Deloitte Access Economics has anticipated that the Australian Bureau of Statistics data for the December quarter of 2023 will reveal that the country's economic growth rate has fallen below 2% for the first time in three years. It's no surprise that in the current economic landscape, marked by escalating inflation and increased operational expenses, businesses in Australia are witnessing a substantial impact on their profit margins.
In response to these challenges, it is imperative for businesses to innovate beyond traditional strategies. The question arises: How can profitability be augmented aside from increasing product sales?
Fundamentally, the answer lies in enhancing listening strategies. Regular interactions between customers and service agents are rich with insightful data. It is prudent for Australian businesses to use this information to formulate their customer engagement strategies and identify opportunities for margin enhancement.
Voice solutions stand at the forefront of this innovative approach. Implementing systems that analyse and extract customer insights presents an invaluable opportunity to capitalise on an existing asset.
Outlined below are two strategies designed to employ voice solutions effectively:
1. Reducing Response Times through Automation
Adhering to the time-honoured principle that time equates to money, aiding agents in reducing response times results in cost savings, safeguarding the company's financial health. Automation emerges as a key strategy in this regard.
Organisational efficiency is being redefined through automation. Gartner forecasts that by 2026, the deployment of conversational AI in contact centres will significantly reduce operational costs. But what role does voice play in this?
Modern interactive voice response (IVR) systems expedite the customer's search process, reducing caller frustration and operational costs. This includes automating self-service tasks through virtual agents.
Such systems enable businesses to incorporate conversational interactions and integrate virtual agents for handling queries via speech recognition. An effective IVR system must adapt to evolving customer preferences, offering the capability to introduce new features, modify existing ones, and refine settings easily.
With routine inquiries managed by automated bots, agents can allocate their time more effectively, focusing on resolving complex issues and delivering exceptional customer service that fosters future spending.
2. Capitalising on Upsell Opportunities
A deeper understanding of customer preferences facilitates enhanced satisfaction, which, in turn, leads to healthier profit margins.
Businesses should strive to drive Customer Satisfaction (CSAT) and revenue, as the former often leads to the latter. Personalisation is paramount. Customers increasingly expect experiences tailored to their individual needs.
This is where voice intelligence solutions prove their worth. By transcribing and analysing call recordings on a large scale, businesses can access many actionable insights, ranging from customer preferences to competitor intelligence.
These systems highlight customer pain points and recurrent topics by detecting specific keywords and phrases. This information can be leveraged to personalise service and adapt the customer experience (CX). Voice technology is utilised to discern customer desires, enabling businesses to meet these expectations.
Furthermore, this data can be instrumental in identifying upsell opportunities. For instance, if a customer is dissatisfied with their order, voice software can provide immediate insight into their order history, allowing the business to suggest an alternative product more aligned with their needs. Similarly, if a customer considers cancelling their subscription in favour of a competitor, the software can alert to previous mentions, equipping the business with the necessary information to offer a compelling counterproposal.
Enhancing Profitability through Improved Listening
Twilio Voice offers various tools for crafting bespoke voice experiences that meet and exceed customer expectations. Utilising AI solutions, Australian businesses can devote more time to delivering memorable customer experiences rather than developing them from scratch. A compelling testament to this approach is the transformation of Marks & Spencer's contact centre operations. By integrating voice intelligence technologies, they were able to transcribe and analyse call recordings, providing invaluable insights for future customer interactions. This innovation enabled the identification of trends, preferences, and pain points, which, in turn, empowered Marks & Spencer to tailor their services. Their modernised contact centre operations now boast a remarkable 90% accuracy in call handling, exemplifying the profound impact of embracing such technologies.
Interested in exploring the transformative potential of voice technology? Learn more here.