What is Call Analytics and How Does it Work?

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Calls aren’t just about building relationships with customers.

They’re a rich source of valuable insight into customer needs, agent productivity, and growth opportunities.

With call analytics, you can make the most of these data points before, during, and after your calls to beat competitors and exceed customer expectations.

In this article, we’ll define call analytics for you and explain how it works. We’ll also cover how to deploy call analytics in your business and share the best call analytics solution for your needs.

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What is Call Analytics?

Call analytics is all about measuring, collecting, analyzing, and reporting call data.

Your marketing, customer support, and sales team can use insights derived from call analysis to optimize their campaigns and call handling.

And that’s just the tip of the iceberg.

The central idea behind implementing call analytics is to better measure, manage, and analyze the call performance of your customer service or sales reps. Additionally, use it to optimize your return on investment (ROI).

With remarkable technological advancements, many modern call analytics software now also include data from the content of conversations.

This can include identifying:

  • Which callers were quality leads
  • Products or professional services the leads were interested in
  • If the leads ultimately converted into customers

What does this mean for you?

You can use these actionable insights to:

  • Spot issues negatively impacting your conversion rates
  • Make smarter campaign budgeting decisions
  • Target every caller with ads based on the content of their conversations
  • Drive a large number of leads at a lower Cost Per Lead (CPL)

This brings us to the question:

How Does Call Analytics Work?

In traditional call analytics, data collection is done via call tracking to gather relevant caller data.

The data can be as broad as referencing the source of a call to an overall marketing campaign. It could also be as nuanced as identifying whether the call is the result of paid or organic web traffic from a specific landing page.

Call analytics can also record calls for further analysis or even be transcribed for better record-keeping.

Often, advanced call analytics solutions use Artificial intelligence (AI) to scan call transcripts for relevant keywords and phrases for accurate lead scoring.

You can also visualize call analytics data in reports to measure customer service, marketing, or sales performance and trends.

The customer service and sales team can then go over the call recordings and transcriptions to learn from the conversations.

But it doesn’t end here!

You can drive better optimizations, decisions, and results by using the call analytics data in:

  • Digital ad tools like Google Ads, Microsoft Advertising, and Facebook
  • Martech tools like Google Analytics, Matomo Analytics, and Adobe Experience Cloud
  • Customer Relationship Management (CRM) tools like Microsoft Dynamics 365 and Salesforce
  • And more

So are you ready to implement call analytics yet?

Let’s see how you can do so.

How Can You Deploy Call Analytics in Your Business?

At its core, call analytics is all about call tracking.

But with growing breakthroughs in machine learning and AI, call analytics offers way more sophisticated applications, including:

  1. Building First-party Database

    As a marketer, you’re already aware of the loss of access to third-party cookie data with growing concerns over customer privacy.

    That’s exactly why first-party data sources like phone calls become more valuable to build privacy-compliant customer databases.

    Call analytics platforms allow your business to collect such data at scale and analyze caller data.

  2. Segmenting and Targeting the Audience

    Call analytics solutions first record and transcribe calls, and then determine the attributes of the highest-performing leads or potential customers.

    A marketer will appreciate this data as they can build personas to create high-performing customer segments. Once done, they can easily target a suitable group of leads to boost sales.

  3. Customer Journey Attribution

    Call analytics platforms can help marketers understand the role that each customer touchpoint plays in a conversion. It does so by providing online and offline attribution across media channels.

    As a result, companies can better carry out resource allocation and send out relevant messages based on customer preferences.

  4. Marketing Campaign Optimization

    Call analytics and tracking software connect calls to the keywords, social display ads, or web pages that drove them.

    Thanks to this ability, a marketer or the marketing team can use unique phone numbers to discover which pages and elements are responsible for driving quality customer calls. On the flip side, the phone numbers will also help reveal factors that are pushing visitors away.

    Marketers can also use call data such as product or service interests, demographics, and buying stage to:

    • Optimize search bids
    • Make on-the-fly modifications to campaign messaging and creatives
  5. Agent Coaching and Development

    Call analytics software also has the ability to record customer-agent calls and transcribe them. This rich data then helps managers monitor agent performance and customer service.

    And that’s not all.

    The transcripts reveal all sorts of red flags, lost opportunities, and everything that worked perfectly to give you all the secrets to success.

  6. Intelligent Routing for Lead Generation

    Call analytics platforms employ machine learning to score and route calls based on aspects like:

    • Call source
    • Geography
    • Demographics
    • Intent
    • Purchase history

    Additionally, many call analytics and tracking software have features like call whispers that allow you to arm customer service and sales reps with suitable (known) caller information — personalizing the customer experience.

  7. Integrations with Chat Applications and SMS Messaging

    Apart from phone calls, online chat and messaging are also important customer interaction channels for businesses.

    They contain business opportunities that you don’t want to miss out on.

    That’s why many businesses are extending their call analysis by integrating conversational analysis with site-specific chat, SMS, and messaging apps.

Ready to employ call analytics?

Let’s learn how.

The Best Speech and Call Analytics Solution: iovox Insights

The fastest and most efficient method to benefit from call analytics is to opt for an analytics tool powered by conversational AI like iovox Insights.

iovox Insights uses conversational AI to transcribe and record both inbound calls and outbound calls. It also draws key customer interaction analytics from phone calls. This way, you can analyze customer conversations for quality assurance and growth.

