empowered with quantifiable facts that support revenue growth and increased sales numbers by way of increased customer satisfaction.
From a marketing standpoint, insights from call data help pinpoint how new customers discover your business, allowing companies to target advertising spend more effectively. This allows for smarter ad spending, targeting efforts where they yield real engagement and returns, hence boosting net revenues.
Elevating Customer Experiences
Perhaps most importantly, though, is the tangible benefits to the customer experience that call data analytics offers. From the first interaction, when sales teams are working from a knowledge based on prior analysis, they will understand how to work with clients most effectively to connect with each individually, allowing for a higher closing rate and a more positive feeling about the call itself. With an open dialogue during and after the call, customers are able to give positive and negative feedback such that, when analyzed on the whole, sales teams can understand how to tip the scales towards higher rates of positivity for calls going forward.
And every positive interaction is powerful, primarily because every negative interaction is even more so—Inc.com reports that it takes as many as 40 positive reviews to overpower one negative review.
Empowering sales managers with data enables proper team training, leading to an improved customer journey, higher revenue, and lower costs. Additionally, satisfied customers (42% report returning to a business following a positive experience) are more likely to become repeat customers and recommend the company, further boosting sales.
The long and short of it? Data analytics is a win-win situation on all sides of the sales experience.
