Speech Recognition for Real-Time ROI White Paper

Phone Conversion Optimization
Speech Recognition for
Real-Time ROI
White Paper
Conversation Conversion Dynamics
SPEECH RECOGNITION FOR REAL-TIME ROI
Mongoose Metrics, the enterprise leader in Phone
Conversion Optimization, has solved a nagging problem in
sales and marketing:
How do I economically determine if a phone call has converted
into a sale?
With our solution, there is no longer a need for supervisors to review a statistical sampling of your call center activity.
With Mongoose technology you now have full confidence that every call to your business is being analyzed and evaluated for conversion events. With patent-pending technology called Conversation Conversion Dynamics (CCD), Mongoose accurately determines
conversion events and provides actionable, real-time and quantifiable data to marketers
about the effectiveness of their phone conversions.
THE HOLY GRAIL IS HERE NOW: Accurately identify the ROI of your phone sales with Mongoose CCD as a seamless overlay to your existing systems.
Table of Contents
Introduction
Understanding Conversions
Marketing Funnel: Multi-Channel
Data Integration
CRM Integration
Web Analytics
Bid Management
Internal Systems
How It Works - A Real World Example
Conclusion
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SPEECH RECOGNITION FOR REAL-TIME ROI
Introduction
By drilling deeply into the actual customer conversational flow,
and providing business triggers based on customer input, Mongoose gives customers the ability to visualize in real-time how their
phone operations are converting. Additionally, Mongoose shows the
entire marketing path and experience from keyword to completed sale.
From the moment a stakeholder begins searching for you with an online
search engine or traditional media buy to the minute they hang up the phone
following a conversation with your customer service representatives, Mongoose
Metrics call analytics solutions record every move to reveal patterns of actions
and behaviors. Our easy-to-understand, real-time reporting immediately illuminates target areas for change
and process improvement online
and over the phone.
Imagine CCD as “Google(tm) for
Phone Calls.” Once the call data
is recorded, searching for specific
words, phrases and events across
a number of variables (date
range, CSR, campaign, etc.) to
identify actionable improvements
becomes as simple as searching
for web pages indexed by Google.
The bottom line: Mongoose Metrics helps clients identify
and understand the necessary hard data needed to optimize phone call engagement.
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SPEECH RECOGNITION FOR REAL-TIME ROI
Understanding Conversions
Mongoose Metrics CCD is an overlay technology which can be
layered on top of any companies’ current process. CCD is also
integrated with our existing Accutrack 1:1, Accutrack Source and Accutrack Session products. The important enhancement over our existing
products is that you can now drill inside of the phone call to see what types
of conversations are happening and which are converting it to a sale, meeting
or trigger event.
We provide the ability to match on specific
phrases and then group those phrases into
business rule events so you can easily visualize the conversational flows your customers are
having in real-time. You can view data across
campaigns in a highly granular or highly aggregated format depending on needs. We provide reports on a per-call or campaign basis to
let you validate and spot-check the conclusions
of the speech recognition software.
Additionally, we provide negative path information that shows you which calls are not converting as well as the specific triggers
which result in failure.
Marketing Funnel: Multi-Channel
Once you understand which calls are converting based on your business metrics,
it is important to tie that information back
to the specific marketing actions or events
driving the conversions. Mongoose CCD
layered on top of Mongoose Accutrack
Session gives you visibility into which keyword or keywords are delivering a specific conversion as well as aggregate data
which allow you to understand how likely
a specific keyword or group of keywords
results in a conversion.
Conversely, we help you identify which
keywords are generating calls but not converting. We also provide the ability to understand -- across all marketing channels and website behaviors -- which specific efforts drive conversions. This understanding then guides the overall customer analytics and segmentation strategy.