Want to learn more about conversation intelligence?

Check out our ultimate conversational intelligence guide.

Here are some impressive things iovox Insights can do for you using speech analytics:

  1. Track Customer Calls With Keywords

    iovox’s powerful keyword spotting feature lets you feed specific phrases and keywords to the Artificial Intelligence to detect them from recorded calls using automation.

    The AI tracks them to uncover keywords that help:

    • Influence a sale or customer decision
    • Boost customer satisfaction
    • Increase customer experience
    • Know the quality of leads being delivered
    • Improve customer retention
    • Build trust and better customer relationships
    • Gain business understanding that was unreachable before
    • Know what’s happening on leads
    • Spot trends and outcomes
    • Better quality assurance
    • Know how agent teams are handling incoming calls with inquiries
    • Find upsell opportunities

    iovox Insights will also highlight every customer conversation matching your business metrics, whether it’s related to an inquiry, purchase, or sale. And will trigger alerts to inform you instantly.

  2. Make Every Customer Conversation Searchable

    Go over old customer conversations with iovox’s call recordings and transcriptions.

    You can use these transcripts to train new hires as to what kind of customer interaction works and what doesn’t.

    Additionally, access to searchable conversations keeps data accessible and improves transparency throughout. This ensures that your sales reps abide by your rules and guidelines.

  3. Evaluate KPIs to Improve Customer Experience

    iovox Insights can do a lot based on the call interaction standards important to you, including:

    • Track trends
    • Spot trends
    • Forecast outcomes

    Dig deep with actionable insights that the iovox dashboard, where you’ll see:

    • Call outcomes
    • Average calls per day
    • Total conversation time
    • Preferred keywords noticed in customer conversations
    • And more

    The best part?

    As you continue to use iovox Insights and expose it to more customer interactions, you’ll find more functionalities and ways to train the Artificial Intelligence. This way, iovox Insights continues to grow while pushing your growth too.

Other iovox features apart from the dashboard full of insights that you don’t want to miss include:

  • Dynamic numbers: When a prospect visits your site, iovox will assign an iovox Number to that visitor — which is used to capture keywords, calls’ origins, caller ID, call duration, landing pages, referring domain information, etc.
  • Call Whispers: This is a pre-recorded message that can be played anytime an iovox Number (tracking number) or iovox WebConnect call is initiated to prep your rep for the call.
  • Flagging calls: While using iovox, tap the flag icon after the call ends. You’ll find all the flagged calls in your call history. Once flagged, you can set due dates for actions and assign tasks to others.
  • API: You can add a customer phone call insight to your analytics dashboard and reporting through integration with the iovox API. It supports your favorites like Google Analytics, Google Ads, and Google Tag Manager.
  • Speech Analytics: This iovox feature allows you to monitor 100% of customer-agent conversations in real-time to understand your customer journey.

Want to know more about call analytics?

Let’s go over some FAQs.

2 FAQs About Call Analytics

Here are some common call analytics-related questions and their answers:

  1. What Industries Should Use Call Analytics Solutions?

    Any industry dealing with inbound calls or sales calls should use a call analytics solution. The same goes for companies that have complex, expensive, or urgent purchases.

    Here are some industries that use call analytics extensively:

    • Automotive
    • Healthcare
    • Real estate
    • E-commerce and retail
    • Technology
    • Education
    • Financial services
    • Insurance
    • Contact center
    • Travel and hospitality
    • And more
  2. What Should You Ask When Choosing Call Analytics Providers?

    It’s important to know everything your call analytics provider can do for you. That’s because many offer just basic directional phone call analytics data like whether or not a call occurred.

    But that’s quite basic.

    If you’re a marketer who lives and breathes data, you want all insights available to you, like insights into:

    • Call intent
    • Call outcome
    • Number of connected calls
    • Number of missed calls
    • Call handling
    • Voicemails
    • Value from customer conversations

    So, when evaluating call analytics providers, you should check which provider offers the most powerful insights.

    To find out if they do or not, here are some important questions to ask:

    • How accurate is the speech-to-text call transcription technology?
    • Is the solution Payment Card Industry (PCI)-compliant?
    • Can the tool support unified communications?
    • Does the tool analyze incoming calls as well as outgoing calls?
    • Is the solution HIPAA-, GDPR-, and CCPA-compliant?
    • Does the call analytics tool let you view call transcriptions?
    • Does the software offer live call transcriptions?
    • What insights can the AI detect from phone conversations?
    • Does the analytics software automatically sync call logs to your CRM?
    • Can the call analytics provider tailor an AI model for your business needs?
    • Does the solution offer contact or call center analytics?

Final Thoughts

Phone calls are more important than ever because they give away tons of useful insights that can boost conversion rates, improve customer experience, better customer satisfaction, and enhance agent productivity.

And with so many businesses employing this technology, it’s only time you too consider call analytics — especially if you run a contact center or call center.

If you don’t know where to start, let us help.

Start using iovox Insights today to access a call analytics solution that grows more powerful with each customer interaction!

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