Published : November 24, 2023Extracting valuable insights from customer call data deepens your understanding of customer needs, pain points, and sentiments. Achieve this by adopting robust voice analytics software that also helps you deliver a targeted customer experience.
Interestingly, a whopping 92% of customers abandon a company after two or three negative interactions. To avoid losing customers, you must take action to deliver a personalized and positive experience.
That’s why we have brought you this comprehensive blog on voice analytics, with its working and benefits. You’ll also find the top 7 providers with features, advantages and disadvantages, and pricing. So, let’s dive in!
"Being unaware of the customer’s sentiments while they’re interacting with your business degrades the customer experience, leaving them unsatisfied. The right voice analytics software can help you eliminate this issue. Choose a perfect one after careful exploration and comparison. "
What Is Voice Analytics?
Voice analytics refers to measuring and analyzing the emotional aspect of a phone conversation with the customer via a voice recognition tool. It relies on the voice pattern, including voice tone and pitch, to gauge the speaker’s emotion and intention. How calmly or loudly a customer is speaking, voice analytics consider that too.
Voice analytics tools record and translate a given conversation, too. This data helps your agents to handle customer calls better and solve their queries in the best possible way, boosting customer satisfaction.
How Does Voice Analytics Work?
Voice analytics analyzes customer conversation using two major technologies–automated speech recognition and text-to-speech. Here are the four core elements of its working mechanism –
1. Natural language processing (NLP)
Natural Language Processing (NLP) is designed to identify relevant keywords and correctly analyze the conversation. It is well-equipped to clearly understand the most complex conversations based on the pre-set rules.
2. Intent classification
Intent classification quickly identifies the customer’s intent clearly, leaving zero confusion via advanced classification algorithms. For that, it picks some keywords from the conversation that are key indicators of the call’s context, like pricing, confirmation, and renewal.
This data helps you spot gaps in your services and reasons for customer churn, allowing you to make data-driven decisions.
3. Analytics
Analytics provides actionable insights into the recorded calls, including the pauses, non-verbal cues, and intonation. This way, you’ll instantly know the overall customer sentiment–if the customer is satisfied or frustrated.
4. Transcription
Voice analytics also converts the calls into written form to provide you with real-time call transcripts. You can then decide if live agent coaching is required based on the call performance. It offers a feature to tag agents in the comments of each transcription as a basis to learn. You can also set up custom moments to specify the keywords you’d like to track.
Benefits of Voice Analytics
Adopting voice and speech analysis technology in your business can skyrocket your sales and improve your agent performance. Let’s see some other voice analytics benefits –
1. Better understand customers
Voice analytics offers insights into customer-business interactions–behavior and preferences. With its call recording feature, you get to analyze all the calls, know common customer questions, and gauge the reasons behind the calls.
Based on this voice data, you can better customize your services according to their needs and optimize your phone system to improve customer experience and satisfaction.
2. Improves sales process
Using voice analytics, you know exactly the performance of the customer call based on the topics discussed, sales reps’ actions, deal status, and call length. This can help you identify improvement areas and optimize your sales process accordingly.
For instance, if you notice that your agents struggle in some areas, you can provide targeted coaching or scripts for successful deal closure.
3. Enhances customer service
Voice and speech analytics software allows you to monitor and record live calls for analysis so you can identify areas where your agents are unable to match customers’ needs. Based on the recordings and preference patterns, you can train the customer service team so they can instantly solve customer queries. After all, instant and contextual resolution leads to improved customer service.
4. Ensures quality and compliance
Beware, a single non-compliance leads to an average loss of $4 million in revenue for organizations. Voice analytics simplifies compliance for businesses by evaluating call content and identifying non-compliant areas. It facilitates a focused approach to feedback and training, ensuring both service quality and regulatory adherence.
5. Cost-effectiveness
Voice analytics makes your processes cost-effective. Here’s how –
- Data and analytics help you spot improvement areas in the quality assurance process and customer service so you can enjoy better customer retention and a higher deal closure rate.
- Self-service solutions help customers solve surface-level problems independently, ensuring agents can better focus on high-value calls that drive profit.
- Helps you reduce cost per call by using voice analytics insights to equip agents to solve customer problems quickly with minimum transfers.
