Data. Insights. Conversions. These three words are thrown around quite a bit in the digital world, regardless of the industry. And the reason for their popularity is fairly obvious. The insights we derive from proper data analysis steer us towards ways of achieving increased conversions. A slightly less obvious observation, however, is the kind of data we use to reach these conversions…
When it comes to online user feedback, there’s a lot to be said about quantitative data (e.g. metrics such as Net Promoter Score, Customer Effort Score, & Customer Satisfaction) but still little is known about the qualitative side (e.g. open answers), or the ‘unstructured data’. While metrics such as NPS can easily be measured and displayed in charts or an Excel sheet, qualitative data isn’t quite as straightforward if you don’t have the means to analyse it. Enter Text Analytics.
https://mopinion.com/what-is-text-analytics-benefits/
Do you have a lot of customer feedback collected but don’t know exactly what to do with it?
Maybe you’re debating whether to hire a data scientist in-house to analyze it all manually, or go the agency route? Perhaps you’ve heard about text analytics and wonder what it’s all about, and what you need in-house to get started.
Here, we go through the pros and cons of each of these solutions.
http://customerthink.com/customer-feedback-analysis-101-whats-the-best-way-to-analyze-vast-amounts-of-feedback/
A customer’s experience is very much a qualitative and emotion based experience. So why are companies so obsessed with turning this into a quantitative measure? Whether it is Net Promoter Score, Customer Satisfaction or Customer Effort Score, companies want to track a number. Tracking a score like NPS can be used to highlight the need to improve but the number alone won’t provide the insight you need to actually make those improvements.
Many businesses solely rely on this scoring system as they simply do not have time to do a more thorough analysis of the feedback they are getting. That is where text analytics software enters and creates the potential to gather insights from thousands of open text customer comments.
http://customerthink.com/how-to-use-text-analytics-to-improve-customer-experience/
What are people saying about your brand online when you're not listening? And how much customer feedback are you missing out on?These are key problems that one North East-based company is hoping to solve. “There's no business that isn't being talked about somewhere,” Steve Erdal, director of linguistics at wordnerds, explained to BusinessCloud.
“You know there's information out there that's useful, but pinpointing it and getting it in an understandable state is difficult.” While the likes of Google and third-party apps are very good at finding specific words and phrases across the internet, they don’t offer interpretation. In contrast wordnerds, which began life during a hackathon for Nissan, is determining what people actually mean by applying text analytics.
http://www.businesscloud.co.uk/news/find-out-what-your-customers-say-when-youre-not-listening/
Preference for digital channels generates massive volumes of big data—much more data than what organizations can collect, correlate and assess. The quantity and speed with which data is generated, as well as the diversity of that data—much of which is unstructured and difficult to analyze—can pose a huge challenge for customer centric players; minimizing their opportunity to take timely action and increase profitable outcomes.
In addition, the rise of mobility and proliferation of communication channels is further complicating the task to manage people and processes required to respond to consumer expectations in a consistent, personalized and contextual manner.
By analysing contemporary text-based channels, such as web chat, email, social media, sms and survey notes organizations can gain deeper insight into process and performance gaps. Text analytics can also help map customer experience issues and opportunities. With the European General Data Protection Regulation (GDPR) coming to play, text analytics can also drive compliance by quickly revealing regulatory breaches and failure to adhere to internal policies.
https://analyticsindiamag.com/text-analytics-is-integral-to-customer-journey-analytics/
