Cluster-How can Text Analysis Software Help to Improve VOC?

How can Text Analysis Software Help to Improve VOC?

voc voice of customer

Companies in the online space typically receive a flood of customer feedback. Whether it is Facebook posts, Twitter, email, call center records, or survey results, this freely provided information is supposed to be a goldmine to any company when figuring out the Voice of the Customer (VoC). But this information can be almost worthless in its raw form, especially if it is unstructured. All the rich meaning buried in the data can be elusive, given its sheer size and noisiness. Studies show that consumers send out 350,000 tweets each minute and make 5 billion Facebook posts every month. Also, TripAdvisor and Yelp together host consumer reviews topping 750,000. Companies need a way to make sense of this ocean of data to extract useful meaning. They also need to do it quickly and cheaply. Using people to do it can be prohibitively expensive and time-consuming.

So how do you turn this cacophony of customer sentiments into a smart tool that the company can leverage for business dominance? This is where text analysis software comes in. With data showing that companies that provide better customer experience beat their rivals on revenue growth by 4.8 percent, one cannot afford to overlook ways to improve the VoC program. Listening better to your customers regarding your products, service, or brand can give you a head start over your competition.

Importance of VOC

voice of the customer tool

Importance of Text Analysis in VoC

These days, you can’t think of VoC without also thinking of text analysis. The two have become intimately united and inseparable. It’s importance is rapidly gaining favor as the best way to get to grips with customer feelings and sentiments. Moreover, text analysis is ideal for bringing clarity in a type of data that is increasingly common and hard to decipher – unstructured data. Unlike structured data, which is more easily understood and quickly rendered into display forms such as graphs and tables, unstructured data is more intricate and elusive to such rendering. Yet unstructured data is increasingly outweighing structured data as it is the form that is finding expression in more customer sentiments. It also holds the best promise to yield more useful customer information that is hard to find in any other way. Trends continue to show that unstructured feedback is the future, especially with the explosion of social media use. Expect fewer people to respond to long surveys, which means you have to use shorter surveys featuring open ended questions. All this collectively means that text analysis has become a must-have for any VoA program. In fact, it is the only way to structure and implement a VoA program.

Modern VoC software solutions typically incorporate a text analytics module that uses algorithms to scan customer feedback or comments and groups them by theme. It has a fantastic ability to do this with vast volumes of data. Basically, it offers the following benefits.

>Simplifying the Complex

A text analysis solution can lay bare what the customer’s feelings towards your business from complex data. These software solutions have evolved to an advanced level so that customers’ comments based on many factors at once can be readily understood. They can break down these comments into neat categories to discover the core of what customers are saying in terms of sentiment. An effective text analysis software can assign various sentiment scores. This can be integrated into your VoC program by simply multiplying it by several thousand. The result yielded gives you a powerful snapshot of your enterprise, entailing many aspects of it at once.

> Discovering Buried Sentiment

Reaching deep into the “whys” or “what” of customer feedback can be an excellent boost for the VoC program and help elevate your business. One of the favorite avenues to do this is by surveys. They are notable for the rich dimension of information they yield, whether it is sliding scales, tick box, or ranking scores into which the information is packaged. The reward from these insights can be transforming as they can lead you to refine your processes to better respond to dissatisfied customers. Once your VoC program has begun to gain some traction, you can use text analytics to propel your business to even higher heights. This can be achieved through the wins this tool can give you, such as insights to customer feelings across your business spectrum, whether it is your website, call center, or stores. So even the deeper “why?’ questions that lie behind your customer experiences will be answered, giving a richer picture of your business.

> Empowering Action

The digital or online space has opened up a world where information is moving Text analytics positions you to high impact action. It can give you answers to setbacks within your business so you can know the best corrective action to take. The best part is that you are not merely tied to your survey results in which customers are expressing dissatisfaction. You can extend your focus to other sources of information when surveys fail to give concrete answers. By combining survey results with other data sources like social media, you can get a clearer picture of your business and take action to respond to customer issues.

