Customer Experience Insights That Matter & How Companies Use Them
Customer experience insights convert data into actionable insights that help improve customer experiences, operational efficiency, and business results. Let’s take a closer look at the customer experience insights that matter and how companies use them.
What Are Customer Experience Insights?
The best way to work your way towards greater sales conversions, improve your customer experience, foster customer loyalty, and drive growth in your business is to have deeper insights into what your customers and prospects want and expect from you. Customer experience (CX) insights allow you to look closer at exactly these aspects. They show you how your audiences interact with your business and how those interactions impact their customer journey.
Customer experience insights are those findings that are gained from an analysis of customer feedback and customer interactions with your business. They involve any type of study or survey which helps you determine how your customers interact with your business and how they feel about your brand.
Which Are The Most Important Customer Experience Insights?
The next question to consider is: What are the customer experience insights that matter? Ideally, any insights you gather should involve all the interactions customers have with your business or your brand. These include:
- Semantic analysis involving topic and aspect clustering
- Sentiment analysis of customer experience
- Topic, aspect, and emotional experience co-occurrence
- Change in customer experience over time
- Named entities, classifications, and entity frequency
- Semantic search insights
- Multilingual analytics
- Social media listening and alerts for media monitoring
- Segregation of text, audio, and video analytics
- Multi-channel insights that include surveys, podcasts, internal communications, social media, live streams, and news
Discover more about the insights a customer experience dashboard delivers.
How Can Companies Use Customer Experience Insights?
Customer experience insights that matter truly can help companies reach more customers, create awareness about their brands, increase customer satisfaction, and, ultimately, generate more revenue. Let’s look at some of the ways you can use customer insights.
1. Product enhancements
In a competitive market, it’s vital that you deliver the best products to your customers that outperform those of your competitors in your industry. More importantly, you should offer products that meet your customers’ changing needs, requirements, and expectations. That’s the only way you’ll be able to stand out from the crowd. To know what these preferences and needs are, you need to know the pulse of your target audience. In other words, you need to understand the voice of the customer. This is where customer experience insights are invaluable.
2. Increased customer satisfaction
Customer experience is about knowing where your customers shop, what products they buy, and what messaging they prefer to receive. With these valuable discoveries that you can explore through an AI-enabled customer experience platform like Repustate’s, you can tailor your offerings to match your customers’ needs and preferences exactly. In many cases, customer service is more important than the product itself. This is because customers can often get many options for a product, so the deciding factor then becomes the ease of after-sales services like returns, repairs, change in the delivery date, and a myriad of other things that can crop up once a customer has purchased something. CX insights often tell brands where their customers place them on different aspects of their service and this can be extremely valuable to companies as they try to increase their profit margins.
3. New market outreach
What happens when you turn customers into loyal evangelists for your business is that they will promote your business for you, and you’ll be able to attract more new customers. Moreover, customer experience insights also show you which customers are more likely to buy your products, meaning that you’ll be able to implement effective marketing strategies to target the right audience and, in effect, increase your conversion rate.
Brands like Burger King, Coke, McDonald’s, Tim Hortons, etc. are very active on social media for this very reason. They make sure that their brand mentions never go unnoticed, and as soon as there is an issue raised by a customer, they immediately respond to it, ensuring that customers feel that their voice is heard. Sentiment analysis of such data and more, gives brands a lot of information on how to reach new target audiences, and what they expect from a brand like theirs.
4. Brand engagement and awareness
With detailed insights into your customers’ minds, customer experience insights that matter will tell you how you can create personalized experiences that will delight your target audience. Airline companies are famous for investing in brand promotion and customer engagement activities right around the holidays, along with giving great promotional fanfare. So do companies like Amazon, Costco, or Target. Two other industries that invest in brand engagement heavily are real-estate and automotive companies, both offering great personalized brand awareness activities.
These are all created using insights from CX reports that tell these companies how they can drive more engagement and develop more awareness about their product or service. This might be the key differentiator that you need to make yourselves stand out from your competition.
