10 Benefits Of A Text Analytics API For Customer Experience
The benefits of text analytics are the key that can unlock exceptional growth for your business and allow you to increase market share, reduce customer attrition, stand out from the competition, and generate more sales and revenue. Text analytics allows you to do all this by tapping into customer experience (CX) insights. With granular CX insights at your disposal, you can implement necessary strategies to improve those areas in customer satisfaction where you are lagging and invest more in those that are faring well.
Let us look at how text analytics can help you improve customer experience and thereby propel your business growth.
Why Is Customer Experience Important For Growth?
Customer experience can induce brand loyalty and brand advocacy, and lead to more sales conversions. Customers are your business’s most valuable asset because, without them, you won’t sell any products or services nor generate any revenue. Thus, in order for your business to grow, you should pay close attention to how your customers feel when they engage with your brand. This includes their experiences at your stores, website, purchase points, advertising points, and others.
Let’s look at more details as to why CX is so important to a business.
1. Customer loyalty
In a market filled with products that all have similar features and prices, the customer experience you provide makes you stand out in the market. Sentiment analysis helps you ensure excellent customer experiences so that you can foster loyalty among your customers, which helps you not only retain existing customers but attract new ones.
2. Makes you more customer-centric
When you focus on providing top-notch customer experiences, customer service and satisfaction become part of your business’s culture. When this happens, you will always understand your customers better, improve your customer engagement, serve them more efficiently and effectively, and consistently delight them.
3. Increases brand advocacy
Apart from being your business’s most valuable asset, your customer base can also be an effective marketing tool. If you continuously delight them with exceptional customer experience, they become proponents and advocates for your brand. As a result, they will promote your business and products on their social media accounts, to their friends and family, and their colleagues. This results in greater awareness of your brands.
4. Enhances customer engagement
Businesses that take advantage of the benefits of text analytics for CX have more engaged customers. When customers are more engaged, they tend to be more nonchalant despite a dip in a brand’s online reputation or brand image due to unforeseen circumstances. They engage with your more on your social channels and even give impromptu feedback.
5. Builds a better business
When you focus on bettering customer experience, as a result, you innovate more and find effective solutions to your customers’ challenges. In this manner, not only do you serve your customers better but also end with product and service innovations and improvements.
6. Generates more revenue
Ultimately, when you provide the brand experience your customers demand and expect, it results in more sales conversions and thus more revenue. This, in turn, sets your business up for continuous and consistent growth.
What Are The Benefits of Text Analytics For Improving Customer Experience?
Text analytics can help you discover new markets, generate new product ideas, better business operations, reduce customer attrition, and more. Here are 10 benefits of a text analytics API for improving customer experience.
1. Helps Identify Specific Areas For Improvement
Unlike typical customer satisfaction surveys, text analysis API allows you to analyze customer sentiment using open-ended questions. The answers to these questions provide you with more profound CX insights into customer behavior, especially related to what customers like or feel dissatisfied about.
One of the benefits of text analytics is thus that it allows you to identify specific areas in your business, products, or services where you can improve. These insights can then lead to significant improvements in your customer experience.
2. Analyze Text Content in Any Language and Format
Another one of the benefits of text analytics is that it allows you to analyze and gain insights from text content in different languages and formats, from video to audio and written content. For example, you can gain insights through videos on TikTok or Instagram just as easily as you could from Facebook posts using social media listening. Ultimately, this lets you gain valuable CX insights, regardless of where your customers are in the world or where they communicate.
While it could be relatively straightforward to gain customer insights if you only analyze a few comments, it becomes challenging as the number of comments, platforms, and customers increases. One of the benefits of text analytics is that it removes this obstacle by allowing you to analyze text data in a scalable way.
With the right sentiment analysis and text analytics API, you can analyze and gain insights from massive amounts of data, from multiple data sources. You could explore YouTube comments analysis from numerous videos using hashtags or keywords, or could upload hundreds of survey data in an excel format to gather CX insights.
4. Injects Objectivity
One of the main challenges when analyzing data manually is that it’s easy to introduce bias into the process. This bias can skew the results you get. Moreover, with manual processes, you will often find that the same data provides different results if analyzed by different people.
One of the benefits of text analytics is that it eliminates these problems and provides you with reliable and consistent results, regardless of who analyzes the data. Ultimately, this is what you want when you base the decisions you make on these insights.
5. Gain Insights From Unstructured Data
Unlike survey results that provide you with feedback in the form of yes and no responses, or, in other words, structured data, one of the benefits of text analytics is that it allows you to gain insights from unstructured, scattered data. This gives you more granular insights about customer opinions from a variety of data including videos or comments that you can gather using hashtags or keywords.
These in-depth insights can help you discover hidden customer intent, queries, and needs that would have otherwise gone missing. You can use these insights to then shape the strategies you want to implement to better meet the needs and expectations of your customers. Read this case study where Repustate discovered hidden insights from a viral TikTok Video on McDonald’s.
6. Better Decision-Making Capabilities
One of the major benefits of text analytics is that it allows you to base all your decisions on concrete data. This results in an ability to make better data-driven decisions and implement the right strategies to improve your customer experience based on what your customers demand and expect. It also makes it easier to convince different leadership teams to make strategic changes for better customer management and enhanced budgets. Change is difficult, but when backed by a data-driven approach and strategy, it can improve business operations, productivity, and innovations without too much disruption.
7. More Agility To Capitalize On Market Trends
Traditional methods of finding out customer opinions include surveys, net promoter scores (NPS), customer satisfaction scores (CSAT) or star ratings. But none of these actually tell you the reasons behind the score or customer response. The benefits of text analysis include giving you more flexibility and agility to get as much feedback information as you can from a customer so you can glean all of it to harvest useful CX insights. This feedback allows you to identify possible trends and evolutions in your customers’ needs. When you learn of these trends, you can adapt to them quickly.
8. Increased Efficiency
As mentioned earlier, analyzing text data might sound simple if you’re working with one or two sources. However, this can get significantly more complex as the number of data sources increases. Moreover, analyzing this data manually takes a lot of time and effort, which you could rather spend on running your business and implementing strategies to better serve your customers. Text analytics eliminates this and allows you to analyze and gain insights from huge amounts of text data efficiently.
9. Identify and Eliminate Issues Faster
By using text analytics, you’ll identify the issues and challenges your customers regularly face with your brand, faster. Doing so will help you know what areas you need to focus on, and you can solve these issues sooner. It helps you engage with customers on your social channels faster and respond in time. This, in turn, helps you engage with your customers in almost real-time, resolve any query or problem before it affects your business, and also keep a tab on any similar problems cropping up.
10. Increased Revenue
Considering the above, when implementing text analytics, your business will gather more insights from unstructured text data more efficiently. In addition, you’ll make better decisions and implement strategies to improve your process where they fall short. This results in the ability to generate more revenue, which is likely one of the biggest benefits of implementing text analytics in your business.
To stand out from the crowd and perform well in a competitive market, it’s crucial that you deliver the best customer experience. You can gather CX insights with the help of text mining that will show you what your customers want and expect - whether through social video comments, surveys, analyzing reviews, or any other source. A text analysis API, therefore, is an invaluable tool that can provide you with deeper insights into your customers’ opinions and feedback
Repustate’s text analytics API gives you these features and more. It’s the all-in-one sentiment analysis platform that provides you unmatched customer insights at the click of a button. The API is available as a standalone product or as a platform with its text analysis dashboard that shows CX insights in a way that’s easy to understand and implement.