Rapid advancements in technology have resulted in massive changes in current organizational business processes, hierarchies, and systems. However, satisfied customers are still the most crucial asset for any modern business. Therefore, businesses must prioritize customer success initiatives to facilitate short-term and long-term success.
A recent study conducted by Forrester has found that approximately 72% of businesses have stated that improving their customer success rates is their highest priority. However, as businesses are expected to collect more data than ever, it can be extremely difficult for customer success teams to manually keep track of customer interactions, customer service issues, and much more.
Therefore, conversational intelligence can be extremely transformative for helping customer success teams leverage the power of recent technological advancements to build customer relationships, understand their various preferences and requirements as well as anticipate and avoid potential disputes.
What Is Conversational Intelligence Technology?
Conversational intelligence technology refers to the integration of artificial intelligence (AI), machine learning (ML), and natural language processing tools in various business processes to enhance customer success and overall organizational operations. Conversational AI utilizes unstructured organizational data to provide customers with automated answers, customer support, and efficient responses.
These tools typically utilize the advanced technology to analyze customer communication and provide businesses with the opportunity to implement automated virtual support and access key analytics. This can not only help your business automate various repetitive, time-consuming aspects of customer success initiatives but can also help access valuable insights that can facilitate data-driven decision-making processes.
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1. Reducing Customer Churn
It can often be extremely difficult for organizational customer success representatives to assess the health of each customer account. As the amount of data that your business is expected to collect, track and analyze grows exponentially with each new customer, it can be tedious and impractical to monitor each individual customer interaction manually. However, this could potentially result in customer dissatisfaction and hence significantly increase organizational customer churn.
Therefore, conversational intelligence tools can help your business carefully monitor customer interactions for keywords and phrases that could potentially be consistent with customer attrition. Your customer success representatives can then leverage this data to determine which customer accounts require more attention and develop comprehensive strategies to avoid loss of profitability.
2. Improving Cross-Departmental Communication and Collaboration
Information from customer interactions is often shared throughout an organization for consequent product development and data-backed decision-making processes. However, this is not only extremely time-consuming but could also lead to reduced employee engagement. Therefore, conversational intelligence can equip your business’s customer success representatives to easily share specific portions of client conversations with other organizational departments to collect feedback, identify where customers derive the most value from your products, access customer suggestions for feature developments, and much more.
Research indicates that 86% of employees and executives cite a lack of collaboration and ineffective communication for various workplace failures. Conversational intelligence can also allow specific portions of calls and messages to be shared across your organization to minimize the loss of information due to human error. Therefore, this can help improve cross-departmental communication and collaboration as well as empower your business to address customer needs more effectively.
3. Accessing Advanced Data Insights
Integrating conversational AI into your business’s customer success initiatives can help provide employees with access to data from all customer interactions in one centralized, consolidated location. Furthermore, conversational intelligence enables customer success representatives to replay calls and other interactions with customers as many times as necessary to collect as much data as possible.
This will not only enable your business to identify potential sources of customer churn but will also allow employees to understand how to address future client interactions more effectively. Conversational intelligence can also help uncover more detailed insights such as customer sentiment metrics, the volume, and frequency of specific keywords and phrases, and engagement.
4. Optimizing Onboarding and Training Processes
Onboarding and training new customer success representatives can often be extremely time-consuming and expensive. New customer success representatives are typically required to individually review customer product use cases, understand your business’s product mix and analyze certain keywords that could potentially signify customer dissatisfaction. However, conversational intelligence can enable your business to build a comprehensive and holistic library of previous customer communication. This can substantially expedite onboarding and training processes, while also reducing the utilization of scarce organizational resources and time.
Providing employees with access to detailed customer interaction libraries can empower them to increase customer success rates and ultimately improve organizational efficiency and productivity in the long run. Smart Konversations can help your business’s employees access call libraries and comments to significantly improve quality and productivity.
