Just one negative customer experience can make over a quarter of customers leave the brand for good; at the same time, catching those positive customer sentiments on the spot could be the driving force of customer loyalty.
In their quest for an even better Customer Experience, customer-facing companies are starting to understand that their quest might not have to go that far. The abundance of customer information across countless interactions through all channels that took place is an unopened treasure, with all that customers think about how business is done.
Sentiment analysis is contextual text mining of text that identifies and extracts subjective information to help a business to understand the social sentiment of their brand, product, or service while monitoring online conversations.
While Customer Service (CS) is focused on a specific part of the customer interaction with a brand, Customer Experience (CX) can be only regarded as a holistic process across the customer journey, crossing also all silos and departmental borders within the organization.
Voice of the Customer (VOC) is the guiding light for brands and retailers, allowing them to be insightful and responsive to the ever-changing customer requirements, either stated directly or indirectly.
Understanding the customer will never cease to be a source of competitive advantage for retailers, having the right insights to drive the types of decisions that are made every day and at all levels within an organization.