Text Analysis Software

How Text Analysis Software Helps Drives Your Business

Customer feedback to a company is the lifeblood of a successful business. Without this, a business will be fumbling blindly in the dark. Through text analysis, a business can consistently keep in step with its customers and never lose track of what they are communicating every day.

a Categorization

An essential step into understanding your data or text is to categorize their content into different predefined topics. Text analysis techniques will effectively help your business find the right topic or index to group each content. This neat structure aids quick understanding and better decision-making.

b Extracting Information

No matter the form or how vast your textual data is, text analysis can extract meaningful information. Both unstructured or semi-structured texts can be analyzed, and attributes identified quite effectively via text analysis techniques.

c Summarization

Nothing says it better than a concise summary of information. Dense information confuses and obstructs meaningful response. Summarized or more compact information offers clarity and clear-headedness for effective action. The powerful summarization capability of text analyses uses methods such as regression models, neural, and more to offer a concise format.

With these features, you can leverage your business operations in a number of powerful ways:

Text Analysis Software for Better Business Intelligence

It would be misleading for us to say that text analysis is a simple process. If you decide to do it manually, it is time-consuming and can be very expensive. Automating the process is expensive and may not be something that startups or smaller companies may afford.

Business intelligence is core to any business to keep a constant eye on your competitors and maintain competitiveness. With the benefits of text analysis, you can conveniently spot the strengths and weaknesses of your competitors and work to build your edge against them. You will have a front-row view of customer trends, new markets to exploit, and the effectiveness of market strategies.

Improving Customer Care Using Text Analysis Techniques

Text analysis helps you to dig through the treasure trove available in different textual data. So you can elevate the customer experience through insights you gain from customer calls, surveys, and other customer feedback. You can quickly pick up customer grievances and vastly improve response time to customer issues.

Stopping Fraud in its Tracks via Text Analysis Software

As a business, you need to pay as much attention to making money as stopping the leaks that can happen through fraud. If you are a bank or insurance company, text analysis can be a powerful tool to detect or forestall fraud. Fraud thrives on complexity and time advantage. With the advantages of text analysis, you can break down complexity, discover intent, and prevent fraud. Moreover, you can do it quickly, always to stay one step ahead of the bad actors.

Employing Text Analysis Software for Risk Management

You can use text analysis to streamline your risk management process for your entire business. This happens through its ability to gather crucial information from a vast number of text data sources. Patterns can then be highlighted, which your business can use to retrieve information instantly when needed.

Text Analysis Software for Your Social Media Strategy

Your business can gain a precise picture of customer engagement with their brand and online content. Text analysis tools will help you capture and understand texts produced from blogs, news, or emails. You will be able to gain deeper insights about your brand, posts, followers, or likes. From this, you can gauge the likes, dislikes, or expectations of your target audience and devise appropriate strategies to generate a more positive online presence.

Tatvam - A Text Analysis Software: One of the Best Softwares Available in the Market

If you are looking for an effective text analysis software, look no further than Tatvam. This software is a versatile platform to help you come up with a credible and effective VoC program. It helps you unearth the priceless sentiments of the customer so you can respond in a timely and accurate way in your business.

Eliminating the noise for better decision making: An incredibly valuable tool for your marketing department, it helps you steer efficiently amid the noise and confusion of the online space. It will deliver clarity so you can ascertain the needs, expectations, and preferences of your customers.

Natural Language Processing (NLP): It is powered by natural language algorithms that perform quick execution in processing text, recognizing the language, and categorizing topics. It also gives you all the power of parsing, naming entity extraction, tokenization, and more.

With Tatvam, you are always at ease knowing what your customers want at each point to enhance customer experience. Order your Tatvan text analysis software today and discover the secret of speed, efficiency and amazing cost benefits for all your data mining and VoC projects.

Learn How Tatvam Can Help You

VOC Tool