Here are two images that will give you a working knowledge how SmartKonversations works:
5. Personalizing Customer Communication
Conversational intelligence technology is equipped with powerful artificial intelligence and machine learning capabilities that can enable your business to personalize all customer interactions using data-driven algorithms without significant time delays. Recent studies have shown that approximately 72% of consumers say that they only engage with personalized brand messaging.
These tools can also help develop advanced, automated chatbots and virtual assistants to process and address customer requests and queries in real-time using behavioral patterns and cloud-based databases.
This can not only help employees avoid constantly answering repetitive questions by providing customers with automated responses but can also significantly improve customer satisfaction rates.
Furthermore, automated personalized communication can empower your employees to work on more strategic, intellectually stimulating business processes.
1. Process Automation
Your business’s conversational intelligence solutions should be equipped with tools that can automate various repetitive, time-consuming business processes that often result in decreased employee satisfaction, such as manually replying to individual customer requests or questions and analyzing customer interactions for valuable metrics and insights. According to a study conducted by McKinsey, 66% of businesses have piloted the automation of business processes in one or more business functions.
Business process automation can also significantly increase efficiency and productivity, significantly reduce the risk of human error in customer interactions, increase customer satisfaction, and much more.
2. Intent Recognition and Sentiment Analysis
Intent recognition and sentiment analysis features can enable your business’s conversational intelligence tools to analyze languages and identify emotive tones. Conversational AI can also be used for various processes, such as natural language generation, synthetic voice response, automatic speech recognition, natural language understanding, and machine learning response prediction.
Customer success representatives can identify key accounts that may require more attention or human intervention.
3. Natural Language Processing
Natural Language Processing (NLP) is a subfield of artificial intelligence that can enable automated systems to understand the text and spoken language in the same way that employees can. Natural language processing features can enable your business to perform large-scale data analysis, streamline various manual processes associated with customer communication, improve customer satisfaction rates, empower employees to work on more strategic business processes, and gain access to advanced data insights that can facilitate more informed data-driven organizational decision-making.
4. Text To Speech Tools
Text-to-speech technology consists of assistive tools that can help your business automatically convert natural-sounding speech from customer calls and other spoken interactions to readable text. Your customer success tool should also be able to understand and analyze a wide variety of different accents, languages, vocal emphasis, and tones. Text-to-speech tools can help your business address clients from numerous different geographical regions without having to employ new customer success representatives with knowledge of different languages.
5. Contextual Awareness
Contextual awareness is defined as the ability of a system to gather data and information about its current environment and adapt all consequent behavior accordingly. Therefore, contextual awareness tools can enable your business’s conversational intelligence solutions to follow conversation history from individual customer interactions, translate languages, recall data from historical interactions and memorize new information from future interactions,
Leverage The Power Of Conversational Intelligence Technology To Enhance Organizational Customer Success:
Customer success teams can often find it extremely difficult to address the needs of each individual customer, especially as your business continues to grow in scale. Therefore, your business must evaluate the numerous benefits of conversational intelligence for improving customer success rates in the long run.
Conversational intelligence can be an extremely valuable tool for any modern, data-driven business Conversational AI can be extremely transformative for helping customer success teams reduce customer churn, improve cross-departmental communication and collaboration, access advanced insights for consequent decision-making processes, optimize onboarding and training processes and personalize customer communication.
Smart Konversations is equipped with sentiment analysis, key phrase analysis, real-time call assists, keyword analysis, coaching, and more that can make implementing conversational intelligence easier than ever before.
Therefore, the aforementioned step-by-step guide can help your business take advantage of the wide variety of benefits of conversational intelligence for securing future customer success.
You might also like:
- Conversational AI for Customer Success – What is Conversational AI and what are some of its shining benefits to the Customer Success niche? It is a glimpse of future in front of us? Let’s dig in.
- To see how SmartKarrot helps B2B companies streamline and scale customer success, Request a Demo.
Rohan has over 11 years of experience in client services, marketing and hospitality field. Previously, he was head of digital marketing for a hi-tech mobile application. Rohan is driven by new challenges and the possibility of making an impact on individuals and businesses.
Published September 16, 2022, Updated October 10, 2022
