How CX Insights Helps In Understanding Customer Behavior
In order to sell more products and services, generate more profit, and ensure business growth, you need to understand what your customers’ needs and expectations are on a consistent basis. CX analytics helps you do this with its invaluable insights that allow you to decode customer behavior and understand their motivations. This helps you develop marketing and advertising strategies, both digital and traditional such as television, that can influence them in the right way.
When you understand your customers better, you can align your offerings to what your customers want and so serve them better. Sentiment analysis is a valuable addition to your toolset for even better CX insights, as it provides far more granular results that can lead to improved customer experience improvement strategies.
How Can You Improve CX Insights With Sentiment Analysis?
Considering how customer experience feedback analysis can help you serve your target market better, improve your brand experience, and thus increase sales conversions, it makes sense that you would want the best CX insights you can get. Sentiment analysis gives you this advantage.
By allowing you to analyze more data sources, gather more fine-grained insights, and eliminate human bias from feedback analysis, it can provide you with highly precise CX insights. These data-backed insights are what you need to develop better strategies to increase customer engagement and delight.
Let us read in detail about the many ways in which you can improve CX analytics with sentiment analysis.
1. Analyze more data sources
One of the major benefits of analyzing sentiment in customer feedback is that with the help of an AI-enabled, machine learning CX analytics platform, you can analyze all types of data sources across many platforms. For example, you can gather sentiment insights from social media posts and comments using social media listening, including videos through social video content analysis, as well as open-ended surveys, reviews, blogs, news articles, and more.
With an approach like this, you have access to much more data. More data means more accurate findings. This brings significant improvements over the CX insights you get just by using customer surveys. In turn, this allows you to implement more effective strategies to improve your customer experience.
2. Use relevant aspect models
The sentiment analysis process extracts aspects, topics, and themes from a dataset and measures the sentiment in each of these aspects. When you use the right aspect model within the CX analytics platform or API you are using, you will get the most accurate results from your customer feedback data. You can also define specific keywords you want to extract from the data, and even parse data through hashtags.
In other words, you need to use a CX insights tool that is customized to your specific needs and purposes, rather than it being an off-the-shelf model. Only then, can you get a holistic overview of your customer experience score. In turn, this makes it easier to devise strategies that can improve the aspects where your offering falls short.
3. Go beyond surveys and NPS scores
Traditional customer surveys let customers answer yes and no answers, and star ratings or NPS scores just give you the bare minimum. For instance, these methods show you whether a customer likes a specific product or not, and if they do, how much. In contrast, when using surveys with open-ended questions, or by asking for a comment along with the star rating, you can analyze the text and learn the reasons behind the responses.
Sentiment analysis combined with the benefits of text analysis gives you all the information that you are looking for to better your operations and overall customer strategy. You can learn about different customer personalities, discover common themes that are driving certain outcomes, and track differences in customer satisfaction across different touchpoints during the customer and sales journey.
4. Identify sources of customer dissatisfaction
Customers often share opinions about a business’s products or services on social media platforms that they might not share with the specific business or its customer service agents. As a result, businesses might not know of these issues or challenges their customers are facing.
Sentiment analysis eliminates these problems by allowing you to analyze data from sources where customers are more likely to share their true feelings. This allows you to identify specific sources of customer dissatisfaction, and you can use these CX insights to eliminate these issues before they evolve into more significant problems.
5. Increased customer engagement
Customer satisfaction surveys that rely on simple yes or no answers do not provide CX insights. This is mostly because of that lack of context which, in turn, impacts the reliability and quality of the results. Sentiment analysis overcomes this issue because it helps you engage with your customers better.
You can increase engagement with customers on your social channels and then analyze sentiment in this customer feedback within their proper context for better CX insights. You can also set alerts for social mentions and respond in a timely manner.
6. Competitor analysis
Apart from giving you more in-depth CX insights into the market opinions about your own brand, customer experience analysis also gives you the ability to gain valuable insights into how your competitors are doing with regard to your target audience.ML-based competitor analysis, thus allows you to dig deeper and see as to what is attracting your audience to other similar brands.
CX insights can point you in the right direction so you can adapt your products or services to meet market expectations better than your competitors. It also helps you better strategize your advertising strategy.
7. Eliminate human bias and Increase objectivity
One of the major challenges when analyzing data is objectivity. Machine learning-driven sentiment analysis of CX data eliminates this challenge as it parses data scientifically, whatever the data source (social media posts, videos, comments, customer forums, reviews, articles, news, more). As a result, you’ll always have objective results and data to base any decision or strategies on.
8. Track customer sentiment trends
Apart from providing objectivity when analyzing data, sentiment analysis for CX insights also helps you keep track of changing customer sentiment trends. Customers are fickle. This is mostly because they are spoilt for choice. Sentiment analysis helps you keep a tab on how customers feel about your brand at any given time. And through charts and graphs available on a customer experience dashboard, a CX analytics tool can help you gain valuable information across timelines and for all your store locations.
Read this case study to see how Repustate’s CX platform, used for the hospitality industry with the restaurant aspect model, discovered interesting CX insights from an analysis of two Wendy’s locations.
9. Monitor and track market trends
Another benefit of using sentiment analysis to gather CX insights is that it allows you to consistently measure and track customer satisfaction over time. Here, a sentiment analysis API with customer experience analysis features will measure customer sentiment at intervals and show you how it changes on a customer experience dashboard.
This, in turn, shows you trends and patterns in your customer experience and what effect the strategies you implement have on it. In this way, you can develop and implement strategies that continuously and consistently improve your customer experience.
10. Improve and increase offerings
With the CX insights you gain through sentiment analysis, you can improve your products and services to align them better with what the market demands are. This is especially important in an increasingly competitive environment, where you need to constantly evolve to keep up with the times. To be successful in this endeavor you need to base all your decisions and strategies on consistent, hard data instead of hunches or biased viewpoints. Accurate and up-to-date CX insights lead to consistent results, which sets your business up for consistent growth by allowing you to enhance your product and service offerings in a more relevant manner.
Conclusion
CX insights that are backed by sentiment analysis show you which parts of your customer engagement and satisfaction strategy are lagging behind and which are delivering stellar customer experiences consistently. Repustate’s CX analytics platform can help you improve these insights so you can boost your revenues.
Driven by AI and native language processing for 23 different languages, the solution is available in aspect models that are customized to be a perfect fit for your specific business, thus giving you high-precision insights, quickly and accurately.
Supercharge your customer experience with Repustate.