Voice Analytics vs Speech Analytics
It is important for organizations to understand the difference between voice analytics and speech analytics to leverage these technologies better. Let us look at some core differences:
| Basis | Voice analytics | Speech analytics |
| Focus | Customers’ emotional state–tones, emotions, and pronunciation | Analysis of topics of discussion, including customer questions and flow of conversation |
| Usage | Improve customer experience and increase sales | Quality control and compliance monitoring |
| Offer | Narrowed view of customer interactions, allowing you to tailor services as per customers’ unique emotional state. | Offers overview of customer interactions to better identify trends and improvement areas. |
| Drawback | Requires advanced technology, which is expensive, and requires extensive employee training. | Doesn’t consider customers’ emotional state, so that you may miss their actual needs and preferences. |
| Covers | How something was communicated. | What was communicated. |
Top 7 Voice Analytics Software
| Brand Name | Rating | Key Features | Pricing |
|---|---|---|---|
| CallHippo | Call forwarding Call recording Voicemail Text messaging | Basic: $0 Bronze: $16 /month Silver: $24 /month Platinum: $40 /month | |
| Five9 | Appointment Management AI-based, automated call routing Call Conferencing Automatic Call Distribution Intelligent virtual agent Workforce optimization | Core: $149 monthly Premium: $169 monthly Optimum: $199 monthly Ultimate: $229 monthly | |
| Genesys | Inbound call routing Call analytics Call scripts | Genesys Cloud CX 1: $75 Genesys Cloud CX 2: $110 Genesys Cloud CX 3: $140 | |
| Google Voice | Voicemail transcripts Unlimited text messaging in the US Multi Level auto attendant Personalized voicemail greetings Audio & video conferencing Integration with Google Meet & Calendar | Starter: $10 Standard: $20 Premier: $30 | |
| JustCall | AI-powered call scoring Sentiment analysis AI coaching Real-time agent assist | Essentials: $19/user/month Team: $29/user/month Pro: $49/user/month |
Getting overwhelmed with many options of software is normal. Cut the hassle, compare these 7 best software, and find your perfect match soon –
1. CallHippo
CallHippo is a machine learning and AI-powered voice and speech analytics solution with conversion intelligence capabilities. It enables contact centers to record, transcribe, audit, and analyze customer interactions over the phone. Small, medium, B2B, and contact center businesses can benefit from CallHippo due to the myriad of features and affordable plans it offers.
Features
- Moment analysis
- Intelligent data filtering
- Library management
- Interaction transcription
Pros
- Transcribe your 30-minute-long call in a few minutes to quickly scan through, find critical areas, and clearly understand customer feedback.
- Identify high-risk calls that involve compliance gaps, deviation from scripts, and customer objections so you’re better prepared.
- Personalize call solutions for a specific use case like support, sales, or call scripts.
Cons
- The setup process might seem elaborate, but the customer support team makes it simple.
- Doesn’t cater to customer interactions happening on social media or texts because it is focused on offering call-only analysis.
Pricing
- Bronze: $16/user/month
- Silver: $24/user/month
- Platinum: $40/user/month
*Pricing as of 11-06-2024.
2. Five9
Five9 is a call center voice analytics technology that allows you to analyze recorded voice and digital customer interactions. This equips you with insights into customer experience and agent performance. It is brimming with advanced voice features to improve customer satisfaction.
Features
- Trend and root cause analysis
- Queries and ad hoc analysis
- Automated quality management
- Automatic topic identification
Pros
- Deliver a great omnichannel customer experience by modifying replies based on voice and text analytics.
- Identify improvement areas and crucial business outcomes like customer retention and first contact resolution to enhance your customer experience.
- Automatically assign scores to your quality programs to improve the program’s efficiency and effectiveness.
Cons
- Five9 doesn’t have a user-friendly interface.
- It can be difficult to adapt.
Pricing
- Digital: $149/month
- Core: $149/month
- Premium: $169/month
- Optimum: $199/month
- Ultimate: $229/month
3. Genesys
Genesys is an excellent voice analytics software that helps you seamlessly transcribe each interaction, identify key topics, and analyze the sentiments. You get to protect your agents and business by running an interaction check, ensuring quality and compliance.
Features
- Interaction search
- Conversational intelligence
- Sentiment analysis
- Topic miner
Pros
- Define industry-specific ideas and terms to gauge the most relevant interactions, optimizing tour campaigns, processes, and services according to insights.
- Gain an in-depth understanding of customers and evaluate interaction language to know better about your agents, products, and improvement areas.
- Identify your agents’ behavior, customers’ needs, and business trends in one place to avoid wasting time toggling between windows.
Cons
- It has limited monitoring capabilities.
- The recording solution is complex.
Pricing
- Genesys Cloud CX-1 (Voice) – $75
- Genesys Cloud CX-2 (Digital) – $95
- Genesys Cloud CX-2 (Digital + Voice) – $115
- Genesys Cloud CX-3 (Digital + WEM) – $135
- Genesys Cloud CX-3 (Digital + WEM + Voice) – $201.5
4. Google Voice
Google Voice is a call center voice analytics software that allows you to understand your customers so you can optimize your marketing and increase your ROI. It gives all the updates about customer interaction in real-time.
Features
- Predictive capabilities
- Privacy safe modeling
- Proactive insights
- Engagement reports
Pros
- Extract predictive insights from your data to make accurate plans and measurements for the future–users likely to churn.
- Analyzes your data and lets you collaborate with your team with shareable, extensive reports and a simple-to-use interface.
- Automatically detect and surface actionable insights of your customer data so you’re more aware of what’s happening and take action accordingly.
