Have you ever given feedback to a business as a customer? Your star rating or satisfaction score (in most cases) doesn’t just sit in a neglected corner of the internet — it actually goes into helping businesses improve.
Regrettably, most organizations gather feedback but do not study them. Perhaps they believe it’s just too difficult to go through all of those responses, or they are simply unaware of the benefits.
Either way, some companies aren’t making the most of their customer data — and if that’s you, it’s time to learn a better way. In this blog post, we’ll show you the five essential steps to take after collecting customer feedback.
Why Is Analyzing Difficult?
You would think that customer feedback is an easy ticket to better business operations and more sales. After all, you’re getting the direct answers to your company’s customer pain points — so logic says it should be smooth sailing from there.
The problem with customer feedback is that it’s often unstructured. It comes in multiple forms, such as surveys, social media posts, and support tickets, making it hard to decipher the main pieces of feedback coming through. This is where text analytics comes in.
Text analytics is the process of turning unstructured text into structured data that can be analyzed. It’s not enough to just read customer feedback — you need to implement a customer retention strategy that uses text analytics to glean insights that can help you improve your products and services.
Imagine trying to summarize all the feedback you’ve received from customers in the last month. It would be a daunting task, and you would likely miss some key insights.
There are two main reasons why studying data is difficult:
1. The language is complex
Your customers use different phrases and terms even though they might be talking about the same thing. For example, one customer might say “The product is too expensive,” while another says “I can’t afford it.”
2. The data is unorganized
Your customers’ feedback is likely scattered across different channels such as social media, surveys, and support tickets. This makes it hard to get a complete picture of what they’re saying.
However, thanks to technology, we can leave this issue in the past. Technology has become more sophisticated, and there are now tools (like Retention360) that can help you organize and analyze feedback, to improve your customer relationship management.
What Is Sentiment Analysis?
Sentiment analysis is a method of text analytics that uses natural language processing (NLP) to identify positive, negative, and neutral sentiments in text.
It’s often used to analyze customer feedback, as it can help you understand how your customers feel about your products or services.
For example: imagine you own a restaurant, and you want to know what your customers think about your food. You could use sentiment analysis to go through all the reviews and find out if people are generally happy or unhappy with your food.
You can also use sentiment analysis to track changes over time. For example, you could track the sentiment of your reviews over the course of a month to see if it’s getting better or worse.
Retention360’s Sentiment analysis tool is the perfect solution for businesses who want to quickly understand customer sentiment. It’s fast, accurate, and easy to use. Its machine learning algorithm can easily decipher texts from different channels such as surveys, social media, and support tickets.
In addition, the tool can be customized to your specific industry and domain. This ensures that you’re getting the most accurate results possible.
How to Analyze Customer Feedback
Now that you know what sentiment analysis is, let’s take a look at how to use it to analyze customer feedback.
There are five essential steps you need to take after collecting customer feedback:
1. Clean and organize your data
The first step is to clean and organize your customer feedback data. This will make it easier to work with and will help you get more accurate results. Retention360 provides Data Capture services to help you quickly and easily capture customer feedback data from multiple channels and store it in one place.
Not only will this capture your customer’s feedback, but it’ll also help you build your database, capturing their phone numbers and email information that you can maximize to drive business growth.
2. Prioritize your data
The next step is to prioritize your customer feedback data. This will help you focus on the most important pieces of information. Retention360 provides a Prioritization tool that uses machine learning to prioritize your customer feedback data automatically.
This is especially helpful if you have a large amount of data. The tool will help you identify the most important pieces of information so you can focus on them first. Quickly identify your most at-risk customers and what they’re saying and take action to improve their experience.
3. Analyze your data
Once you have your customer feedback data organized and prioritized, it’s time to start analyzing it. Retention360 provides a Sentiment Analysis tool that uses NLP to quickly and accurately analyze your customer feedback data.
The tool will identify the sentiment of each piece of text and will also provide an overall sentiment score for your customer feedback data. This score can be used to track changes over time.
4. Net Sentiment Score
After analysis, Retention360 will automatically provide the most comprehensive report that you can use in its Modern Dashboards, with Net Sentiment score. The report will show you the positive, negative, and neutral sentiment of your customer feedback data.
You can use this information to understand how your customers feel about your products or services. For example, if you see that the majority of your customer feedback is negative, you know that you need to make some changes.
5. Take action
One of Retention360’s best tools is its Direct Response tool. This tool allows you to quickly and easily take action on your customer feedback data.
You can use the Direct Response tool to send automated responses to your customers. This is a great way to show them that you’re listening and that you care about their feedback.
The Direct Response tool can also be used to create tickets and tasks, helping you to keep track of the changes you need to make and will ensure that nothing falls through the cracks.
You can also use its Social Media Response tool to quickly and easily respond to the negative sentiment on social media. This is a great way to show your customers that you’re listening and that you care about their feedback.
Why Data Analytics Is Important To Any Business
Data analytics is important because it helps businesses to understand their customers and make better decisions.
There are many types of data that businesses can capture, but customer feedback data is some of the most valuable, as it can be used to understand how customers feel about your products or services, helping you to improve the customer experience.
Customer feedback data can also be used to understand what changes need to be made to improve customer satisfaction. For example, if you see that the majority of your customer feedback is negative, you know that you need to make some changes.
Data analytics is also crucial for businesses that are constantly making changes to their products or services. Tracking your progress over time will help you to see if your changes are having the desired effect or not.
According to a recent study, 86% of buyers will pay more for a product or service if they feel that the company is committed to customer satisfaction. Customer analysis, therefore, has a direct link to business success — a link companies can use to their advantage.
This study reinforced the fact that investing can lead to revenue growth. It influences your customers to make more purchases from you and also, customers are willing to pay more for a product or service if they feel that the company is committed to customer satisfaction
Overall, data analytics is important because it helps businesses to understand their customers and make better decisions. It is also important for businesses to track their progress over time so they can see if their changes are making a difference. If you’re not already using data analytics in your business, now is the time to start.
Why Choose Retention360?
There are many data analytics tools on the market, but Retention360 is the best choice for businesses that want to quickly and easily take action on their customer feedback data.
It’s your all-in-one solution for customer feedback data. The tool will collect, organize, and analyze your customer feedback data. It will also provide you with a report that shows you the positive, negative, and neutral sentiment of your customer feedback data. It’s easy to access the valuable pieces of info to improve communication on future campaigns.
You can use Retention360’s Direct Response tool to seamlessly take action on your customer feedback data, along with its Social Media Response tool to quickly and easily respond to the negative sentiment on social media.
Making your life easier isn’t all that this tool can do — it’ll make your team smarter and more efficient as well. Retention360 can help your business reach heights you never knew were possible.
Retention360 goes beyond the standard customer satisfaction survey. Our platform offers fact-based, customer-driven data that helps you identify specific customer experiences for a personalized solution.