As inflation continues to rise and uncertainty rattles markets, one thing is clear: Contact centers are more important than ever and continue to be the heartbeat of a company. Even as digital channels grow, 86% of consumers say they prefer to interact with a human being when reaching out to a company and 71% say they are less likely to use a brand if it doesn't have human customer service representatives available.
Whether contact centers’ focus is on service, sales, or both, research reveals that factors like convenience, consistency, and friendliness are what keep customers loyal—and even willing to pay a premium. According to this PwC report, customers will spend up to 7% more for car insurance if they’re given a great experience.
And often, experience is what sets a brand apart from competitors and retaining long term customers.
Doubling down on consumer experience is key. In order to do so, contact centers have increased their budgets, spending more than $24 billion in contact center software, with more investments coming. Yet, despite their efforts, contact centers are continuing to struggle: the estimated cost of customers switching brands due to poor service hit $1.6 trillion, according to Accenture.
We surveyed over 300 contact center leaders to gather their perspectives on how their business operates, assessing the effectiveness of existing contact center technology, and their plans for the future.
Our survey revealed startling insights: Nearly one quarter of respondents consider the majority of their agents to be bottom performers that are negatively impacting both top and bottom line.
To no surprise, agent performance directly correlates to confidence in the future. Overall, almost 50% of respondents do not feel very prepared for the future. Those numbers are exacerbated for companies with mostly bottom performers.
What’s the upside?
There’s a clear path to improvement: When companies are able to leverage insights derived from frontline interactions and use them to fuel coaching programs and workflows, performance skyrockets and confidence improves.
According to our survey, 88% of those using conversation intelligence feel “very prepared” for the future, compared to just 9% of those that don’t use the technology.
(For the purposes of our survey, a conversation intelligence solution is defined as a service that transcribes and analyzes agent-customer conversations, and surfaces insights.)
In this report, you will find that companies already adopting conversation intelligence have seen significant benefits across their business, including improved agent performance.
Conversation intelligence is giving leaders the ability to chart and navigate a path to growth as companies double down on both driving revenue and customer satisfaction.
There’s no longer a debate on whether conversation intelligence is worth the investment. For contact centers to improve performance and feel confident about the future, it’s not a question of if, but when.