Effectively working with customers over the phone gains their confidence. Speaking to them directly instills a belief that your brand has their issues under control, and their best interests at heart. Phone calls are important because, in this mobile and digital era, consumers who pick up the phone and call a business are usually highly motivated. As more businesses adopt AI-powered analytics technologies, they’re able to capture not just information and anecdotes from their inbound phone calls, but insights.
Insights are different and much more valuable because they can drive action.
With these insights, businesses can tangibly improve performance in marketing and sales operations in several key areas:
- Website personalization and optimization
- Media campaign Return on Advertising Spend
- Sales call handling and conversion
Gathering insights at scale
For years, Marchex has been working with businesses ranging from large enterprises to small businesses. Since releasing our AI-powered speech analytics technology in the spring of 2017, we’ve analyzed a massive conversation data set, comprising over 140 million consumer-to-business calls – which translates to over 500 million minutes. Industries from auto to telco to insurance trust Marchex to analyze critical points of interest within spoken data to extract insights that gauge caller sentiment, help determine buying intent, and ultimately drive strategies that can convert callers to customers that stay for the long-term.
Thanks to the analytical power of Marchex speech analytics technology delivered in Marchex Call Analytics Conversation Edition, organizations can access unique AI-enabled capabilities they can leverage for automatic predictions and insights that convey how customers react to their brand in a real-world context:
Leading speech-to-text accuracy
Speech-to-text processing accuracy is a viable benchmark for assessing best-in-class speech analytics technology. Marchex developed its language recognition models in house, without any third-party vendors. Today its Word Error Rates (WER) have reached industry-leading accuracy levels, offering a level of precision that makes it easy to understand who said what, and when.
Automated sentiment scoring of conversations lets organizations pinpoint highly negative or positive conversations. Marchex can analyze calls and extract certain signals that reflect sentiment, giving businesses the opportunity to effectively handle calls by adapting to customers’ attitudes, beliefs or opinions.
Understanding customer intent and meeting their needs in the moment is key to being successful in winning over new customers or retaining existing ones. How great would it be to have leading indicators that showed customers’ pre-inclination to buy? Marchex’s speech analytics technology analyzes conversations in real time, and uncovers customers with a high intent to purchase along with call volume metrics, the times these calls occurred, and their estimated monetary value. Businesses can then correlate these high intent calls with their own key performance indicators (KPIs) that really move the needle, such as sales lift. Knowing beforehand why callers reach out is the “silver bullet” as far as first call resolution.
At Marchex, don’t stop there. With the recent launch of the new Marchex Innovation Development (MIND) Lab – a new research and development group, Marchex continues to prioritize and innovate around artificial intelligence and speech analytics to pinpoint the specific micro moments of consumer intent to arm businesses with the data necessary to successfully engage with their customers.
To learn more about the MIND Lab, read the full press release.