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SPEECH RECOGNITION FOR REAL-TIME ROI
Data Integration
CRM Integration - To build the full picture of
your marketing ROI, you have to tie marketing spend to conversion event to a completed
sales figure. By integrating Mongoose CCD into
systems such as Salesforce, Microsoft Dynamics
CRM and SugarCRM, you can pull reports which
tie the marketing source (keyword, billboard,
print ad) to the CCD conversion event and to
the value of the completed sale. Within a single
integrated system, a business decision-maker
receives a real-time, accurate picture of how
their different phone sales are delivering on the
multitude of marketing investments made.
Web Analytics - Mongoose integrates with many lead-
ing Web Analytics vendors including Google Analytics,
Omniture SiteCatalyst, WebTrends and Unica. We
push data from our CCD system into these third party
applications and work with each vendor to help their clients visualize the new wealth of information provided by
the conversion engine.
Bid Management - In an effort to reduce the lag time
between actionable data and changes in marketing
spend, Mongoose integrates with many of the leading bid
management vendors including Acquisio, Marin Software
and Kenshoo. Our goal is to take the conversion-related
information from the CCD and use it to accurately represent the real-time phone conversion flow back to the bid
management engines so that they can adjust keyword
bids immediately.
Internal Systems - Through our XML API and variety of push-oriented
mechanisms, Mongoose Metrics drives data into your existing business process systems. We have extended our API and push features to provide a rich
layer of detail related to your phone conversions into your applications directly.
Through our professional services, we help you develop a tight integration into
your process.
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SPEECH RECOGNITION FOR REAL-TIME ROI
Example of How It Works
An apartment rental company wants to identify how sales are closing over the phone.
Based on the existing scripts their agents use
as well as actual call recording data, Mongoose Metrics works with the client to identify
words and phrases (“call tags”) which are the
key words or phrases which drive ideal results
for the apartment rental company.
Once a series of “call tags” is identified for the apartment rental company’s needs
-- in this case words and phrases such as “location” “do you accept pets?” “security deposit” “what is your credit score?” and “credit check” -- a score is assigned
to each call tag indicating the relative value of that tag should it occur in a conversation. Once the tags and scores are set up, the tags are then grouped into an
“event.”
“Events” have scores as well. For example, if you wanted to ensure that four of
your tags in the “Sale Event” need to be present to ensure a sale happened, you
would set each tag to a score of 25 and the overall event to a score of 100.
“Events” also flow into “event paths” which then ultimately reveal the aggregate
knowledge or hard data needed to make process improvement decisions, specifically, what order of events have happened during a call to result in a conversion?
and could a different order of events improve conversions?
A template “event path” for the apartment rental company might look like this:
Event 1 (General Interest)– Words such as “availability” and “location”and “appointment” are spoken.
Event 2 (Specific Interest)– Words such as “small pets” and “security” are spoken.
Event 3 (Sale) – Words such as “credit card number” and “you have been approved” and “security deposit” and “sign a lease” are spoken.
Based on this “event path” the apartment rental company can mine the metrics to
understand a number of data points, including:
What percentage of calls with the words “sign a lease” actually
close?
Do conversations about “availability” or “location” cause callers to
immediately hang-up or continue the call?
Does the apartment’s No-Pets policy cause callers to terminate?
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SPEECH RECOGNITION FOR REAL-TIME ROI
Operation
Once the appropriate call tags and tag events have been set up, the
Mongoose system monitors every call to your business and looks for
the predefined events. Based on criteria you configure, we integrate data
into your existing business processes and systems whenever a trigger condition is met. Additionally, you can visualize the performance of each call, type of
event (sale), campaign, or overall account through our flexible reporting system.
You can export any report data to your own systems via XML or CSV. Below is an
example showing a pie chart of conversion events, allowing drill down into calls which
qualified under a specific event.
Conclusion
Mongoose Metrics Conversation Conversion Dynamics (CCD) gives marketers and business decision makers real-time and historic data visibility into how new and existing customers are interacting with their business. We provide an instant feedback loop to validate and improve processes, helping businesses build more rewarding engagements with
their customers.
Contact us at
Mongoose Metrics at 877.784.0496 or visit us online at
www.mongoosemetrics.com to set up a meeting.
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