Leveraging Text and Sentiment Analysis to Improve Your CX
Brands with a superior customer experience bring in 5.7 times more revenue than their competitors. Understanding how consumers feel about your brand is more important than ever. The customer lifecycle journey in 2020 relies heavily on digital experiences, including interactions with a brand through online reviews, social media, and more. Businesses need to ensure that they’re creating a great customer experience throughout every touchpoint by analyzing their customer feedback.
In this increasingly complex market, how can brands stay ahead of customer expectations and competitors? Delivering a superior customer experience requires a deep understanding of the customer experience. For multi-location brands this can’t be done without the help of a text and sentiment analysis tool to analyze customer feedback at scale. Top customer-centric brands leverage text and sentiment analysis to hone in on customer expectations and proactively anticipate changes to the customer experience before issues become detrimental to their revenue. Here’s a look at how analyzing customer feedback can help your brand create and maintain a seamless customer-centric experience.
What is Sentiment Analysis?
Sentiment analysis provides a holistic view of what consumers think and feel about your brand. Sentiment analysis is also known as Opinion Mining, which is a branch of Natural Language Processing (NLP) techniques. Through sentiment analysis, you can use data algorithms to determine the emotional sentiment of text (reviews, social media comments, etc.).
Unlike traditional sentiment analysis tools, Chatmeter’s text and sentiment analysis tool Pulse breaks down separate components of the overall text to analyze sentiment around each topic. At 88% accuracy, Pulse is one of the leading NLP systems for sentiment analysis, beating other NLP models such as Google and Amazon. An intuitive tool like Pulse gives you a deeper breakdown into your customer experience, so brands can get to the root of the problem quickly.
Most review sentiment tools will assign a sentiment to the review as a whole, often similar to the star rating associated with the review. However, as many businesses know, not every star rating shares the same sentiment as the review. The example below highlights how Pulse is able to intuitively identify and assign two different sentiments from a single review. Although the pizza is good, the service is really slow, therefore the brand doesn’t have a problem with their menu but an issue related to their training or processes.
Text & Sentiment Analysis to Power Your Customer Experience
1. Track Consumer Sentiment over Time
Understanding changes in consumer sentiment will give you a competitive edge in aligning your customer experience with their expectations and needs. Tracking consumer sentiment over time can boost your evaluation of brand perception, gain insight into your business strategies, and prevent any PR crises. This is especially critical in the time of the pandemic, where your business has likely been testing out new features, services, and technologies. Recent research in McKinsey’s Global Survey shows that companies accelerated their adoption of digital technologies by three to four years, in just a few months’ time. Companies have expanded their omnichannel offerings and redefined the customer experience as we know it in order to maintain revenue streams throughout COVID-19. As brands race to meet heightened expectations with new adaptations, they also need to understand how these operational changes impact their customer experience.
2. Identify Customer Service Issues
When your customers give negative feedback about your brand, it’s imperative you work to resolve their issues. Four out of five consumers have changed their minds about a recommended purchase after reading negative online reviews. If you don’t act quickly to resolve these issues at the source it can lead to serious consequences, including a substantial decrease in revenue and loss of customers. With a text and sentiment analysis tool, you can filter customer feedback based on urgency to identify and resolve the issue before it becomes a bigger problem.
3. Compare Store-Front Locations
Not every location faces the same challenges. Multi-location brands face the unique challenge of ensuring their brand reputation is strong from the national to local level. Having complete visibility into each of your store-front locations will help you quickly identify location-based issues and develop a strategy for improvement.
With Pulse’s location comparison reports, you can isolate data metrics to identify which of your store locations are doing well and more importantly, which ones need improvement. In each report, you can view how your business is doing in terms of average sentiment, as well as how many mentions from your customers have positive, neutral, or negative sentiment. These actionable insights provide a benchmark for each location and provide insight on which areas to take action on at the local level.
4. Get Insight into Product Launches
Did your brand recently release a new product or implement a new service? It’s always important to measure the success of your latest product launch to see how it’s performing with your customer base. Perhaps your customers enjoy the new product, but think it’s unreasonably priced or don’t like a particular aspect about it.
Regardless of the response, tracking consumer sentiment around new products, services, or experiences will help you monitor the success of new initiatives through organic customer feedback.
5. Improve Your Overall Customer Experience
At the end of the day, your customers’ satisfaction is essential to the success of your business. Keeping customers happy leads to increased brand awareness, customer acquisition, and customer retention. The customer lifecycle journey has become increasingly complex which is why it’s so important brands are doing everything they can to understand the customer experience at every touchpoint. When you’re a brand with over 100 locations, it’s likely that you’re receiving upwards of hundreds of reviews a month per location – each containing valuable feedback.
A text and sentiment analysis tool is an essential solution for brands to cut through the clutter and hone in on their customer experience. By leveraging an analytics tool, you can identify issues based on customer service, location, products, and anything else related to the customer experience. It also makes it simple to monitor customer feedback and track larger sentiment themes. Whether it’s analyzing the success of your new products or discovering positive changes in your business, a text and sentiment analysis tool can help you implement the right business changes based on intuitive data and actionable analytics.
Utilize Pulse to Make Confident Business Decisions
Pulse is a groundbreaking tool designed to help brands make conclusive decisions about every aspect of their customer experience. Chatmeter’s team developed Pulse in-house to create one of the smartest and intuitive NLP systems for analyzing customer feedback. If you’d like to learn more about how Pulse can help your brand, request a free brand audit today.