Voice of the Customer Sentiment Analysis
There is no better way to build and grow your business than by connecting with your customer base at a deeper level to understand how you can serve them better. AI-powered customer experience intelligence tools can help you achieve this goal, and more importantly, in an efficient and cost-effective manner. This article tells you how you can get actionable insights by using voice of the customer sentiment analysis to understand how customers feel about your brand, products, or service.
Why Do Businesses Need Customer Sentiment Analysis?
Businesses need sentiment analysis for customer insights to better their sales conversions, nurture clients relationships, acquire new customers, overhaul branding efforts, develop targeted advertising communications, and so much more. Let’s get to know them in detail.
1. Improve sales conversions
The most important thing about a business is that it has to be profitable. And what better way to make this happen than by improving efficiency and productivity- both of which can be achieved by using an artificial intelligence-based customer sentiment analysis platform. From knowing which customers are more likely to buy which products more, and which products can be apt for cross-selling, a brand can do much to increase sales conversions through sentiment analysis for customer insights.
2. Reputation management
Customer sentiment analysis helps companies to protect and manage their reputation proactively, especially given that social media listening cannot be ignored by any business. People air their opinions online, freely and without restraint, because platforms like Google reviews, Glassdoor, Amazon Product Reviews, Clutch, and numerous sites like these offer them a chance to share their experience, and some even reward them for it. Even if your company has its own review platform, it’s incredible the kind of customer insights you can get about your different store locations, pricing policies, customer service, after-sales service, exchange issues, and other facets of your business through a sentiment analysis API.
3. Personalize recommendations
Voice of the customer sentiment analysis provides rich information about things that certain sets of customers like and prefer. With the help of user account analysis, including their purchase history and customer service logs, brands can create personalized recommendations through newsletters and advertising. These tactics can be applied in both below-the-line and above-the-line marketing.
4. Stay ahead of the competition
The secret to staying relevant during changing times and being abreast of the competition is to constantly keep reinventing oneself. Whether it’s Madonna, whose music and persona is still relevant even after three decades, or legendary Danish company Lego, which began as a small, 10-person wooden toy company in 1936, the reason some brands are timeless is that they keep up with the times, acknowledge the pulse of the people, and know the importance of customer experience.
5. Product re-branding
Brands need to constantly assess themselves through the eyes of their customers. That’s exactly what BMW did when it realized that the market demographics were changing. Premium cars were always sold as a symbol of having arrived, which is why they were advertised aiming at affluent, middle-aged men, mostly in executive positions in companies. It was assumed that only this group of people would have enough purchasing power to afford expensive cars.
As economies evolved and socio-cultural diversity increased all around the world, BMW knew that if it didn’t rebrand itself, it would get drowned out by the noise of other competitors. They overhauled their entire marketing and advertising to cater to younger customers who were affluent by rebranding the BMW from a serious car to being fun. This is a live example of how voice of the customer sentiment analysis can turn around a brand’s future, if used and implemented correctly.
6. Enhance customer retention
Customer sentiment analysis can give data-backed actionable insights to develop schemes to retain existing customers as much as acquire new ones. Knowing what customers expect from a brand in terms of service, convenience, etc, can help a company overcome issues of growing customer dissatisfaction and foster a better relationship, just like this South African bank discovered.
7. Attract new customers
Brands can also get clever insights about what customers want from them in addition to their existing products and services, just like McDonald’s did. A viral TikTok video about their logo redesign lead to a whole new discussion on TikTok about onion rings that people started expecting from McDonald’s. Video content analysis showed that people had been expecting the fast-food chain to put onion rings on their menu for a long time. Whether the company changes its menu or not, it’s undeniable the kind of leverage you get when you have rich consumer insights like these at your fingertips.
