How Text Analytics & its Solution Changes the Life of Customers

With many industries being disrupted from all sides by start-ups that are increasingly focused on customer satisfaction, it has never been more important for companies to engage their customers and delight them every day. Winning loyalty from millennials is a crucial exercise as they slowly become the most powerful segment of the population.

Companies are increasing their use of customer analytics, but often aren't getting as much value as they could from these efforts. Text Analytics Technology is changing the way companies monitor the customer experience.

Making sense out of unstructured feedback is complicated, and companies that crack the code are gaining a better grasp of the customer experience than ever before. When monitoring customer feedback, text analytics brings a lot of benefits: Companies are quicker to identify emerging trends, have improved the survey experience with shorter questionnaires, and are getting answers to questions they never knew to ask. As more and more feedback comes from emerging channels, including social media and mobile devices, companies rely more on text analytics

Sentiment Analytics shows the emotion and tells the story of our clients. Not a lot of companies out there do that, and what it really shows us is what the highest priority is and where we can have the most pain points. And when we find that, that’s really where we have the most impact and make the most improvements across the board.

It can be used to automatically detects emotions, speculations, evaluations and opinions in the unstructured(text) content. It harnesses the power of machine learning algorithm and big data analytics. It offers powerful business intelligence to enhance the customer experience, revitalize a brand, and gain competitive advantage.

In the current age of internet data for any production usages/consumption is available on internet like Facebook, Twitter, News Sites, Blogs, Review Sites etc. The key objective of performing sentiment analysis for product/brand is to create a central database of all available public data and extract the statistically significant customer sentiments. Which can lead to many useful decisions over product and marketing strategy.

Advance analytics using sentiment analysis:

·        Social discovery, making social network analysis

·        Analyze complex connections

·        Social Listening

·        Brand monitoring: Monitor the sentiment around your brand and products.

·        Campaign monitoring: Create and follow the development of a marketing campaign as it unfolds within internal and external content channels.

·        Competitive intelligence: Follow your competitors and assess the perception of customers around their activities.

·        Identifying influencers: Find out who is talking about your brand across several channels.

The secret to social media is in the "social" more than the "media"— it's in being human.

With consumers increasingly exposed to ever growing pools of information and data; brand awareness is becoming more important than ever in the digital age. All of us consume content in every second of the day mostly without even noticing – whether it’s checking your LinkedIn or scrolling through Facebook, countless signs, ads and logos are part of the social media landscape which is leaving a subtle but lasting impression on us.

For many executives, the temptation is to use social networks to promote themselves and broadcast their messages. But if you stop thinking like a marketer and start thinking like a customer, you will understand that the secret to social media is in the "social" more than in the "media"—it's in being human.

Finding the right talent for your CEM team can be challenging. When building out a CEM team, you need to focus on hiring candidates that round out the skills of your overall team.

Whether you have a team of 2 people or a department of 15, there are 6 core skills that every CEM team needs to have in order to drive success.

·       Metric Mavens:

             This person should decide what is best for your business and answer questions such as: 

1.    Should we measure our success against a single metric or multiple metrics?

2.   Should we measure at the company level, department level, or both?

3.   How should we motivate employees to strive towards these metrics?

·       Fearless Leaders:

1.    Liaises between the CEM team and the C-suite.

2.   Champions customer insights across the company, getting in front of the executive team to present customer feedback data that must be acted upon.

3.   Has a seat at the C-suite table, even if they may not be on the executive team themselves

·       Powerful Storytellers:

1.    Works within the CEM team and has strong leadership skills.

2.   Excels at looking at data and distilling the business value behind it.

3.   Understands how customer insights impact the business, and can present this value to an audience.

·       Data Enthusiasts:

1.    Works within the CEM team and has excellent analytical skills.

2.   Is forever curious. They dig through data until they find meaning or a root cause to explain a trending issue.

3.   Understands the value of data segmentation, and knows how to enrich it using data from multiple sources.

4.  Is organized and detail-oriented. They can create a library of interesting data sets that can be used at a moment’s notice to help make sense of emerging feedback trends.

·       Relationship Builders:

1.    Interfaces with the CEM team and “represents” business departments that need deeper insight into the customer or employee.

2.   Understands their business department’s processes, products, services, goals, and everything in between.

3.   Partners with the CEM team to assist analysts, promote VoC best practices, and provide data requirements for analysis and output.

·       Empathetic Customer Champions:

1.   Empathy is the golden rule. With everything your team does, and every decision your team makes, each team member must constantly ask themselves, “What will the customer think?”

2.   This passion for the customer will enable your team to more easily sell the customer-first mindset to stakeholders across the business

Your CEM team performs four critical functions within the business:

1. Maintains an enterprise vision: The CEM team needs to know every area of the business and understand how customers interact with each business department.

2. Understands the Voice of the Customer (VoC): They need to be able to obtain customer (and employee) data from across all touch-points, and scale with the data volumes through technology.

3. Provides best-in-class Insights: In addition to having the right tools, the CEM office needs analytical storytellers to interpret data and turn it into plans and actions.

 4. Cross-functional collaboration with stakeholders: The team needs to know how to manage its programs across different department

Even if your CEM team starts out with just 2 people, make sure you have as many of the essential skills covered as possible:.

Ø  Strategic skills that can align CEM to a clear and concise measurement framework.

Ø  Leadership skills that can drive business change.

Ø  Storytelling skills that can convey value.

Ø  Data handling skills that can make sense of customer data and feedback trends.

Ø  Interpersonal skills that allow for cross-departmental relationship building.

Ø  Empathy skills that drive enthusiasm and passion for the customer across the entire business

Interview Tips:

When interviewing relationship builder candidates, ask open-ended questions such as:

·        How have you been able to bring about change across different business units?

·        How have you overcome political issues in the past within or across business units?

·        What’s your reporting line today, and what’s an example of something you’ve achieved with someone outside of your department or reporting line?

These types of questions help to identify candidates who are able to use people skills to bring about change without being constrained by traditional hierarchies and silos. They need to be resourceful enough to identify people in other departments who can help champion their cause, and to build relationships based on trust and credibility.