5. Better sales conversions
Knowing what your customers want, need, and expect, can help you tailor your offering exactly to them. This is simply because you know which customers are more likely to buy your products and which products can be appropriate to use in cross-selling strategies. When you’re able to do this, you can improve your sales conversions which have a direct impact on your bottom line because it directly impacts your marketing and customer acquisition costs. Ultimately, when all these costs are lower, your business will be more profitable.
6. Influencer programs
More and more brands are reaching out to social media marketing influencers to connect with their audiences and create awareness about their brands. Customer experience insights can shed fantastic light on who you should choose as your influencer depending on what your branding is all about. Video content analysis on social channels like YouTube, Douyin, and TikTok can show you how people are reacting to your brand videos, and the way influencers are affecting how people react to you. CX insights also give you details about audience demographics, industry, income, and other factors, which you can take into account when developing your influencer marketing programs.
7. Enriched public relations
You can enhance your PR strategy by leaps and bounds with customer experience insights that matter because they tell you exactly what your customers are interested in. In the cancel culture prevalent today, it’s wise to be aware of all sensitive and politically correct areas that need to be addressed, whether you are planning a logo, new advertising strategy, or press conference. Customer experience insights give you the opportunity to take the right actions and implement the right measures to drive conversations that can change perceptions about your brand, if you see them swerving in the wrong direction.
Additionally, you can keep a tab on your brand ambassadors, and social media influencers. For example, TikTok customer insights can tell you everything you need to know about your brand’s perception and your engagement level with the public through TikTok user engagment. So is the case for all social media channels. In this way, you can keep a pulse on what’s going around you, and how you can use it to your advantage.
8. Competitor awareness
Customer experience insights that matter to your organization go beyond your customers’ needs and expectations. They also give you deep insight into what your competitors are doing, how their marketing strategy is faring, how the public perceive them in comparison to you, and how your historical data adds up against them in customer retention and loyalty.
An AI-based sentiment analysis API can glean all this information from news monitoring, survey analysis, or even social media listening. It will tell you exactly what customers are saying about your competitors and show you all the details on a sentiment analysis dashboard in the form of bars, charts, and graphs. This data is invaluable in helping you improve your products and services to stay relevant and stand out from your competition. This is especially important in a competitive market.
9. Performance analytics
Customer experience insights can be a previous resource to analyze your business performance. For example, your current customer experience can serve as a benchmark. Once you make improvements to your processes and operations, analytics will allow you to see what effect your changes had on your customer experience. Numerical metrics of your performance also give you the ability to constantly monitor and track your CX to consistently adapt it to the changing needs of the market.
10. Boost revenue by reducing customer churn
By using key insights you gain from customer experience analysis, you not only learn what your customers like about your products or customer service but also what they dislike. And the last mentioned is often a leading contributor to customer churn if your customers have to deal with the same issues and problems constantly.
You can make necessary improvements to your products, processes, and customer service to ensure that you deliver personalized, highly effective customer experiences that will make your audience come back for more. In other words, you can influence and increase customer loyalty, which will reduce customer churn and, by implication, boost your revenue.
Learn more about customer experience analysis.
Customer Experience Insights That Matter, With AI
Accurate and error-free customer experience insights discovered through analysis of relevant material extracted from big data is possible only through an automated system that depends on machine learning. An AI-enabled machine learning platform for customer insights can improve your customer experience and, by implication, catapult your business performance. Whether it’s multilingual data, or videos on social media, you can get all relevant insights into the state of your customer journey and what measures you can implement to improve it.
Available as an on-premise installation, as well as on the cloud, Repustate’s sentiment analysis API offers you all the customer experience insights that matter so you can increase operational efficiency and improve your market outreach. With capabilities like logo recognition, social listening that recognizes code switches and emojis, search inside video, and natural language processing tasks to decipher 23 languages, Repustate has already helped numerous clients all over the world - in industries as diverse as news monitoring, luxury goods, healthcare, education, government services, and more.
To learn more about Repustate and how it can help you, book a demo today.