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A customer’s experience is very much a qualitative and emotion based experience. And Text analytics software creates the potential to gather insights from thousands of open text customer comments.
Retaining an existing customer is no lesser critical than developing new clients. Experts suggest that retaining customers is as good a thing as acquiring new customers. A business that manages to keep the customer churning to the lowest extent enjoys a prominent edge over businesses that fail to do that. It is for the reason when you retain a customer for long; you will hold the optimum engagement with them.
Such customers will be more loyal to your brand than new customers. As such, existing customers propose a better value than the new customers, who are yet to become fully confident with you.
The question is how to retain the existing customers. Businesses worldwide, irrespective of their types and scales, try their best to reduce customer attrition. They have found Text Analytics as one of the best tools to materialize this plan. Research suggests, businesses executing text analytics features 75% better customer retention than brands that are yet to get started in this regard.
Hence, you must consider the potential of Text Analytics and adapt the process right now, if you are yet to do it. You can expect the most delightful outcome, analyzing texts systematically and in the right approach.
What is Text Analytics solution, and what is its significance in modern businesses?
It is an automated methodology that involves translating unstructured data in larger volumes into quantitative information. The purpose of analyzing text is to gain insights and foresee upcoming business trends and patterns. Text Analysis gets executed in combination with various visualization tools. The technique supports business to reveal the insider-story behind any event, and thus, facilitate smooth decision making.
Text Analytics often combines with Text Mining to better insight into all texts' categories in the practical situation. It involves communication channels like Social Media, Emails, Surveys, and Customer Support tokens, to name a few. The objective is to foresee upcoming and changing trends and plan the possible actions that address the changed instances with the highest relevance.
- The most significant side of the process is that it helps an organization in extruding the meaning out of all unstructured data.
- If a business identifies the sentiments and emotions attached to the texts, it becomes easier to offer the most relevant solutions to their needs.
- Most importantly, businesses gain better insights into aspects that their customers like or dislike the most; it becomes easier to address them. Eventually, text analytics pave the way for optimized engagement between a brand and its customers.
How Text Analytics contributes to cut down the Customer Churning rate?
1. Text Analytics help in exploring a problem to its root-cause
Why does a customer leave behind a brand and switch to another? There can be various reasons beyond such an activity. The core factor beyond attrition is that the brand fails to match the expectations of the customer. In other words, a customer will inevitably switch to your competitor if you cannot lead him/her towards satisfaction.
Hence, the brand must precisely comprehend the needs and understand what will satisfy the customer the most. Subsequently, the brand must help the customer understand the area of his/her expectations and satisfactions. It is because customers are approaching a purchase, even without considering what exactly they are looking for.
Text Analytics helps a business in identifying these factors and push the customer to the desired experience. Most importantly, a business can identify the root cause of the problems that customers are facing. Once it happens, the chances and rates of customer churning start dropping automatically.
2. Prepare for the upcoming trends and patterns
Business orientations and customer behavior are highly volatile and dynamic. It keeps changing drastically. If you cannot cope with the dynamism in this regard, you stand vulnerable for your brand to go extinct.
You need a robust and foolproof predictive model that will enable you to foresee the upcoming changes in business orientations and customer behavior, well in advance. Text Analytics helps an organization to get the best insight in these regards. Once a business precisely foresees the emerging trends, it can plan suitable actions to cope with such changes
3. You can set up your priorities
A Customer will always have a problem, and it matters to them. He/She will always expect an immediate solution to such issues, even if it is irrelevant. However, from your perspective, not all these issues are equally crucial. You need a logical approach in identifying issues and concerns that are worthy of being prioritized. It is for obvious reasons. Text Analytics tool that will suffice this task.
- You can identify the issues to which you must react immediately.
- Most importantly, you can even categorize your overall customer base, based on the issues they face. Consequently, you can come up with a permanent and root-cause solution to these concerns.
Segmentation of the customers helps you to identify the most volatile customers. They are highly vulnerable to churn away from your brand. You can offer appropriate solutions that will consolidate their loyalty to your brand.
4. You can work about materializing the suggestions from your customers
Your customers keep suggesting ideas and concepts for betterment in the products and services. Some ideas are worthy and are actionable. If you are carrying out text analytics efficiently, it becomes easier to identify such ideas.
Consequently, you can even materialize such plans. It projects the impression that you are respectful to your customers. Your customers will consider you more reliable if you keep track of their feelings and emotions. It is the best way to secure a better engagement with your customers.
Text Analytics paves the way for the customers to enjoy the optimized digital experience. It is an excellent condition for cementing the bonding with customers and cut-down the customer attrition rate.
If you are retaining your customers well, you can expect repeat and reference businesses. It is going to boost your overall revenues significantly. Most importantly, it enhances the reputation and goodwill about your brand.
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