Cons
- It has limited analytics features.
- Doesn’t offer many integration options.
Pricing
- Starter: $10 monthly per user
- Standard: $20 monthly per user
- Premier: $30 monthly per user
5. Salesforce
Salesforce is a voice analytics software that combines the benefits of AI and unified data to let you connect with customers in a new way. It lets all your teams–marketing, sales, IT, and commerce connect from anywhere in the world.
Features
- Predictive analytics
- Multi-language support
- Emotion detection
- Automatic call logging and recording
Pros
- Ensure high data security and safeguards sensitive information with Salesforce voice analytics to prevent any data loss.
- It is suitable for complex business structures and large teams due to its high scalability and ability to adapt to business models.
- The platform enables users to utilize real-time insights to take immediate and relevant action and increase analytical decision-making.
Cons
- It has a steep learning curve.
- Involves high implementation costs when compared to other providers.
Pricing
- Starter: $25/user/month
- Professional: $80/user/month
- Enterprise: $165/user/month
- Unlimited: $330/user/month
6. LivePerson
LivePerson is a call center voice analytics software that transforms your contact center like never before. It lets you harness conversational data to drive growth, cost savings, and customer insights. Now, improving your customer experience with better understanding is made easy.
Features
- Conversational intelligence
- Generative insights
- Report center
- Analytics studio
Pros
- Transform your data through an LLM-powered conversational experience to empower your agents to make data-driven decisions with contextual, real-time insights.
- Convert your customer’s words into actionable data with a conversational intelligence suite to deliver the best customer experience and improve conversion rate.
- Leverage out-of-the-box reporting to gauge how your conversational AI and human conversations are performing, helping you make required improvements efficiently.
Cons
- Has a steep learning curve.
- Customer support team is not responsive.
Pricing
Conversational cloud and Conversational cloud & generative AI: Contact sales
7. JustCall
JustCall works with AI to give you a clear visibility into what is or isn’t contributing to customer satisfaction. It also suggests improvement suggestions. You can also access the performance of your pitch and proactively work on improving customer experience with JustCall.
Features
- AI-powered call scoring
- Sentiment analysis
- AI coaching (Explore AI in call centers)
- Real-time agent assist
Pros
Cons
Pricing
- Essentials: $19/user/month
- Team: $29/user/month
- Pro: $49/user/month
- Business: Contact sales
How to Choose the Right Voice Analytics Software?
Making the right choice of voice analytics software is not an easy feat, but it doesn’t stand true you have a checklist of the essential features.
- Evaluate the accuracy of speech-to-text transcriptions, as it is the base for all your analysis.
- Your chosen software must be capable of detecting emotions and sentiments effectively.
- Check that the software has real-time analytics so you’re notified as and when an issue arises to provide instant resolution.
- Your software must necessarily integrate with your existing systems–CRM, analytics tools, and communication channels to best streamline workflow.
- Is your voice analytics tool capable of growing with your company and managing increasing amounts of interactions and data? If not, reconsider your choice.
- Make sure your tool has robust security and compliance monitoring features like access restrictions and encryptions to ensure successful compliance adherence.
- Determine the extent of the user-friendliness or intuitiveness of your chosen software to maximize its utility.
- Conduct in-depth research about your chosen providers regarding their customer reviews and industry reputation. Users’ opinions and experiences about software say a lot about its worth.
Wrapping Up
Voice analytics is pivotal to boosting your customer satisfaction and agent performance using its core elements, such as NLP, intent identification, transcription, and others explained above.
Using robust call center voice analytics software brings immense benefits to your business, such as improved sales processes and quality and compliance assurance. You can enjoy these benefits only if you choose a powerful call center voice analytics solution listed in our buyer’s guide.
If you lack time to invest in extensive software exploration or need an instant quick fix, CallHippo is here to help. Our advanced voice analysis features and advanced capabilities are everything you need to level up your business. Wait no further and start a free trial today!
Frequently Asked Questions
1. What are the different types of voice analysis?
The three major types of voice analysis are emotion detection, language identification, and conversational analytics.
2. Is voice analytics the same as speech analytics?
No, voice analytics covers the emotions of the customer, whereas speech analytics gauges the flow of conversation and topic of discussion.
3. What is voice analytics in a call center?
Voice analytics for call centers is the process of utilizing voice recognition technology and NLP to transcribe speech to text, record voice calls, and analyze conversations.
4. What are the benefits of using voice analysis in sales?
Voice analysis helps you better understand customers’ expectations and needs, allowing you to modify your services accordingly for an enhanced customer experience and satisfaction levels.
Updated : June 12, 2024
Supriya Bajaj is a senior content developer with immense experience in the VoIP telephony domain. With a deep knowledge of VoIP systems and emerging technologies in the field, she provides insightful and targeted content. Known for simplifying complex topics and her thought-leadership articles, Supriya delivers actionable content for both technical and non-technical audiences.
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