How Critical Is Sentiment Analysis to Improve Customer Service?
A customer feedback is the basis for any business to operate successfully. It is so because a feedback provides an accurate insight to customer sentiments in terms of their experience. Some companies organize surveys asking for customer ratings and comments, while some encourage customers to provide spontaneous feedback on social platforms. Their feedback, in both the cases, may be positive or negative in nature. However, it is important to take note of a feedback, weigh its criticality and provide actionable insight for better customer experience, thus, helping to focus directly on customers because that is the right way to expand a business.
The Growing Need for Customer Experience Management
Customer experience management is a strategy that enables a company to track interactions throughout the customers’ lifecycle. Since it is completely a company’s responsibility to give clients the best experience possible, it relies on their feedback, to serve them better. Thus, the need for customer experience management in increasing repeat orders, referrals, statistics, etc., to give the company a much-needed boost and a competitive edge over competitors. With the help of a well-defined customer experience management strategy, problems are identified and resolved better, faster and in a more cost-effective way.
Sentiment Analysis – An Integral Part of Customer Experience Management
Sentiment analysis, also known as opinion mining, is a part of customer experience management and the most effective way to monitor customer sentiments. The implementation of this process is powerful and effective in extracting proper insights from the customer feedback available. The power to understand consumer philosophy and making adjustments accordingly helps a business to grow. After all, it is this process that acquires, maintains and retrieves customer data most effectively. With the passing days, this process is getting even more popular with most upcoming and existing companies.
Furthermore, sentiment analysis uses natural language processing, computational linguistics and text analysis to identify the subjective information. This helps in determining the attitude of the customers which is in respect to the overall contextual polarity of the document. Natural language processing and artificial intelligence are the two most commonly used methods in sentiment analysis that comprehend if the feedback is positive or negative in nature. In the case of negative feedback, it is routed to the concerned department where experts take up the issue and resolve it to provide quality customer service.
Since sentiment analysis essentially relates to opinions, emotions and intents, it is the most impressive way to enable enterprises to manage customers. With the concept of sentiment analysis, the technology has become flexible enough to provide easier solutions for customer issues, thus, augmenting business values from a core business perspective. It is, therefore, right to mention that sentiment analysis is critical for enterprises to improve customer service and provide quality customer experience. The focus for any enterprise would be on retaining customers and serving them best, as it is very true that, “One customer well taken care of could be more valuable than $10,000 worth of advertising.” Jim Rohn – An American entrepreneur.