Loyalty Blogs

Customer engagement is always the first and foremost priority for any brand. The way customers feel about a brand and its products or service offerings speaks a lot about the overall business success possibility. But, there’s no certainty as to what parameter will be best suited in determining what’s the best for the customers. No matter what industry you belong to, it’s always important to know your shoppers. Understand how they would like to receive offers, what shopping recommendations would be better to propose, and so on!

Let’s have a look at the aspect of understanding customers through their emotions! The process is called sentiment analysis. Through the same, one can capture all the subjective information to have a complete understanding of the customers better. Let’s understand the basics and dynamics of sentiment analysis, its possible benefits, and the right way to put it to use!

Understanding the Dynamics of Sentiment Analysis

Sentiment analysis is a subset of drawing opinions or opinion mining. Making use of a combination of data processing and data analysis techniques for conducting Natural Language Processing. NLP runs computer programs that make use of artificial intelligence and machine learning in order to help interpret written language as spoken language.

In simple words, customer sentiment analysis is an automated process of discovering emotions/sentiments in online communications, with a basic motive of finding out how exactly the customers feel about your product, service, or the brand itself.

While most of you would surely be confused over the working mechanism, it’s simple, it uses NLP and a series of algorithms, these sentimental analysis models are easily able to detect patterns in text and further categorize the opinions as positive, negative, or neutral. That’s pretty much automating the job you have always hated, including reading, tagging data, and specifically automating the routing of customer tickets to the concerned teams and dealing with them the quickest possible.

Perks of Customer Sentiment Analysis

Having a clear and precise idea about how your customers would feel about a brand, their products, services, etc. is the key to generating an excellent customer experience. Here are a few benefits listed by the leading loyalty solution providers–

Extensively enhanced customer experience

We generally have a fair thought that almost all loyalty program platforms can have an impact on enhancing customer experience. Brands that have already integrated with a customer loyalty software should have an added benefit of sentiment analysis, after all, 80 percent of customers would switch to a competitor after two or more bad experiences and if this does not compel you to know your spenders better then nothing will! So, sentiment analysis analyzes customer self-ratings, what makes them happy and what frustrates them at the same time.

Improved Products & Services

As a brand, you have a wide spectrum of performing sentiment analysis on reviews, social media posts, regular brand surveys, purchasing patterns, and customer behavior. All these aspects can precisely lighten up some takeaways-

Bugs bothering the regular functioning

The negative comments and reviews can throw some light on the bugs which are required to be fixed. You can correct them then and there for the purpose!

Genuine Improvements

Regular surveys give a clear picture of what can be improved through the suggestions mentioned in the same.

Customer requirements

Customer requirements and your brand’s offering should run parallel! Thus, the reviews, ratings, and staff will help you determine what they need and how crucial is their demand to your business.

Optimizing Marketing Strategies

Having insights into customer behavior is a powerful tool to develop marketing strategies. Marketers can keep an eye on the customer sentiments, matching them up to the industry’s trends, and finally deliver a marketing strategy carving out to reach success! For instance, if your competitor has launched a product and you’re keen to know how well they’re doing, look at their strength, identify what’s weak in the base and draft the right plan then and there! Another exclusive use of sentiment analysis is to segment customers. Create their specific categories and plan your marketing strategy likewise.

Putting Sentiment Analysis to Action

Customer sentiment analysis can do tons for your business! Let’s get started! There are many online tools available that a brand can use to create sentiment analysis models customized as per the business requirements. Here are the steps of working on sentiment analysis-

Collecting Data

Everything starts with data and sentiment analysis is all relied on data! It can help you in providing training on the sentiment analysis model and further moving it through a testing module once it’s ready to go! Gathering customer data can be done from various sources including online surveys through different platforms like SurveyMonkey, Google Forms, etc. One can collect data from product reviews they’re getting from varied product listing platforms like Google Play, Amazon, etc. And the one most popular is collecting data through social media posts wherein customers often tag or mention your brand on social media channels like Facebook, Instagram, etc.

Top Tools to Perform Sentiment Analysis

Everything starts with data and sentiment analysis is all relied on data! It can help you in providing training on the sentiment analysis model and further moving it through a testing module once it’s ready to go! Gathering customer data can be done from various sources including online surveys through different platforms like SurveyMonkey, Google Forms, etc. One can collect data from product reviews they’re getting from varied product listing platforms like Google Play, Amazon, etc. And the one most popular is collecting data through social media posts wherein customers often tag or mention your brand on social media channels like Facebook, Instagram, etc.

Wrapping Up

Through the entire customer journey, there are a lot of ways where a brand can have an opportunity to understand their loyalty program members, regular shoppers, or even the new customers. And every such interaction makes a business understand how they can serve their customers better. Sentiment analysis precisely helps companies in extracting the value and usable data from the product reviews, and social media communications and helps fetch insights for making smarter business decisions for boosting customer satisfaction.

Get started with customer sentiment analysis and understand your customers better than ever!