Businesses seek to understand the totality of customer needs and opinions, whether explicitly stated or indirectly implied. Businesses have faced the obstacle that the majority of relevant information is found in “unstructured” text outside an organization’s databases. Text technologies overcome this obstacle by making relevant information accessible to business analysts, managers and executives who fill critical sales, marketing, and support and product management roles regardless where the information is found.
Text Based VOC Analytics
Objective of Text Analytics
It is an approach that can guide enterprises in meeting the spectrum of sales, marketing, customer support, brand and reputation management, product and service design, and quality demands. Voice of the Customer (VOC) initiatives can answer that question and help you formulate your response. VOC is not just an extension of customer relationship management (CRM) to the customer experience.
Why Use Text Analytics?
Text analytics solutions that convert human language into data for business intelligence (BI) and predictive analysis has breathed new life into the time tested VOC business concept. It creates the ability to discern and capture the voice of the customer from online media, such as blogs and forum postings; from email, chat interactions and contact center dialogues; and from surveys and other mechanisms for collecting customer feedback, complementing traditional transactional sources.
The path to the discovery of customer repeat purchases and long term ownership/consumption of a particular brand for a certain product of service is determined on the basis of various purchase and post-purchase scenarios where customer is in touch various medium to the stakeholder as the case may be., The degree of association of the customer to a brand is thus a culmination of overall consumer experience over this journey. Hence, the role of analytics tools to draw insights and be able to respond to the customer depending on the best effort basis and with the best solution which works with mutual interested has to be scientifically established. Science is key to unravel the mystery but the services in the manner with which it is administered is the new art. The one who masters both is going to keep the customer to a longer time-frame.
Analysis of Private Media
- Interaction with different stakeholders
- Customer Help-desks
- Service Centers
Analysis of Public Media
- Social Media
- Neutral Customer Media Sites
Challenges of Text Analytics
What influences market & how do opinions propogate
Customer satisfaction with products and services
Additional offering they prefer & willing to pay for
Our Profitable customers
Maintaining & Increase our competitive advantage
Management of huge database
Measured Feedback Response
Customer & prospects view about competitors product & services
Identify and access all relevant sources and make sense of their content
Successful model to predict when customer likely to drop